10 Questions with Leila Rafi
October 07, 2025
Leila Rafi (LLB ’05) is Partner, Capital Markets & Securities at McMillan LLP where she advises on corporate finance, investment fund and asset management, and regulatory and corporate governance matters frequently. In 2022, Rafi was named one of “Canada’s Top 25 Most Influential Lawyers in Canada for Business Law”. She is also recognized by Best Lawyers in Canada (2022-2026) and Lexpert (including being awarded the Rising Star Award for Top 40 under 40 in 2018) as a leading lawyer in the area of corporate and securities law.
An active volunteer, Rafi sits on the Advisory Board for the Expansive Women Project and is a mentor for the University of Toronto Women’s Association. She also sits on the Board of VersaFi (formerly Women in Capital Markets) and the Board of GEM – Girls E-Mentorship. This fall, she has returned to Western Law to share her expertise with the next generation as an adjunct professor for Introduction to Securities Regulation.
What drew you to practising securities law?
I always wanted to be a lawyer. A litigator to be specific. During my summer student rotation, I assisted on an income trust conversion and decided that building my practice in securities law is what I wanted – I much preferred the transactional work over research and preparing for court.
What do you think the biggest misconception is about your industry?
That there are no powerful women in the securities law field.
What do you wish you knew when beginning your career that you know now?
That there will be inevitable bumps in the road and those bumps will make you stronger and a more fierce advocate.
You’re highly engaged with organizations that offer mentorship for women and girls, what do you find most rewarding about your volunteer work?
I very much enjoy sharing my experiences with the younger generations, particularly women. When I was coming up there were very few women who looked like me who I could aspire to in the securities legal industry. I feel I make an impact (or so I am told) when I act as a mentor.
What advice would you give to women who want to work in corporate or securities law?
Expectations are high, hours and deals are inconsistent, volatile and hard to plan around but the practice is engaging. The more women who rise to senior levels in these areas of the law, the better our profession, and service to the community, will be.
Who has been your greatest mentor and what was their advice to you?
One of my very close friends is a top female litigator and when I needed to hear it the most, she reminded me to get up and keep moving forward when I faced deep and unexpected challenges in my career about 10 years into my practice. I will never forget her support during a difficult period. I was like a wilted flower that needed water to bloom and she provided that water at the time and I will be eternally grateful to her for it.
What is your fondest memory of your time at Western Law?
Walking to campus in the snow from Sunset Street and slipping with my friends and boyfriend at the time in the most beautiful winter wonderland.
What made you want to return to Western Law to teach Introduction to Securities Regulation this fall?
I have a lot of respect for the school as an institution, and I have kept in touch with many of the Professors and am getting to know the current Dean. I was deeply honoured when I was asked to teach.
Outside of your profession, what are you most passionate about?
Travel and my relentless curiosity in meeting new people.
What is one thing people would be surprised to know about you?
I suffered from imposture syndrome for a long time. Oh, I love using band aids with Sesame Street characters too.
