32 LEXPERT MAGAZINE
|
MAY 2018
COVER STORY
HORNER IS NOT VERY RETIRING,
EVEN IF HE HAS RETIRED FROM OSLER
AFTER 30 YEARS. HERE, HE REFLECTS
ON THE PRACTICE OF M&A LAW,
AND PROJECTS ON ITS FUTURE.
BY JEAN CUMMING PHOTOGRAPHY BY NIGEL DICKSON
MANY FINE LAWYERS
from Canadian law firms have retired without
Lexpert writing about it. Several of those, like Clay Horner, retired from a national
firm, in his case Osler, Hoskin & Harcourt LLP. Why then is Lexpert choosing to
spend its time and attention on Horner? Perhaps because he rose to local fame and
prominence at the same time Lexpert did and the chronicling of the M&A deals he
worked on filled Lexpert's pages. ose deals are changing, and Lexpert would like
to keep up: a conversation with Horner recalls that era in Canadian M&A but leads
to a discussion of the future for its practitioners and our readers.
For a time, Canadian law firms seemed like equal players with the major firms
from the United States and the United Kingdom. Companies bought and sold each
other - Canadian companies sold to global ones - and they needed strong Canadian
counsel. ings were done differently here, then, and that gave rise to a seemingly
golden era. Lexpert was privileged to chronicle and promote that era.
At some point as the era shied, as they all do, Clay Horner had a terrible ski ac-
cident. We don't know much about that. But still he led on major Canadian deals
and those referred by U.S. deal firms: Tim Hortons; Shoppers Drug Mart/Loblaws;
and the acquisition of Cirque de Soleil, for example.
Canada is a closely held economy and society. People don't intrude, ask personal
questions too early. Instead, they get to know people over time and with discretion.
Horner flourished in that environment; developing relationships with the owners,
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