Longo spoke on the CL Talk podcast about the firm's fast-growing office in British Columbia
In a recent episode of CL Talk, Canadian Lawyer’s podcast, Mark Longo – managing partner of Osler’s Vancouver office and co-chair of the firm’s emerging and high-growth companies group – discusses the remarkable evolution of British Columbia’s technology sector. Longo shares insights on the rise of unicorn companies, the shifting legal landscape, and how Osler is adapting to meet the changing needs of tech clients in a fast-paced, increasingly global market.
Below are highlights from the discussion:
The technology sector in British Columbia has become a powerhouse, fueled by unicorn companies and a thriving startup scene, says Longo. “The ecosystem has really grown up over the last decade. So we now have more prominent companies that are anchors within the BC technology sector, companies like Clio and Jane software, GeoComply and others that come to mind, where these are now unicorn companies with multi-billion-dollar valuations that have really put the British Columbia technology sector on the map,” he says.
Recognizing this momentum, Osler established its Vancouver office in 2015 to support the region’s growth. Over the past decade, the firm has expanded to more than 65 lawyers and 130 team members, providing a full suite of services tailored to the evolving BC market, including litigation, real estate, capital markets, mining, and financial services.
The legal landscape in Vancouver has also shifted, with national and international firms now playing a much more prominent role. “There's also a number of boutique firms, very specialized in their various spaces, that are growing in prominence in the market,” Longo says.
Business in Vancouver is moving faster, a trend that accelerated during COVID, and clients now expect quicker results and advanced technology – especially AI – to speed up transactions. Longo notes that law firms must stay agile and leverage technology to deliver top service and compete with US firms in cross-border deals.
British Columbia’s role as a hub for cross-border deal flow is clear. “There's a lot of cross-border deal flow with areas like Asia. … There's a very natural deal flow from a north-south perspective. We're a couple of hours away from Silicon Valley, [in the] same time zone. … There's a lot of interest from... US venture capital firms, growth equity firms, and buyers of technology to look at the Canadian market,” Longo says.
Demand for legal services among tech companies has only increased. “We have a startup package and a startup program that we offer across the platform in all of our offices, where we work with technology companies at the startup stage to get them off the ground, incorporate them, put the shareholder agreements in place, and so forth. And then what's become increasingly important is to be able to bring to bear our full service offering for those companies, for those clients as they grow,” Longo says. He adds that legal needs now include privacy, data security, employment, equity, compensation, and regulatory advice, especially as companies scale and move into regulated industries like life sciences and fintech.
Longo’s background as in-house counsel at technology companies shapes his approach. “I spent the first 14 plus years of my career in-house as general counsel of technology companies. And that ranged from pre-revenue startups to publicly traded companies on the TSX. What I learned very early in my career from CFOs and CEOs I worked with was to bottom-line my message. Come to the table with recommendations and solutions, not just issues,” he says.
Osler’s annual venture capital deal study, covering $6–7 billion in financings, has become a vital client resource. The anonymized data helps companies and investors understand market terms and trends, with a recent focus on sectors like clean tech, life sciences, and AI.
The venture capital landscape has shifted from the “frothy” years of 2021 and 2022 to a more normalized environment, with capital harder to raise but still available, especially for AI-focused companies. “It's more challenging to raise capital today than the last couple of years. [The] macroeconomic and trade war environment has had an impact, particularly over the last year or two. We're seeing signs of life, and partly that is because venture capital funds in Canada and elsewhere have raised new funds. And so, there is a lot of dry powder available. … There are certain areas getting the disproportionate share of that capital, AI being a huge example, with companies like Cohere and others raising mega rounds,” Longo says.
Government investment, through organizations such as the Business Development Bank of Canada and Export Development Canada, along with provincial funding in regions like British Columbia, is strengthening Canada’s technology sector. Longo emphasizes that this support is more critical than ever. While the US remains a significant market, Canadian companies also look to Asia and Europe for new trade and investment opportunities.
Looking ahead, Osler is expanding in strategic areas such as litigation, insolvency, intellectual property, and AI to meet evolving client needs. Longo notes the firm is adding specialized talent in Vancouver, reflecting rising demand for expertise in data security and regulatory issues as the market changes.
This conversation can also be found here:
The episode can also be found on our CL Talk podcast homepage, which includes links to follow CL Talk on all the major podcast providers.
