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CCCA_V3No2_Profiles-FIN.qxd:CCCA_V1No1_Profile-FIN.qxd 4/27/09 4:04 PM Page 16 Profile I f you saw theVancouver Opera’s staging of Carmen last major clients was Canaccord, for whom he handled corporate January, you might have thought the Mayor of Seville matters. He was also on the Miller Thomson team that pre- looked a little familiar.The man behind the costume “They asked if I knew anyone who would be interested in and makeup was actually Martin MacLachlan, better known pared Canaccord to go public in June 2004. for his day job as senior vice-president, legal affairs, of joining them as in-house counsel, and I said, ‘How about Canaccord Capital Inc. me?’”laughs MacLachlan.It was a good fit for him,and a win- “It was a non-speaking,non-singing role,and I was on stage win situation for all concerned.Canaccord gained an in-house for about five seconds,” says MacLachlan, who bought the counsel with a deep understanding of their business, and opportunity to appear with the opera at a charity fundraiser. Miller Thomson maintained its strong ties with the firm. “But for that five seconds, I was the centre of attention.” As Canaccord’s only full-time in-house lawyer in Canada, The experience afforded him a fascinating look at backstage MacLachlan’s responsibilities include contract review,litigation life and a chance to get to know the opera well, since – management and general advice on compliance, regulatory, although he didn’t take the stage until the fourth act – he had employment and other matters, principally in Canada, but to be in the house before the curtain went up for each of his occasionally also for the firm’s U.S. and U.K. subsidiaries. As six shows. secretary to the board, he is also responsible for coordinating What was truly impressive about MacLachlan’s operatic the activities and meetings of the board.“Don’t let people tell debut was that he accomplished it in the midst of one of the you in-house counsel is a retirement project or less work,” he most challenging times of his professional life.For the previous says.“It’s been a lot of work, but fun!” 18 months, he had been “totally consumed” with the asset- MacLachlan also finds time to indulge another passion: pol- backed commercial paper (ABCP) meltdown. itics. As a member of the executive of the B.C. Liberal Party When the ABCP market collapsed in August 2007, roughly since 1996, he has been involved in organizing election meet- 1,400 Canaccord clients were affected.InApril 2008,the com- ings and conventions as well as redrafting the party’s constitu- pany launched a relief program through which it planned to tion and looking at its governance structures. repurchase up to $138 million in restructured third-party In addition, MacLachlan has served on the national execu- ABCP from clients who held $1 million or less. In January tive of the federal Liberal party for the past eight years as con- 2009, Canaccord announced it had repurchased $152 million stitutional and legal advisor, and was one of two principal in distressed commercial paper — meaning 98 percent of their drafters of the federal party’s new constitution. investors essentially received a full refund. Although he sees politics as just a hobby, it offers many MacLachlan says resolving the crisis was controversial and opportunities to apply the knowledge and expertise he has time consuming, but it gave him the opportunity to interact gained throughout his career. with a wide range of people throughout the organization and As for his interest in the opera, MacLachlan says,“I had a to be involved in decision-making at the highest level. “It huge amount of fun [with the opera], and would do it again if was probably the most stress- ful and most rewarding proj- “What was truly impressive about MacLachlan’s ect I’ve been involved in professionally,” he says. “I’m operatic debut was that he accomplished pleased that,at the end of the it in the midst of one of the most day, it was a very successful outcome for most clients.” challenging times of his professional life.” MacLachlan, who holds an LL.B. from the University of British Columbia and an asked.” But he insists any return engagement would be LL.M. from the University of London, joined Canaccord in prompted by attributes other than talent:“Men of my age and 2004. But he knew the firm well long before coming on stature are not that common, and I fit all the costumes.” board. As a partner with Miller Thomson in Vancouver, his practice focused on corporate and securities law. One of his Monique Conrod is a writer in Toronto. 16 CCCA Canadian Corporate Counsel Association SUMMER 2009