IFLR 1000
The Guide to the World's Leading Financial Law Firms

"Makarim & Taira S has gone into the fourth generation of partners. Its biggest strength is corporate commercial practice," says a rival. While some in the market believe the firm's long-established reputation in capital markets is being challenged by rivals, others note that Makarim & Taira S is still a safe pair of hands.

"They have been around for quite some time and are still doing modest work up to the level where they were," says one peer. Other lawyers mention the firm's project finance work in the energy sector, which is not far behind the top-ranking practices in terms of quality.

The firm has worked for a group of banks in several financing transactions. Tasdikiah Siregar led the way, advising HSH Nordbank on a $4 million loan agreement for an aircraft mortgage. A syndicate of banks also mandated the firm on a $250 million working capital facility for Smelting.

Additionally, Makarim & Taira S assisted Standard Charted Bank, Offshore Labuan, Westlb and RHB Bank on a $333 million credit facility to Titan Capital and Titan Kimia Nusantara. The Royal Bank of Scotland Group also consulted the firm on banking regulatory issues.

Reflecting the strength of its corporate practice, the firm advised Sun Life on its $18 million acquisition of a 49% stake in Commerce International Group, owned by CIMB Group. Sun Life also sought the firm's counsel for the formation of a joint-venture life insurance company with CIMB Group and Bank CIMB Miaga. In addition, the firm acted for Actis Capital on its acquisition of shares in Malaysia's Teknicast.

One highlight of the firm's project finance work saw it advise the lead arrangers on a $475 million financing deal for the state-owned electricity company PLN for three coal-fired power plants in Indonesia (Indramayu) and Labuan, Malaysia. Central Java Power also engaged the firm on the development of this $2.3 billion project, which is leased to PLN.