IFLR1000 Reviews


Solicitors governing body: Perhimpunan Advokat Indonesia (PERADI)

Competition authority: Commission for the Supervision of Business Competition (KPPU) 

Financial regulator: Financial Services Authority 

IFLR1000 ranking categories for this jurisdiction:

Financial and corporate (published October) – Banking, Capital markets, M&A, Project finance, Project Development, Restructuring and insolvency

Jurisdiction overview

Since Indonesia gained independence from Dutch colonial rule in 1945, Dutch laws have remained in place. More recently, there has been a trend to replace these with more up-to-date legislation enacted by the legislative body. The courts’ actions in Indonesia all refer to the civil code which is a replica of the 1838 Dutch Civil Code. The law is also heavily influenced by customary law and Islamic law when it comes to issues like family and inheritance, and some statutory law in the country applied the common law. 

The legal market is dominated by domestic firms as the country prohibits international law firms from opening offices in Indonesia. However a number of local firms have formed cooperation relationships with regional law firms to broaden their reach within the Asean region. Examples include Jakarta-based Makes & Partners who formed an alliance with Singapore’s WongPartnership in August 2014; Rosetini & Partners who allied with Japanese firm Nishimura & Asahi in September 2014; and Hamzah & Partners who established an alliance with Singapore’s Rajah & Tann in 2013.

International-wise, Widyati & Partners are connected to Clifford Chance, while K&K Advocates and business law firm Nurjadin Sumono Mulyadi & Partners formed an alliance with Bird & Bird. Other alliances include Hanafiah Ponggawa & Partners and Taylor Wessing; Hiswara Bunjamin & Tandjung and Herbert Smith Freehills (HSF); Hadiputranto Hadinoto & Partners and Baker & McKenzie; and Allen & Overy and Ginting & Reksodiputro. 

As Indonesia prepares to integrate itself into the Asean Economic Community (AEC) in January 2016, there have been calls for the government to widen the current five foreign lawyer work permit restriction that is mandatory to each local firm.

Candy Chan - Journalist - Asia-Pacific

Financial and corporate

ADCO Law is best recognised for its restructuring and insolvency practice.

In the corporate and M&A space, the firm was recently active for both sellers and acquirers across sectors including mining and natural resources and, energy. A highlight saw the firm advising potential bidders in a high-value acquisition in the mining sector.

Recent project development highlights include advising a mining and construction services firm on an infrastructure development plan and advising Deli Coal on the development of mining infrastructure.

In the restructuring space, the firm advised an SOE on its high-value corporate restructuring and also acted as the receiver of a food processing company on its debt restructuring.

Recent Deal Data highlights

•                      Deli Coal Mining Infrastructure Development Project

•                      Energia Persada Nusantara $597 million potential bid for the acquisition of Mabar Elektrindo

•                      Harum Energy IDR175 billion acquisition of Bumi Karunia Pertiwi

•                      Merpati Nusantara Airlines corporate restructuring

•                      Pamapersada Nusantara Coal Hauling Project

•                      Tree House Growthcap IDR27.5 billion acquisition of Mutiara Merdeka Jaya

•                      Tiga Pilar Sejahtera Food debt restructuring

•                      United Tractors $917 million acquisition of a 95% stake in Agincourt Resources

Client feedback

"They are very good and detailed; their process was satisfactory.” – Restructuring and insolvency

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners is particularly strong in M&A and capital markets.

During the research period the firm maintained its reputation in capital markets for innovative work and advised on the first sovereign green Sukuk and the first-ever issue under the Republic of Indonesia’s newly established green bond and green Sukuk framework. Other highlights saw the firm advising on the Republic of Indonesia’s first issue of public samurai bonds using the Japanese shelf registration scheme; first project bond in the geothermal energy sector in Indonesia; and the second IPO by a Sharia bank in Indonesia.

In M&A the firm has experience across banking and financial services, energy, resources, aviation, automotive, retail, media, and technology and telecommunication. The firm also has a strong track record in representing private equity investors. A recent highlight saw the firm act on a region-wide acquisition in the logistics space.

In project development, the firm acted on the development of the largest combined cycle gas-fired mega power plant in Southeast Asia; the largest mine-mouth power plant project in Indonesia; Indonesia’s first utility-scale solar photovoltaic plants; and Indonesian’s first multifunctional satellite project.

The firm was also recently active in the restructuring space and advised on restructurings and exits in the consumer goods, financial services, and agriculture sectors.

Recent Deal Data highlights

• Barito Pacific $636 million rights issue

• ExxonMobil $436 million acquisition of Federal Karyatama

• Jawa-1 - 1,760 MW combined-cycle gas-fired power plant project

• Makassar-Parepare 142 km railway

• Oriente Mas Sejahtera petrochemical complex

• Pelabuhan Indonesia III $500 million 4.875% bond issue

• Salam Pacific Indonesia Lines / Toll Logistics joint venture

• Star Energy Geothermal $580 million 6.75% Senior Secured Notes issue


Client feedback

“AHP was outstanding.”- Capital markets

“They have been able to give good advice encompassing regulatory, corporate, antitrust and also give comments on the transaction documents.” - M&A


Bono Daru Adji

“He has been a good contact partner, and his team has been able to provide good quality advice.”

Astrid Widyakartika

“Astrid was excellent; she should be a partner!”

AZP Legal Consultants

AZP Legal Consultants’ core strength is in its capital markets practice.

The firm acts for issuers and underwriters on an array of debt and equity capital markets matters including listings and IPOs. The firm also has a wealth of experience in acting for Islamic financial institutions. A highlight saw the firm acting for the joint lead managers on the world’s first issue of green sovereign sukuk.

The infrastructure, transport, energy and sectors are the key areas of focus for the firm’s projects practice. Recently, the firm was engaged by a developer in the construction of hydro power plants.

In the past 12 months, the firm’s restructuring team predominantly acted for the lenders on various liquidation, insolvency and bankruptcy proceedings. Bank Negara Indonesia featured as a repeat client.

The firm recently bolstered its capital markets and projects teams with the hire of junior partner Ridha Sjartina.

Recent Deal Data highlights

•                      Bagasasi Inti Pratama / Waskita Karya Realty joint venture

•                      Bakrie Swasakti Utama / The Regional Government of DKI Jakarta joint venture

•                      Kijing Port

•                      Krian-Legundi-Bunder-Manyar Toll Road

•                      Perintis Triniti Properti IDX IPO

•                      Republic of Indonesia $3 billion sukuk issue

Client feedback

"Very good” – Restructuring and insolvency

“AZP has capable lawyer resources and is cooperative in handling cases. AZP offers good advice that benefits the client.” - Restructuring and insolvency

“AZP has detailed and fast responses.” - M&A  

Arief Budiman

“Mr Arief Budiman has excellent legal knowledge and ability in handling cases. He also has good communication skills and provides good advice, which benefits the client. He also has a good network, especially with international firms such as China and UAE firms.”

Ary Zulfikar

“Mr Ary Zulfikar is a problem solver.”

Bagus Enrico & Partners

Bagus Enrico & Partners is a full-service firm and is recognised for its banking and project development practices.

In banking work the firm often takes on clients from the insurance sector. Notable recent clients include VP Bank and The Walt Disney Company.

In M&A the firm took on a mix of buy and sell side work recently. A noteworthy deal saw the firm advising the largest cement and ready-mix concrete manufacturer in Malaysia on its acquisition of the third-largest cement manufacturer in Indonesia.

In restructuring work the firm has experience in advising and representing various clients to close down and liquidate their subsidiaries in Indonesia. The firm was recently active in sectors including automotive and banking.

Recent Deal Data highlights

•                      Daiwa JOIN $45 million acquisition of a 60% stake in Sayana Integra Properti

•                      Etiqa IDR220 billion acquisition of Asuransi Asoka Mas

•                      Pacific Star Holdings $70 million acquisition of Bintan Lagoon Resort

•                      Proton Cikarang insolvency

•                      Thaiunion Kharisma Lestari restructuring

•                      UBM Group acquisition of ITE Group’s beauty trade exhibitions business

•                      YTL Cement acquisition of Holcim

Budiarto Law Partnership

Budiarto Law Partnership is active in the financial and corporate space.

In banking the firm was most recently active for borrowers on financing and restructuring transactions in the mining and forestry sectors.

On the capital markets side the firm primarily engaged by issuers on several IPOs.

In M&A the firm predominantly acted for the acquirers across a wide spectrum of sectors sectors including mining, agriculture, food and beverage, oil and gas, manufacturing and healthcare.

Recent Deal Data highlights

•                      Bogor Medical Center merger with Sejahteraraya Anugrahjaya

•                      Propertindo Mulia Investama IDX IPO

Client feedback

"Budiarto Law Partnership is very detail-oriented and always does the job on time."– Restructuring and insolvency

Hadiputranto Hadinoto & Partners

Hadiputranto Hadinoto & Partners (HHP), a member of the Baker McKenzie network, is a consistent top tier performer across the financial and corporate space. The firm’s long-standing relationships with key regulators provide it with a competitive edge in the market.

The banking team advises on the whole spectrum of financial products. The firm notably advised on the award-winning financing of the Jakarta – Bandung high-speed railway and on one of the largest reserve-based lending facilities in Indonesia.

In capital markets the firm advised on the first sustainability bonds issued by an Indonesian company; the largest bond issue by an Indonesian company during the first semester of 2018; the first successful large scale rights issue without using cash consideration and without involving any party as a standby buyer; and the IPO of a sharia bank.

On the M&A side, the firm has a special focus on the banking sector and has acted on most bank M&As in the last ten years. During the research period the firm acted on Japan’s largest financial group’s strategic investment in an Indonesian Bank in an award-winning mandate; and the sale of the world’s second-largest copper mine.

In projects, the firm has extensive experience in energy (traditional and renewable), oil & gas, mining, transport, and utilities. Notable work includes advising on the first high-speed railway project in Indonesia and a precedent-setting solar power project.

In restructuring, the firm acts for clients such as financial institutions and bondholders on restructurings, bankruptcies, debt reorganisations and insolvencies across various industries including financial services, telecommunication, manufacturing, real estate, energy and insurance.

The firm’s restructuring team saw the departure of Hendronoto Soesabdo for AFHS LawFirm. Nadia Soraya joined the banking and projects team from Norton Rose Fulbright as a partner, while associate partner Cindy Riswantyo left the team for Allen & Overy.

Recent Deal Data highlights

• Bank BRISyariah IDX IPO

• Bank Rakyat Indonesia $500 million 3.95 % bond issue

• Barito Pacific $739 million rights issue

• Government of the Republic of Indonesia $3.85 billion acquisition of Freeport Grasberg

• Jakarta-Bandung high-speed railway

• Mitsubishi UFJ Financial Group $4 billion acquisition of a 40% stake in Bank Danamon

• Perusahaan Listrik Negara $5 billion MTN programme

• Zurich Insurance Group $ 420 million acquisition of an 80% stake in Asuransi Adira Dinamika


Client feedback

“HHP Indonesia has a good understanding of our unique business and legal culture and helps our company execute even the most challenging deals.” – Capital markets 

“Highly responsive with excellent services.” - Financial services regulatory

“Excellent industry knowledge, practicable and reliable opinions.” - M&A

“The firm is very responsive, reliable and service-oriented.” – M&A

“An extremely competent team of lawyers, turn their in-depth knowledge of the law into practical advice. The team is available around the clock and has excellent teamwork.” – M&A

 “In my opinion, is definitely the strongest Indonesian firm and probably the only one that can offer international standards out of Jakarta. Mark Innis is one of the better M&A lawyers I have dealt with anywhere in the world and definitely the best in Indonesia.“ – M&A

“The work was coordinated and carried out by Norman Bissett. As we have come to expect, the level of communication and the quality of counsel was excellent.” – M&A  

“Generally quite responsive. The quality of work is satisfactory.” - Private equity


Norman Bissett

“We have worked with Norman for roughly 10 years. He has been consistently supportive, interested and knowledgeable around our business and the sector, particularly with respect to Indonesia. Norman has worked closely with us in providing and realising innovative solutions to commercial challenges.”  


Mark Innis

“Responsive, quick, and responsible.”

“Strong legal drafting skills and professional.”

“Mark is an extremely experienced M&A lawyer, quickly understands the client's needs, provides pragmatic advice, has a problem-solving attitude, is a great negotiator and is very responsive.”

“Certainly the best M&A lawyer in Indonesia and one of the better I've worked with anywhere, business-minded, clever and perfect knowledge of Indonesia and the regulatory environment.”

“Mark is client and solutions focused. He is an excellent partner. He is responsive and very practical in his approach of dealing with the issues presented.“

“Excellent local legal knowledge, a clear understanding of our business and the best options for us to take when undertaking our deals.”


Gerrit Jan Kleute

“Very knowledgable lawyer, gets the deal done, has a problem-solving attitude, understands issues that matter to clients very quickly, and is very responsive.”  


Daniel Pardede

“Fast turn around, easy to communicate with, and highly experienced.”


Abimata Putra

“He is a rising star in the Indonesian legal market, extremely knowledgeable and supportive, turns legal expertise into practical advice.”  

Hiswara Bunjamin & Tandjung

Hiswara Bunjamin & Tandjung is recognised for its strength in banking, M&A, capital markets and project development.

The banking team acts for local and foreign lenders and creditors in domestic and cross-border financing and debt restructurings. During the research period the firm acted primarily for financial institutions on matters such as project financing, debt restructuring, and acquisition financing.

In capital markets, the firm represents foreign arrangers and underwriters in Indonesia, for both onshore and offshore components of capital markets offerings. The firm has a creditor focused debt capital markets practice and was involved in advising on a number of high-value issues in the past year. A highlight saw the firm act on Pertamina’s first issue of global notes since 2014.

In M&A, the firm has experience in advising on matters in a wide range of industries including, financial services, telecommunications, e-commerce and digital economy, consumer goods and services, natural resources and real estate. A recent highlight saw the firm act on the award-winning, largest ever Indonesian banking M&A transaction; the sale of the world’s second-largest copper mine; and one of the largest general insurance M&A transactions in Indonesia to date.

In projects, the firm acted on the development of the first waste-to-energy plant in Indonesia and one of the largest ever project refinery developments in Indonesia.

During the research period founding partner and energy practice lawyer Mira Fadhya retired from the partnership.

Recent Deal Data highlights

  • Go-Jek $2 billion Series F funding
  • Government of the Republic of Indonesia $3.85 billion acquisition of Freeport Grasberg
  • Mitsubishi UFJ Financial Group $4 billion acquisition of a 40% stake in Bank Danamon
  • Perusahaan Listrik Negara $5 billion MTN programme
  • Sunter waste-to-energy plant
  • Sumitomo joint venture with Tierra
  • Tuban grass root refinery and petrochemical complex
  • Zurich Insurance $414 million acquisition of a 70% stake in Asuransi Adira Dinamika
Hutabarat Halim & Rekan

Hutabarat Halim & Rekan has a consistently well performing, diversified practice across the financial and corporate space.

In banking and finance the firm has experience in acting for various Indonesian and international commercial banks, financial institutions and borrowers.

In the capital markets area the firm represents issuers, underwriters and investors in a variety of securities transactions in Indonesia and abroad.

With more than two decades of experience in corporate and M&A matters, the firm was recently active in sectors including real estate, consumer products, and electronics. An interesting deal saw the firm assisting a real estate company with an acquisition.

A notable restructuring mandate saw the firm advise a Chinese engineering and construction company on the restructuring of its Indonesian subsidiary.

Makarim & Taira S

Makarim & Taira S is a consistently strong performer across financial and corporate and has a well-established project finance practice.

In banking, the firm acts for international and local banks, insurance companies and other financial institutions on various matters including aircraft financing, export credit financing as well as bilateral and syndicated loan transactions. A recent highlight saw the firm acting on a high value refinancing in the mining sector.

On the capital markets side, the firm advises issuers, underwriters, financial institutions, and investment banks on both private and public offerings. During the research period the firm primarily acted for arrangers, facility agents, and issuers on the issue of notes.

The M&A team’s expertise cover a wide range of sectors including manufacturing and industrials, hospitality, mining, forestry and plantations, energy, financial services, telecommunication, media, healthcare, and consumer products.

In projects, the firm recently took on several confidential mandates in the construction sector.

Recent Deal Data highlights

•                     Freeport Indonesia $3.5 billion refinancing              

•                     WeLab Quest / Sedaya Multi Investama joint venture

Client feedback

“The advice is sound.” - Financial services regulatory

“Very responsive, and the consultation is on point.” – M&A

“Overall we are very satisfied with them.” - Project development

“Very professional, prompt and patient.” - Project development

“The work was very professional and was handled very well.” - Restructuring and insolvency

Tesalonika Barus


Lebdo Dwi

“Professional, kind and efficient.”

Rinjani Indah Lestari

“Overall she has provided all the support we need.”

Maria Sagrado

“Professional, kind and efficient.”

Frederick Simanjuntak

“Very responsive, consultation is on point and is very helpful.”  

Raditya Anugerah Titus

“Professional, transparent and excellent communication.”

Melli Darsa & Co

Melli Darsa & Co is known for its quality work in capital markets and M&A. The firm sits on the panels of several Indonesian blue-chip companies and multinational companies to assist with international business restructuring.

During the research period the capital markets team acted for several banks on the issue of subordinated bonds and for domestic clients in the offering of securities. 

In corporate and M&A, the firm was kept busy with joint ventures, mergers, restructurings, and buy and sell-side roles in acquisitions in a variety of sectors including transport, insurance, agriculture, oil & gas, food and beverages, and real estate.

In the projects space, the firm advised international lenders in the financing of a power plant.

A staffing change saw junior partner Kusumohadiani Dwipayana leave the firm..

Recent Deal Data highlights

•                     Alam Synergi $175 million 11.5% senior notes issue

•                     Bank Mandiri IDR500 billion 8.50% subordinated notes issue

•                     Bank Mandiri $750 million 3.75% bond issue

•                     Bank Mandiri IDR3 trillion 8.5% bond issue

•                     Bank Maybank Indonesia IDR1.9 trillion rights issue

•                     Global Prime $300 million 7.25% bond issue

•                     TBLA International $200 million bond issue

•                     Theta Capital $75 million 9.625% bond issue


Client feedback

“The MDC team was efficient and very familiar with the DD requirements, offering process etc.” - Capital markets

“Unparalleled access and relationship with the senior directors of the bank; smooth working relationship on major Indonesian law issues; precise grasp of Indonesian capital markets regulations; consistent day-to-day advice. Overall grade: A, the best senior level advice in Indonesia.” - Capital markets

“Strong and capable lawyers, attention to details and sensitivity to timelines.” – M&A

“Responsive and knowledgeable, particularly with good local knowledge and proactive in finding solutions to clients' problems.” – M&A

“Accommodate legal and commercial aspects, and provide straight forward advice on time.” - Private equity


Indra Allen


“Win-win lawyer.”

Dimas Bimo

“Dimas Bimo, an associate, has great attention to detail and delivers outputs with time sensitivity.“

Melli Darsa

“Melli Darsa, the founder of the law office, is very competent and has a high degree of expertise.”  

“Excellent local knowledge and expertise.”

“Superlative; the undisputed queen of the Indonesian capital markets bar.”

Diani Kusomodiani

“Very prompt and responsive.”

Danar Respati


Nasoetion & Atyanto

Nasoetion & Atyanto is a boutique law firm known for its capital markets and M&A practices. Key sectors of focus include banking and financial services, real estate, mining, oil & gas, energy, pharmaceutical, manufacturing, consumer goods, and technology and telecommunication.

A noteworthy recent capital markets deal saw the firm acting for an Indonesian conglomerate on a high-value rights issue.

In corporate and M&A an interesting deal saw the firm advising a peer to peer lending company on its Series B financing round. Another highlight saw the firm advising a bank on the divestment of its interests in a financial services company.

Recent Deal Data highlights

•                      Bakrie & Brothers IDR9.4 trillion rights issue

•                      Bank Permata IDR2.8 trillion divestment of a 25% stake in Astra Sedaya Finance

•                      Investree Singaporer Series B financing

•                      Pool Advista Finance IDX IPOs

•                      Trimegah Sekuritas Indonesia IDR250 billion private placement bond issue

Client feedback

"Their strengths are their working speed, coordination, communication, availability, accuracy and capability." – Capital markets

Genio Atyanto, Adhi Wardhana

“We are satisfied with their work. Their knowledge, capability, availability, speed and communication are as expected.”

Nurjadin Sumono Mulyadi & Partners

Nurjadin Sumono Mulyadi & Partners is focused on corporate and M&A work.

The firm recently advised a property development group in an acquisition and acted for a construction services group in restructuring its Indonesian entities.

Recent Deal Data highlights

•                      Memiontec restructuring

Soemadipradja & Taher

Ranked among the leading firms in Indonesia, Soemadipradja & Taher has a well-diversified practice across the financial and corporate space.

In banking, the firm has advised on matters such as acquisition financing, Islamic financing, debt restructuring, aircraft leasing and financing, and regulatory compliance. In addition to traditional banking work, the firm also excels in providing regulatory advice on matters related to fintech and has developed relationships with key regulators in the fintech sector. During the research period the firm was often mandated as Indonesian counsel to international banks on an array of confidential financing matters.

The capital markets team has experience in working with underwriters, investment houses, banks, mutual funds, and government bodies on matters including IPOs, rights issues, exchangeable and convertible bond issues, and warrants. A recent highlight saw the firm advising on sovereign bonds issued by the Republic of Indonesia.

In the past year, the firm was particularly active in real estate. An interesting deal in the real estate space saw the firm act on the first DIRE on private industrial property in Indonesia. Another highlight saw the firm advising on land acquisition for the development of the first and largest integrated steel manufacturing plant in Indonesia.

In the projects space, the firm focuses on infrastructure, mining, oil and gas, energy and real estate.

Recent Deal Data highlights

•                      E-United Ferro Indonesia $50 million land acquisition

•                      Great Eastern Life Assurance $30 million acquisition of a 95% stake in General Insurance Indonesia

•                      Halodoc $65 million Series B funding

•                      KSS Holdings $900 million credit facility

•                      Mitsui & Co $500 million acquisition of a stake in Axiata Group

•                      Procter & Gamble $4.2 billion acquisition of Merck KGaA’s consumer health business

•                      Rosneft Oil joint venture with Pertamina

•                      Sumitomo joint venture with Sentul City

SSEK Legal Consultants

One of the most well-known names in the Indonesian legal market, SSEK Legal Consultants is ranked among the leading M&A and restructuring firms.

SSEK’s banking team has experience in an array of matters such as debt restructuring, project finance, and financial services regulatory. The team has a particular focus on natural resources, fintech and insurance.

The firm sets itself apart by advising on private equity M&A transactions involving warranty and indemnity insurance. In a landmark deal, SSEK advised on the formation of Indonesia’s largest state-owned holding SOE. Another interesting mandate saw the firm advising the largest foreign exchange bank in South Korea in an acquisition. The firm has also been active in the ride-hailing space, having acted on Grab’s landmark acquisition of Uber and SoftBank’s investment in Grab.

In projects, the firm notable advised on the development of the Nghi Son 2 coal-fired BOT power project in Vietnam.

The firm’s prized restructuring team is active in a variety of sectors such as oil and gas, power, transportation, retail, manufacturing, insurance, and consumer products. 

Recent Deal Data highlights

• Advent International $3.25 billion acquisition of General Electric’s Distributed Power business

• Daido Life Insurance acquisition of a 30% stake in Bank Resona

• Grab US$2 billion acquisition of Uber’s assets in Southeast Asia

• LINE Corporation acquisition of a 20% stake in Bank KEB Hana Indonesia

• McDermott International and McDermott Finance $1.1 billion financing

• Nghi Son 2 coal-fired BOT

• Procter & Gamble $4.2 billion acquisition of Merck’s consumer health business

• Wabtec Corporation $11 billion acquisition of General Electric’s Transportation business


Client feedback

“We are impressed with the SSEK's deep understanding of Indonesian law. SSEK is able to deliver high-quality work in complex multi-jurisdictional transactions.”- Capital markets

“In general, the firm is one of the most reputable and reliable firms in the country. It has in-depth knowledge on navigating the uncertainties in the jurisdiction.” Financial and corporate

“Very good for an Indonesian law firm. Strength is that it has a native English speaking western lawyer Mike Carl which makes the communication easier.” – M&A

“SSEK team was very responsive and had fee-competitiveness.” – M&A

“SSEK was very knowledgeable and provided prompt and concise responses.” - Project development


Michael Carl

“He meets the western standard of services.

Ira Andamara Eddymurthy

“Very knowledgeable lawyer.”

Darrell Johnson 

“Very knowledgeable lawyer.”

Denny Rahmansyah

“Brilliant and responsive. He gladly prepared various transaction/corporate documents satisfying the client's tough timeline/requests.” 

Michael Twomey

“Both were very responsive, knowledgeable, and pleasant to deal with.”  

Stephen Igor Warokka

“His biggest strengths are his responsiveness and willingness to accommodate our concerns and requests throughout the transaction.” 

“Very responsive, knowledgeable, and pleasant to deal with.”

TJAJO & Partners

TJAJO & Partners is active in the financial and corporate space and has a strong corporate and M&A offering.

In capital markets work the firm acts for corporations, underwriters, private equity firms and investment banks across the whole spectrum of domestic and cross-border capital markets transactions. The firm was recently active for the issuer on a confidential issue of bonds.   

On the M&A front the firm has experience in acting for buyers, sellers, special committees, and investment bankers. A noteworthy recent mandate saw the firm advising the buyer in a high value acquisition of a building materials production company.

In the research period the firm was active on several debt restructuring deals, acting mainly on the side of the borrower. The firm notably acted on the restructuring of notes issued by Blue Ocean Resources.

Recent Deal Data highlights

•                      Asia Pacific Investama $24.7 million debt restructuring

•                      Atlas Resources $30 million debt restructuring

•                      Bank Rakyat Indonesia IDR819 billion acquisition of stakes in Danareksa Sekuritas and Danareksa Investment Management

•                      Blue Ocean Resources $325 million bond restructuring

•                      Industrial Bank of Korea $90 million acquisition of a majority stake in Bank Agris

•                      Minna Padi Investama Sekuritas IDR4.5 trillion acquisition of Bank Muamalat

•                      Semen Indonesia $1.75 billion acquisition of Holcim Indonesia

Client feedback

"Strong in its knowledge of the industry and the culture of the country." – Banking and finance

“The firm is led by Rambun Tjajo. He is known as one of the best capital market lawyers in Indonesia. He is not only logical and analytical but also displays a great deal of creativity in problem-solving. He has extraordinary communication and speaking skills to convince counterparts or authorities. He was supported by several associates. His associates are very responsive and meticulous. Overall, the firms know our business, understand what we need and provide the right solutions to solve the issues.” – Capital markets  

“Their strengths are their client service and a good network.” – M&A  

“Strong performance, thanks to a very good understanding of the client.” - M&A

“Excellent. They are very knowledgeable in Indonesian law, and that allows us to avoid restrictions that are usually applied to publicly listed entities in acquiring other publicly listed entities (price capping regulations) and would otherwise cost us the opportunity to win the bid. They also convincingly interpret ministry regulations on obtaining approval from local government that would otherwise drag the closing of the transaction.” – M&A

“The firm provided excellent services and valuable advice, not only a theoretical opinion based on Indonesian legal system but above and beyond that, valuable practical recommendations based on extensive experience and network in the market.” - Restructuring and insolvency            

Melissa Butarbutar

“Very good network.”  

Yogie Sugiharto
“Mr Sugiharto is very knowledgeable and efficient in his work. He also provides value-added services by advising more on the thinking and culture of Indonesian businesses and their practices.”

“Good knowledge of the business sector, good communication and professional.”

Rambun Tjajo
“Excellent lawyer for restructuring work.”

”He is one of the best capital market lawyers in Jakarta. He is a brilliant, outside-the-box thinker and can find innovative solutions to problems.”


Walalangi & Partners

Walalangi & Partners is recognised in banking, capital markets and M&A. Key sectors of activity include real estate, technology, infrastructure, and logistics.

The firm’s clients include multinational banks and financial institutions, Japanese trading houses, real estate and property companies, multinational industrial companies, state-owned enterprises and fintech startups. The firm often acts in association with Japanese law firm Nishimura & Asahi for Japanese clients on a variety of matters including acquisitions.

Recent highlights include acting for the acquirer in the acquisition of several plastic packaging companies; assisting the sponsors in a real estate financing transaction; and representing the sponsors in the financing of an Indonesian publicly listed company through the issue of convertible bonds.

Recent Deal Data highlights

•                      Dharma Tatemono Property and Dharma Tatemono Residences IDR2.3 trillion loan facility

•                      Hokkan Holdings acquisition of 7 Indonesian plastic packaging companies.

•                      Indonesia Chemical Alumina restructuring

•                      Tokyo Tatemono and Tokyo Tatemono Asia urban development project

Client feedback

"International level. Managing Partner, Luky is very good." – M&A

“Walalangi & Partners is responsive and provides practical advice with an understanding of our business goals and approach.” - M&A

“Great work.” – M&A

“Very responsive firm, highly approachable, and we appreciate the on-the-point advice and attention to detail. World class firm in my opinion.” – M&A

Luky Walalangi
“Mr Walalangi is an experienced lawyer whom you can rely on for practical and timely advice and support.”


Wiriadinata & Saleh

Established in 1971, Wiriadinata & Saleh focuses its practice on banking, capital markets and projects work.

During the research period the firm was predominantly active in capital markets work. Highlights include acting for the issuer in an exchange offer and bond issue and assisting a firm operating in the oil and gas sector on its IDX IPO.

Recent Deal Data highlights

•                      MNC Investama $231 million exchange offers

•                      Super Energy IDX IPO

Ali Budiardjo Nugroho Reksodiputro

One of Indonesia’s largest and longest established law firms, ABNR excels in banking and projects finance work and has strong offerings in capital markets, M&A, project development and restructuring. The firm is also the exclusive Lex Mundi member firm for Indonesia since 1991.

In banking, the firm has more than 50 years of experience in handling matters such as cross-border syndicated and bilateral lending transactions, project financing, Islamic financing, leveraged and acquisition finance, leasing, and debt restructuring. In project financing, the firm is particularly known for its work in infrastructure, aviation, ship and satellite financing.

In capital markets, the firm assists Indonesian companies and multinational corporations with domestic and offshore debt and equity offerings. ABNR is also one of the few Indonesian firms with expertise in derivatives, structured finance and securitization, and is the exclusive Indonesia reporter for the International Swaps and Derivatives Association (ISDA). During the research period the firm was involved in a high-value note issue by an SOE; several aircraft asset-based securitisations; cross border IPOs and listings; and regulatory compliance work.

The firm’s M&A expertise cover a variety of sectors including banking, pharmaceuticals, industrials and manufacturing, 

In terms of project development, the firm has had a busy year and has advised on numerous multibillion mandates. Notable work done include advising on the development of the flagship Jakarta-Bandung High-Speed Rail Project – the largest ongoing rail project in Indonesia; and the first tidal power project in Indonesia.

In restructuring, the firm has developed an airline insolvency speciality, acting for owners and lenders in the majority of such insolvencies in Indonesia. Notable work includes advising on the global debt restructuring of Bumi Resources.

Recent Deal Data highlights

•                     Bumi Resources $4.5 billion debt restructuring

•                     Indika Energy $517.5 million acquisition of a 45% in Kideco Jaya Agung

•                     Industrial Bank of Korea $115 million acquisition of majority stakes in Bank Agris and Bank Mitraniaga

•                     Jakarta-Bandung high-speed railway

•                     Palapa Satelit Nusa Sejahtera $153 million loan facility

•                     Palmerah floating bridge and tidal power plant

•                     Peusangan 4 x 120MW hydropower plant

•                     Siborpa 114MW hydropower plant


Client feedback

“Very good and committed, with professional knowledge.” – M&A

“The attorneys at ABNR are very professional. They have in-depth knowledge of the sector they are covering, and they are creative with solutions to problems.” – M&A 

“Working with ABNR is a very pleasant experience. They provided practical advice and commercial savvy solutions to the issues at hands. ABNR is very responsive to queries. The firm has vast experience, a team of lawyers specialising in different practice area and the required talents to serve our needs.” – M&A

“The firm is quite responsive, and the lawyers are well experienced in the power sector.” - Project development

“We are satisfied with the work done by ABNR. It is one of a handful of law firms in Indonesia that have capabilities on project-related issues and bankability.” – Project development              

“I like ABNR's expert knowledge and experience.” - Project finance

“ABNR has excellent service and always produces a good result.” - Restructuring and insolvency

AM Oktarina Counselor at Law

AM Oktarina Counselor at Law is noted for its corporate and M&A work.

The firm’s corporate and M&A clients include public and private companies, private equity and other financial sponsors, financial advisors, and boards of directors and their special committees.

ANSS Counsellors at Law

Independent law firm ANSS Counsellors at Law is recognised for its corporate and M&A capabilities.

A significant highlight from the research period saw the firm advising a property management company in forming a joint venture. Other highlights saw the firm advising a foreign retail company on investments in Indonesia and acting for the investor on an investment in the e-commerce space.

Key sectors of activity include real estate, retail and e-commerce.

Recent Deal Data highlights

•                      Modernland Realty / Waskita Karya Realty joint venture

•                      Social Bella Indonesia Series C funding round


Armand Yapsunto Muharamsyah & Partners

Armand Yapsunto Muharamsyah & Partners (AYMP) has a diversified practice across the financial and corporate strength, with banking, M&A and restructuring being areas of key strength.

The firm holds membership of Multilaw, a global alliance of independent, full-service law firms across the world. AYMP has also been shortlisted for a panel of legal counsel for infrastructure in 2018 listed by the Committee for Acceleration of Priority Infrastructure Delivery.

A high-value deal in banking saw the firm advising the lender on extending a bilateral facility to an Indonesian conglomerate group.

During the research period, the capital markets team was primarily active on equity capital markets matters, advising on rights issues, private placements, and IPOs. A notable deal saw the firm advising a public bank on its rights issue. On the debt side, the firm advised a government body on the issue of sukuk.

On the M&A front, the firm was active for acquirers, sellers and merger partners in sectors including banking and financial services, automotive, and hospitality.

In the projects space, the firm was recently active for stakeholders such as developers and government entities. A significant deal saw the firm advising an SOE on the operation and maintenance of an airport.

In August 2018, the firm moved to a new office in Jakarta.

Recent Deal Data highlights

•                     ANTAM acquisition of Indonesia Chemical Alumina

•                     Bank Danamon / Bank Nusantara Parahyangan merger

•                     Compagnie Generale Des Etablissements Michelin $700 million acquisition of a 87.59% stake in Multistrada Arah Sarana

•                     IWIP industrial park

•                     Kertajati Airport

•                     Medikaloka Hermina IDX IPO

•                     Semarang Barat water supply

Client feedback

"AYMP is a local law firm which has expertise in financial, banking and corporate work and provides comprehensive advice on time. We can reach and communicate with their partner easily. – Financial and corporate


Budidjaja International Lawyers

Budidjaja International Lawyers is active in the financial and corporate space.

The firm has experience in advising both domestic and foreign clients in both public and private M&A transactions. During the research period, the firm was often active for the buyers. Representative matters include assisting a Chinese SOE on its investments in Indonesia and advising a publicly listed Indonesian coal group on acquiring an Australian coal exploration company.

In restructuring, the firm’s clients include local and multinational banks, financial institutions, as well as local and multinational companies engaging in various business sectors. During the research period, the firm was active on several confidential mandates in media, food and beverages, and shipping.

Staffing changes saw the firm welcome senior partner Anton Latief from Total E&P, while partner Jono Yeo left the firm.

Recent Deal Data highlights

•                      Bayan Resources $163.7 million acquisition of Kangaroo Resources

•                      Xiamen Xiangsheng Nickel Industry $600 million acquisition of local Indonesian companies


Hanafiah Ponggawa & Partners

Hanafiah Ponggawa & Partners (Dentons HPRP) is a consistent performer in banking, capital markets, M&A, project finance, and restructuring. In September 2018, the firm launched a combination with the world largest law firm, Dentons.

The firm’s banking clients include financial providers and clients, lenders and debtors, banks and non-bank financial institutions, in sharia and conventional transactions. A significant highlight from the last year saw the firm advising the borrower in obtaining on-shore and off-shore loans from several banks in Indonesia and Singapore.

A capital markets highlight saw the firm advising Silkroad Nickel on its SGX listing - the first nickel mining company ever listed on the SGX.

An interesting mandate in the M&A space saw the firm advising the buyer in acquiring a stake in an Indonesia listed bank - the first time a start-up ever acquired a national listed bank in Indonesia. A significant highlight saw the firm advising the government of India in a high value acquisition of shares in a mining company.

In the projects space, the firm was recently active in sectors such as mining and transport. A highlight saw the firm advising an SOE on the development of one of the largest airports in Indonesia.

Recent Deal Data highlights

•                      Akulaku Silvrr Indonesia $35 million acquisition of a stake in Bank Yudha Bhakti

•                      Dharma Satya Nusantara $148 million acquisition of Bima Palma Nugraha and Bima Agri Sawit

•                      Gawi Makmur Kalimantan and Karyaindah Alam Sejahtera $203 million financing

•                      Golar Indonesia $155 million loan facilities

•                      Indonesia Asahan Aluminium $3.8 billion acquisition of a stake in 51% stake in Freeport Indonesia

•                      Kertajati International Airport

•                      Kuala Lumpur Kepong $190.2 million acquisition of majority stake in Putra Bongan Jaya

•                      Kulon Progo Airport

Client feedback

“Their insights into the corporate and commercial practice area are far from other firms (local firms) I have ever met or dealt with.” – Financial and corporate

"They have a good knowledge of regulations in Indonesia, and they could give us good legal advice on any matters we encountered.” – Financial services regulatory

“HPRP provided us with precise, fast and on-time responses. HPRP mastered all domestic and international legal aspects so that we were securely covered in the legal documentation. HPRP charged us a good price for its services.” - Restructuring and insolvency            

Hermawan Juniarto & Partners

Part of the global Deloitte Legal network since October 2018, Hermawan Juniarto & Partners is best recognised for its M&A and projects work.

The M&A team was recently active for sellers and acquirers in various confidential mandates in sectors including agriculture, logistics and e-commerce.

In the projects space, the firm has particular expertise in advising on PPP projects and was active on several such mandates in the research period, often acting for SOEs.

Client feedback

"The firm provided excellent services and showed their experience.” – Project finance

Imran Muntaz & Co

Imran Muntaz & Co’s (IMCO) main strength in the financial and corporate space is in banking and finance.

The corporate and M&A team takes on clients from a diverse range of sectors such as agriculture, banking and financial services, construction, real estate, logistic, media and telecommunication. In the last 12 months, the firm advised a coal exploration and production company on a joint venture.           

In capital markets, the firm has extensive experience in acting for public and private companies, investment banks, and governments entities across a wide range of transactions. During the review period, IMCO advised a digital platform company on its IPO – the first digital media platform to list on the IDX.

Recent Deal Data highlights

•                      Arkadia Digital Media IDX IPO

•                      Atlas Resources / PLN Batubara Investasi joint venture

Leks & Co

Leks & Co is best recognised for its M&A practice. The firm has been active for a decade and has a special focus on the real estate sector.

During the research period, the firm was primarily active for acquirers on several land acquisition mandates. Key clients include TJS Group, Creed Group, China Harbour Group and Gojek.

Recent Deal Data highlights

•                      China Harbour Group acquisition of land in West Jakarta

•                      Gojek acquisition of land in South Jakarta

•                      TJS Group Rp200 billion acquisition of land in Central Jakarta

•                      TJS Group Rp500 billion acquisition of land in Jakarta’s central business district

•                      TJS Group Rp400 billion acquisition of land in  South Jakarta

Client feedback

"Leks & Co is able to perform well in rigid time frames and has broad knowledge in the real estate industry and M&A businesses.” – Financial and corporate

Oentoeng Suria & Partners

Oentoeng Suria & Partners’ strength lies in its banking and M&A practices. Taking advantage of Ashurst's extensive network in the PRC, the firm is ideally placed to service Chinese financial institutions and sponsors on investments into Indonesia.

In banking and finance, the firm acted for the lenders on several high-value financings in the infrastructure sector including the award-winning, landmark financing of the Jakarta-Bandung High-Speed Railway project - the largest ever infrastructure project in Indonesian.

In M&A, the firm has a special focus on the natural resources sector. Recent highlights saw the firm advising on two of the largest Indonesian M&A transaction of the last ten years, both of which involved the sale and purchase of strategic mining assets.

In project development, the firm was active across a range of sectors including, oil and gas, transport, traditional and renewable energy, and natural resources.

The firm boosted its corporate and projects practices with the hire of Frédéric Draps from Ginting & Reksodiputro, while Atik Susanto left the corporate team to join Susanto & Partners.

Recent Deal Data highlights

•                      Government of the Republic of Indonesia $3.85 billion acquisition of Freeport Grasberg

•                      Jakarta-Cikampek II elevated toll road

•                      Mempawah smelter grade alumina refinery

•                      Meulaboh 2x200MW coal-fired power plant

•                      Pertamina $4.79 billion acquisition of The Mahakam block

•                      Reliance Capital Management acquisition of Wahana Ottomitra Multiartha

•                      Salam Pacific Indonesia Lines / Toll Logistics joint venture

•                      Sumsel 1 IPP Project

Client feedback

“Great team, hands-on, and go the extra mile.” – M&A

“Good.” - Project finance

“Ok. Very helpful.” - Project finance


Roosdiono & Partners

A partner of ZICO Law since 2005, Roosdiono & Partners is active in the financial and corporate space, with M&A being an area of particular strength.

A highlight in the banking space saw the firm acting alongside a global law firm on advising an international commercial bank on regulatory matters in multiple ASEAN countries.

The corporate team, benefitting from the firm’s strong affiliations with Anderson Mori & Tomotsune in Japan and Yulchon South Korea, often acts on inbound matters. During the research period, the firm often acted for acquirers and joint venture partners in sectors including banking and financial services, logistics, automotive, and manufacturing.

Recent project development highlights include advising a contractor in the development of a theme park and advising an engineering and construction company on a property development project.         

Staffing changes saw the firm welcome new partners Barryl Rolandi and Fadjar W Kandar from Kandar & Partners, while partner Poppy Cut Rahmasuci left for UMBRA.

Recent Deal Data highlights

•                      Asia Power Development Program acquisition of stakes in hydropower projects in Indonesia

•                      Tanjung Buton Port 

•                      Kookmin Bank $101 million acquisition of a stake in Bank Bukopin

•                      Line Financial Asia $133 million acquisition of a stake in Bank KEB Hana Indonesia

•                      Toppan Forms acquisition of a stake in RDS group

•                      SF Express / Adi Sarana Armada / Tokopedia joint venture

•                      Toyota Astra Motor joint venture

Client feedback

"We are very happy with the quality of the reports and also the timeframe in which they deliver. – Financial and corporate

TNB & Partners

An associate firm of Norton Rose Fulbright, TNB & Partners is active in banking and finance and M&A.

During the research period, the banking team acted primarily for banks on matters such as project financing and refinancing.

The corporate team mainly acted for the seller in sectors including logistics, transport and oil and gas.

The firm was hit by the loss of banking and finance partner Nadia Soraya.       


Up and coming law firm UMBRA has a high-quality restructuring practice and is also strong in banking, capital markets and M&A.

The banking team has expertise in advising clients on regulatory matters and has also developed capabilities to cater to fintech clients. During the research period, the firm was active on several project financing mandates, often acting for borrowers and sponsors. A representative mandate saw the firm advising the sponsors on the financing of the Jakarta-Bandung High-Speed Railway Project.

In capital markets, the firm advises local and multinational clients, including Indonesia SOEs, on debt and equity offerings. During the review period, the firm often acted for issuers on matters such as IPOs, bond issues, rights issues, and regulatory matters.

In M&A, the firm’s industry expertise include telecommunication and technology, real estate, energy, mining, agriculture, retail, pharmaceuticals and healthcare. A significant highlight saw the firm advising Perusahaan Gas Negara on its high value proposed acquisition of Pertamina Gas.

The firm’s restructuring experience includes acting for creditors’ committees, financial institutions, funds and trustees. A noteworthy recent highlight saw the firm advising an SOE on its debt and corporate restructuring.

Notable staffing changes include the appointment of senior partners Ahmad Zakaria, Reggy Firmansyah and Putu Raditya Nugraha from HHP Law Firm.

Recent Deal Data highlights

•                      Bank Tabungan Negara $130 million syndicated financing

•                      Jakarta-Bandung high-speed railway

•                      Kalbar-1 2 x 100MW power plant

•                      Kimia Farma Rp1.3 trillion acquisition of Phapros

•                      Perusahaan Gas Negara $1.22 billion acquisition of Pertamina Gas

•                      PLTU Sumut-2 2x300MW power plant

•                      Sumbagut 800MW gas power plant

•                      Telekomunikasi Indonesia International $90 million loan facility

Client feedback

“Very good understanding of capital markets laws and good communication.” – Capital markets

"They are young and talented lawyers with excellent knowledge and understanding of deal complexity.” – M&A

“The firm has extensive knowledge in the power sector in Indonesia. They are also strong in project financing deals, particularly in relation with the power sector.” – Project development  

“UMBRA gave comprehensive and broad legal advice with innovative solutions. They also kept updating on the latest news in relation to the project assigned to them. The partners are satisfying, comprehensive and broad in their advice, easy to contact, and always open for discussion.” – Project finance

“Very capable and good service.” – Project finance