Partners depart McCarthy Tétrault to launch in Vancouver
McCarthy Tétrault’s Vancouver office to establish their own practice. Glenn Leung, Russell Benson, Beverly Ellingson, and Elizabeth Yip worked together to launch boutique commercial real estate firm Terra Law, which is also based in Vancouver.
The partners explain the move by pointing to client dissatisfaction with fee increases. “Clients were starting to feel a bit squeezed,” said Leung. Fees have been rising by eight to 10 per cent a year since the firm changed its management structure in the early 2000s, and the departing partners did not want to see their practice eroded by the fee issue.
According to Leung, Terra Law will advise clients on the purchase, sale, and financing of all commercial real estate asset classes, commercial, residential and mixed-use development, leasing, joint venture/partnership structuring, hospitality and clean energy and infrastructure projects.
The real estate practice at McCarthys, however, will “likely focus on a different kind of client” said Leung. “They won’t necessarily act for developers in the city. They will probably refocus to be acting for larger [non-developer] clients working on bigger deals.”