Heenan Blaikie Law Firm to Close After 40 Years

Heenan Blaikie LLP, a Canadian law firm that counted former Prime Ministers Jean Chretien and Pierre Trudeau among its employees, is closing after more than 40 years amid competition from larger rivals and a slump in mergers and acquisitions.

“You had a drought in the number of big deals, mergers and acquisitions, which hits the bottom line because, for bigger firms, that’s their bread and butter,” Richard Powers, senior lecturer at University of Toronto’s Rotman School of Management, said by phone today. “You’ve got companies that are also experiencing difficult times and they’re looking to cut costs, and a law firm is a cost center for them.”