Practice area

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
Ali Budiardjo Nugroho Reksodiputro

Ali Budiardjo Nugroho Reksodiputro (ABNR) is a leading law firm in Indonesia for banking and project finance practice areas. 

The firm had significant activity in the banking industry where it has been especially involved in M&A and refinancing deals. A notable deal the firm advised on is Shinhan Bank’s merger with CNB Bank and acquisition of Bank Metro Express, which was complex due to local regulations. 

iThe firm has also been particularly active in the energy sector. Of the numerous power deals the firm has worked on, an interesting deal is the development of the Tanjung Jati-B coal-based power plant, a key component of the Java-Bali power grid.

Key clients include China Development Bank, HSBC Indonesia, Shinhan Bank, and Uber. 

Client feedback

"ABNR has full resources when negotiating, as they have litigation-experienced associates." - M&A

"Service quality, such as quality of their answers and products, reasonable fee and quick response, is good. I do not find any weakness." – M&A

"ABNR is a well respected law firm in Jakarta and has assisted us for 33 years in contract negotiation and review and interpretation of local laws. They are very efficient and prompt in the delivery of their services with a high degree of professionalism." - M&A

"ABNR are a very experienced project finance firm with a strong emphasis on the power sector. I have worked with them on many projects, and the quality of their advice and the expertise in the team is top-notch." - Project development, M&A

"Attentive and responsive. Able to provide value added service with its local domain knowledge, understanding of local culture and application of local sensibilities." – Restructuring and insolvency, M&A

Emir Nurmansyah

"He is the pre-eminent power sector practitioner who has worked on many power projects in Indonesia. He is a safe pair of hands and is easy to work with."

Ayik Candrawulan Gunadi

"Well coordinated with his associates in handling the documentation. Has a highly attuned commercial sense and always looks into win-win solutions."

Herry Nuryanto Kurniawan

"Always gives very diligent and comprehensive responses to our requests for contractual obligations and amendments and interpretation of local laws."

"Provides clear advice."

"Strengths: Quick response, reasonable fee,  and an understanding of the difference between Japan and Indonesia." 

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners is a leading firm in Indonesia which works on many cross-border deals spanning multiple jurisdictions. The firm is most notable for its banking, M&A, and capital markets practices.

The firm specialises in energy and infrastructure sector work. It recently worked on a few deals to secure the necessary financing for Indonesia Infrastructure Finance, a company which operates to promote public and private infrastructure projects in the country. In addition to this, the firm has been active on a few innovative deals such as the first sustainable bond issuance in Indonesia. The firm also represented the Republic of Indonesia in the country’s first green sukuk issuance.

Key clients include Asian Development Bank, Indonesia Infrastructure Finance, Republic of Indonesia, Citigroup, and Star Energy.

Client feedback

"Familiar with local laws and provide legal advice quickly." – Banking and finance

"They have a high-quality capital markets practice. They deliver definitive advice in a considered and timely manner. They're a pleasure to work with, and they would be my first call in Indonesia." – Capital markets

Mohammad Renaldi Zulkarnain

"He always gives considerate and reliable advice in a timely manner."

Indy Mizani Mahendra Djalal 

"Responds quickly."

Bagus Enrico & Partners

Bagus Enrico & Partners is best known for its projects practice. During the research period, the firm was especially active in the media, telecommunications, technology, construction and real estate industries.

In M&A, recent highlights include acting for Etiqa Insurance and Takaful in its acquisition of Asuransi Asoka Mas, and advising the Pacific Star Group on its takeover of the Bintan Lagoon Resort.

On the projects side, one highlight saw the firm advising Rohas Euco Industries on the construction of a hydropower plant project in Indonesia. 

The firm’s impressive client list includes Microsoft, Vodafone Group, the China Road and Bridge Corporation and the Pacific Star Group.


Bahar & Partners

Bahar & Partners is a boutique firm that advises on both local and international law. It is most active in banking and capital markets. Transport and telecoms are sectors where the firm is experienced.

Recent finance highlights include advising Bank Muamalat Indonesia, Indonesia’s first Islamic bank, in a private placement transaction to maintain the bank’s minimum capital requirements, and on financing the Pasir Koja toll road.

Other project work included advising on Indonesia’s first national light rail project, and Indonesia’s longest toll road.

Key clients include Bank Muamalat Indonesia, Kereta Indonesia, and Astra Tol Nusantara.

Client feedback

"They have a high-quality capital markets practice. They deliver definitive advice in a considered and timely manner. They're a pleasure to work with, and they would be my first call in Indonesia."

"They have a high-quality capital markets practice. They deliver definitive advice in a considered and timely manner. They're a pleasure to work with, and they would be my first call in Indonesia."

"Good Performance." - Project development, Banking and finance, M&A

Budiarto Law Partnership

Budiarto Law Partnership is recognised for its work in capital markets and M&A. The firm’s sector strengths include energy, financial services, technology, infrastructure, mining and real estate.

In banking and finance, the firm offers advice on matters such as bank lending, acquisition financing, asset financing, project financing, restructuring, and structured financing.

In capital markets, the firm acted on the IPO of Propertindo Mulia Investama.

In the M&A domain, the firm acted for both buyers and vendors. A standout deal saw the firm assist an Indonesian Group in its plans to expand by acquiring four mining companies operating in Central Kalimantan from its Indonesian and Korean shareholders.

Client feedback

"Budiarto Law Partnership provided straightforward advice and responded to questions in a timely manner while taking commercial considerations into account rather than focusing solely on the point of law. It is responsive, clear and client-friendly." - Capital markets

"The firm has good knowledge of the healthcare business." – M&A

Widjojo Budiarto

"He is the most energic and friendly lawyer I have ever met and is very responsive and understands what clients need."


Ginting & Reksodiputro

Ginting & Reksoiputro works in association with Allen & Overy, giving it an expansive network. The firm’s capital markets, M&A, and banking practices are prominent in the local legal market.

The firm worked on several deals with large financial institutions. One worth mentioning is the hybrid financing deal between Credit Suisse, Deutsche Bank, KEB Hana Bank, and QNB Bank due to the complexity and size of the agreement. 

The firm is particularly active in the energy sector. The firm advised Asian Development Bank in the financing of the largest oil and gas deal in the Indonesian market. In addition to this, the firm was involved in numerous power plant development projects in the past year.

Key clients include Deutsche Bank, Credit Suisse, BNP Paribas, and Republic of Indonesia.

Client feedback

"Very good and easily accessible." - Banking and finance

"Proactive, high level of expertise, commercial and risk-conscious. They are our preferred local counsel in Indonesian debt capital markets transactions.” – Capital markets


Hadiputranto Hadinoto & Partners

Hadiputranto Hadinoto & Partners (HHP) has particularly notable M&A and projects practices, and has been involved in the deals for some of the largest projects in Indonesia. The firm is most active in banking and energy sectors.

In energy, the firm advised on the financing of the first wind power plant development in Indonesia, Sidrap Wind Farm, and Sumatra’s largest hydroelectric power plant project, Batang Toru.

Recent M&A highlights by the firm included advising Mitsubishi Financial Group, Japan’s largest financial group, in the acquisition of MUFG Bank, which would be the largest Japanese acquisition to date in Indonesia.

The firm hired Nadia Soraya, a finance and projects partner.

Key clients include Mitsubishi Financial Group, HSBC, Deutsche Bank, and Citigroup.

Client feedback

"Firm's strengths: always manage time to meet deadlines set by the client; demonstrate experience related to the task; and strong supervision by the partner. Firm's Weaknesses: junior associate take some time in finalizing the assigned work with partner." – Capital markets, Banking and finance

"When we start operations on new markets, we like to engage law firms that have different areas of practices to cover all of the issues we will be facing. HHP has been a great partner and resource from the beginning. They are very good at providing prompt response and support to our local subsidiary in Jakarta." – M&A

"Excellent understanding of the local landscape, including regulatory framework and access to regulators. Experts at deal structuring and especially in relation to highly structured situations where regulatory views are important." – M&A

"High quality work that is timely but expensive." – M&A

"Highly responsive and client focussed with practical and sound advice." – M&A, Financial services regulatory

"Maintains international standard and provides reliable and sound practical advice in what is a challenging jurisdiction. Very familiar with regulators and their mindset. My main contacts have always been very responsive." – Restructuring and insolvency

Norman Bissett 

"Responsive and has a good understanding of the regulatory environment."

Mochamad Fachri

"Responsive and practical."

Mita Guritno

"Strengths: Gives clear instructions when explaining the issues, clients find that communicating with the individual is easy and most of the time will directly answer the questions asked. Actively monitors the deliverables for clients needs, proactively highlights changes in the law in relation to the task given and maintains current knowledge in relation to clients business issues."

Erwandi Hendarta

"Excellent understanding of the local landscape and regulatory framework."

"Very strong and competent. Has a strong understanding and relationships with regulators, which is an important value addition. Reliable and knows how to handle senior stakeholders."

Mark Innis 

"Mark is client focused and provides definitive opinions on issues presented. He takes the time to understand our business, and as a result, he is always able to provide meaningful advice."

"One of the best. Very commercial and always on point."

Daniel Pardede

"Good. Strong experience and is ok overall."

Wimbanu Widyatmoko

"He is a great leader to this team and is always on top making sure we get the service we need."

Hanafiah Ponggawa & Partners

Hanafiah Ponggawa & Partners is active across the board in financial and corporate matters. The firm is focused on sectors including energy, shipping, mining, aviation, oil and gas, infrastructure, financial services and technology.

In banking, the firm advised on matters involving lending, refinancing, acquisition financing, asset financing, and restructuring. Notable work includes acting for Sarana Multi Infrastructure in the financing of an international airport by a syndicate of seven banks.

The capital markets team is active on matters such as private placements, initial public offerings, equity offerings, debt offerings, global offerings, REITs, and derivative products.

In terms of M&A, a standout mandate saw the firm assist Kimia Farma in the acquisition of a Saudi Arabian pharmaceutical company. Additionally, the firm acted for the government of Indonesia and Indonesia Asahan Aluminium in the divestment of shares by Freeport McMoRan in Freeport Indonesia.  

Client feedback

“Very professional, responsive, helpful, skilled and knowledgeable with high integrity.”- Banking and finance, M&A


Hiswara Bunjamin & Tandjung

Hiswara Bunjamin & Tandjung (HBT) works in association with Herbert Smith Freehills, providing it resources and a significant client base in Indonesia. 

In project finance the firm advised on multiple creditor agreements for several multinational banks to finance the future projects of Paiton Energy, a major independent Indonesian power company. 

In capital markets the firm advised a number of banks on large IPOs.

In M&A the firm advised on the Temasek-Danamon merger

Key clients include Credit Suisse, Deutsche Bank, JP Morgan, Morgan Stanley, and Standard Chartered Bank.

Client feedback

"We have used Hiswara Bunjamin & Tandjung (HBT) for quite a number of different transactions, including multi-billion IPO on foreign stock exchange, multi-million bond issue and couple of multi-million M&A transactions in the energy sector. Throughout these transactions, the firm’s work varied from providing regulatory and compliance advice to preparation of due diligence and relevant documentation. On every transaction, the team at HBT, led by International Counsel Matthew Goerke with an oversight from David Dawborn, were exceptional and provided very astute and commercially focused legal advice. The strength of HBT is their lawyers who have an excellent understanding of all the areas in which they practice. They also have very strong teams across all their practice areas. I have also found that HBT are constantly willing to go the extra mile for the clients without any additional charges and provide excellent value for money. They are also very transparent, open about fees, and are always easily contactable. I have continually been very impressed by the depth of their knowledge and legal expertise of Matthew Goerke, and in my opinion, Matthew a rising star of the firm and one of the best lawyers in Indonesia today. Matthews’s knowledge and understanding of Indonesian law and the clients’ issues is exceptional. Matthew is a solution based lawyer who looks for ways to get the deal done, and I cannot speak highly enough about the work that Matthew has done for us. David Dawborn, the Senior International Counsel and the head of HBT, in my opinion, is the most experienced and respected lawyer in Indonesia today. David’s knowledge and experience in Indonesia is unmatched by any other lawyer in Indonesia." – Capital markets, M&A, Banking and finance

"HBT worked very hard for our project and performed at a very high level in a time-constrained schedule. The most important point is their practicality. They gave us practical advice and made several proposals for the transaction scheme." – M&A

David Dawborn

"The the Senior International Counsel and the head of HBT is a very strong commercially focused lawyer and in my opinion is the most experienced and respected lawyer in Indonesia today. Davids knowledge and experience in Indonesia is un-equalled by any other lawyer in Indonesia." 

Matthew Goerke

"I have continually been very impressed by his depth of knowledge and legal expertise, and in my opinion, he is a rising star of the firm and one of the best lawyers in Indonesia today. His knowledge and understanding of Indonesian law and the issues clients face is exceptional, and he provides both very astute and commercially focused legal advice. He is a solutions-based lawyer who looks for ways to get the deal done, and I cannot speak highly enough about the work that has done for us. He is especially strong in M&A, project finance, due diligence,  IPOs and bond issues."


Hutabarat Halim & Rekan

Hutabarat Halim & Rekan is active in banking and finance, capital markets, M&A, projects and restructuring, and insolvency.

In banking, a recent cross-border highlight saw the firm advise Ibukota Development on providing a loan for the acquisition of land and related assets to develop residential and commercial properties in Jakarta. In another significant deal, the firm advised the Export-Import Bank of Malaysia on providing an Islamic financing facility to Impiana Seminyak for the acquisition, renovation, and working capital of the Villas Bali Resort & Spa in Indonesia.

In M&A, the firm worked on various high profile cross-border mandates alongside highly regarded law firms. A representative deal saw the firm collaborate with Rajah & Tann Singapore in advising the Power Solution Division of Johnson Controls in connection with a proposed joint venture with a battery manufacturing company. Elsewhere, the firm worked with Dentons Canada to advise the FMC Corporation on its global acquisition of the agriculture business of DuPont USA in Indonesia

In the projects space, the firm took on work in a range of sectors including food and beverage, shipping and real estate. A standout mandate saw the firm advise Palm Beachfront Development on the purchase of an existing resort on the island of Lombok and its development into a five-star island resort.

Client feedback

“Superb.” – M&A

Nini Halim



Imran Muntaz & Co

While the firm provides services in M&A and capital markets, banking is Imran Muntaz & Co’s clear strength. The firm has a special focus on natural resources, energy, technology and telecommunications. Name partner Imran Muntaz is heavily involved in most transactions.

The firm’s banking and finance offering includes advice on Islamic funds, trade finance, project finance and syndicated finance. One highlight saw the firm assist Mitra Pinasthika Mustika Finance in obtaining credit facilities from a syndicate of international banks.

In the M&A space, the firm is primarily involved in acquisitions, mergers, reorganisations, joint ventures and corporate restructurings. The firm takes on clients from an array of industries including banking, financial services, construction, real estate, horticulture, logistics, media and telecommunications. In a representative deal, the firm advised Bumi Energi Sejahtera on the acquisition of Equator Sekuritas Indonesia and Equator Investments.

Client feedback

“Has strong expertise in several areas including, but not limited to, capital markets, M&A, financing, and dispute resolution. High quality team, responsive and punctual.”- Banking and finance, M&A


Leks & Co

Leks & Co is best known for its M&A practice and is specialised in the real estate sector.

The firm had a busy year and acted mostly on the buyer side of acquisition deals. Highlights include advising TJS Group on land acquisition at the Central Business District in Jakarta, and assisting China Harbour Indonesia with land acquisitions from individual landowners in West Jakarta.

Key clients include Mulia Land, Keppel Land, and Sinarmas Land.


Makarim & Taira S

Makarim & Taira S is known for its project finance practice. 

Recent banking highlights saw the firm advise Tokyo Bank in the refinancing of its revolving facility agreement. This deal was significant due to the size of the loan and because of having to negotiate regulations from the government affecting the agreement.

The firm’s project practice has been most active in the energy space, where a significant number of deals have come from the development and financing of coal-based and geothermal power plants. For example, the firm advised on all aspects of the expansion of the Jawa-1 plant. 

Key clients include Monsanto, Bank of America, Deutsche Bank, and Marubeni Corporation.

Client feedback

"They are reliable and provide excellent technical and practical advice in a difficult jurisdiction. They advise us on a broad range of issues including dispute resolution, regulatory compliance, employment law and transaction work in Indonesia." – M&A

"Responsive, cost effective and good understanding of industry and regulatory issues." – Capital markets, Banking and finance

"Makarim & Taira S has provided excellent, sufficiently detailed and timely advice on our projects." – M&A

"The firm is very responsive and very commercial. When we need a quick response for a client, Makarim & Taira S are always happy to oblige." – M&A

"Good teamwork." - Project development

Lia Alizia

"She has been extremely responsive and we've had a great experience working with her team."

Alexandra Gerungan

"She is fantastic, reliable, punctual, an expert and a great manager of her team."

Candace Limbong

"Clear communicator, gives options and is reliable."

Vincent Lie and Frederick Simanjuntak

"Knowledgeable and responsive."

Heru Mardijarto

"Strengths: Listening to our feedback."

Teddy Suprijadi

"Knowledgeable and responsive."

"He has strong commercial knowledge and is a trustworthy advisor."



Makes & Partners

An independent firm in strategic alliance with Singapore’s WongPartnership, Makes & Partners provides advice on the whole spectrum of financial and corporate work and is highly regarded in capital markets and M&A. The firm handles clients from a number of sectors such as real estate, mining, natural resources, energy and telecommunications. 

In capital markets, the firm was primarily involved advising on notes and bonds issues. One highlight saw the firm advise Bumi Serpong Damai on the issue of senior notes by its subsidiary Global Prime Capital.

In M&A, the firm advised the shareholders of Globalnet Sejahtera on an acquisition by Global Digital Niaga. The firm also acted for Mitra Keluarga Karyasehat in the acquisition of a majority stake in Rumah Kasih Indonesia.

The firm reinforced itself with the hires of Anton Lai, Angela Ephipani Reformanda, Ika Ompusunggu, Nancy Silalahi, Michael Hadylaya and Mesriany Angela.

Key clients include Bumi Serpong Damai, Anderson Investments, UOB Venture Management, Djarum and Expedia.

Client feedback

“The team members are knowledgeable.”- Banking and finance, M&A




Mochtar Karuwin Komar

Mochtar Karuwin Komar has a diversified practice across the full spectrum of financial and corporate work. Key sectors of activity include energy, oil and gas, mining, aviation and shipping. 

In banking, the firm was particularly active in the energy sector. Highlights saw the firm advise a consortium of Marubeni, Engie and Supreme Energy on the financing of the Rantau Dedap and the Muara Laboh geothermal projects.

The M&A practice had a busy year and took on various international clients most notably from Japan. Noteworthy work includes advising a Japanese company, as part of a worldwide acquisition, in the acquisition of an automotive parts manufacturing company; and acting for a Japanese logistics company on the attempted acquisition of one of Indonesia’s largest freight forwarding businesses.

The capital markets team acts on matters including listings, offerings, corporate restructuring, debt raising and regulatory advice.


Nasoetion & Atyanto

Nasoetion & Atyanto has a noteworthy capital markets and M&A practice. 

In capital markets, the firm was active on various matters such as issues and IPOs. Highlights include advising on the rights issues of Pool Advista Indonesia and Bank Permata, and assisting Alfa Energi Investama with its IPO.

The firm was also active in banking and advised on the debt restructuring of Bumi Resources.


Oentoeng Suria & Partners

Oentoeng Suria & Partners operates in association with Ashurst and is recognised for projects work.

Much of the firm’s recent project work has related to transport. It advised China Development on the largest high-speed railway project in the country and worked on the country’s first light rail project, and the landmark Waskita toll road project. Other project work included advising on licensing matters related to the development of the Tampur I hydropower plant.

Key clients include China Development Bank, ICBC, and Sarana Multi Infrastruktur.

Roosdiono & Partners

A member of ZICOLaw, Roosdiono & Partners is strongest in M&A and is also active in banking and finance and in the projects space. 

In one recent highlight, the firm advised the government of Indonesia on the preparation and issue of a global sukuk (Islamic bond) fund to facilitate the development of Indonesia's infrastructure programme.

The firm’s M&A team had an active year and acted mainly for buyers in acquisition deals. Noteworthy work includes advising Toshiba Corporation in the acquisition of majority shares in Envitech Perkasa, and assisting Cargo Cloud in the acquisition of a majority stake in Gatotkaca Trans Systemindo.

The firm strengthened its bench significantly with the additions of Fadjar Kandar, Barryl Rolandi, Anggi Yusari and Sandro Maeda Panjaitan from Kandar & Partners; and Agnesya Narang from Teras Narang & Partners.

Key clients include Tesla, Alipay, AirAsia and Toshiba.

In 2018, the firm bolstered itself by merging with Kandar & Partners and Teras Narang & Partners.


Soemadipradja & Taher

Soemadipradja & Taher has a diversified practice with significant experience in banking, capital markets, M&A and projects. 

The banking team advises both lenders and borrowers on an array of matters including Islamic financing, project financing, aircraft financing and debt restructuring. A highlight deal saw the firm advise the International Finance Corporation on the refinancing of a loan to Radana Bhaskara Finance.

On the capital markets side, the firm advises clients such as underwriters, investment houses and banks on matters including IPOs, rights issues, bonds issues and warrants. The firm’s advice covers numerous sectors such as natural resources, banking, automotive, telecommunications, mining, oil and gas, and utilities. During the research period, the firm notably advised Saka Energi Indonesia on the issuance of bonds on the Singapore Exchange.

Notable M&A work includes advising Japan Tobacco International on its acquisition of KDM, an Indonesian kretek cigarette manufacturer, and SMN, KDM’s main distributor. Elsewhere, the firm advised the Rosneft Oil Company on matters related to establishing a joint venture with Pertamina.

In the projects space, the firm advised Sumitomo on establishing a joint venture with Sentul City for the development, sale and purchase of condominium towers at Sentul.

Key clients include Pontil Indonesia, Williams–Sonoma, Merck Indonesia, Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines, Kawasaki Line Kisen Kaisha, Mitsubishi Materials Corporation, and the Indonesian Ministry of Finance.  


SSEK Legal Consultants

Soewito Suhardiman Eddymurthy Kardono (SSEK) is known primarily for its work in M&A and restructuring and insolvency. It often provides local expertise in deals involving complex regulatory issues.

The firm has been active on several technology transactions, notably the ride-hailing app, Grab. In Grab’s acquisition of Uber, it assisted in the transfer of assets to the firm while complying with complex local regulations. It has worked in the energy sector, most notably with the Indonesian Ministry of Finance in the establishment of a state-owned oil and gas company.

Key clients include Grab, AIG, Ford, and Indonesia’s Ministry of Finance.

Suhardi Somomoeljono & Associates

Suhardi Somomoeljono & Associates is one of the oldest Indonesian law firms and specialises in restructuring and insolvency and project development in the real estate and mining sectors.

In project development, the firm assists real estate and mining companies with development and operations.

On the restructuring and insolvency side, the firm assists clients with matters such as debt to equity swaps, debt to asset swaps, debt to quasi-equity swaps and other forms of debt restructuring for bankruptcy and insolvency procedures.


Thamrin & Rachman Law Firm

Thamrin & Rachman Law Firm is notable for its capital markets practice. The firm has experience in a broad range of sectors such as oil and gas, mining, telecommunications, energy, infrastructure, and real estate.

In banking and finance, the firm has represented both lenders and borrowers in local and international financing matters. A recent highlight saw the firm advise the lender in a cross-border aircraft financing transaction.

In capital markets, the firm advises on matters including IPOs, rights issues and bond offerings. An interesting example saw the firm advising on an IPO in the automotive industry.

Staffing changes saw the departure of partner Arief Nurul Wicaksono, while Perdana Arning Saputro from Melli Darsa & Co joined as a partner. Additionally, Hatta Imam Winarno left for VP Legal & Regulatory, while Fradella Nainggolan joined the firm from Melli Darsa & Co.


UMBRA is a recently established and rapidly growing independent law firm that offers services in banking and finance, capital markets, M&A and project development.

The firm’s banking and finance offering covers project finance, acquisition finance, real estate finance, shipping finance, securitisation and structured finance. An interesting example saw the firm act for GCL Indo Tenaga on the financing of project Kalbar-1, a coal-fired power plant in Indonesia.

In M&A, the firm takes on work in sectors such as energy, mining, agriculture, consumer products, financial services, pharmaceuticals and healthcare. In a recent deal, the firm advised Telekomunikasi Indonesia in its acquisition of TSGN, a Malaysian VSAT provider company.

On the projects side, the firm has been involved in advising a spectrum of stakeholders including multinational developers, sponsors, contractors, state-owned enterprises and lenders in numerous high profile power and infrastructure projects in Indonesia. A noteworthy deal saw the firm assist Citra Multi Energy with the development of a mini hydropower plant project in North Sumatra, Indonesia.

Staffing changes saw the firm make a significant number of hires from Hadiputranto Hadinoto & Partners including senior partners Reggy Firmansyah, Ahmad Zakaria and Putu Raditya Nugraha. The firm also welcomed Paula Aprijanto from Melli Darsa.

Key clients include PLN, Telekomunikasi Indonesia and Pembangkitan Jawa.

Client feedback

“High market awareness.”- Banking and finance

“It’s a specialist in the energy and electricity sector, always up-to-date on regulations, has a professional team and is quite proactive in supporting work.” - Banking and finance

“UMBRA has shown a high level of professionalism and has an excellent understanding of Indonesian regulations, particularly on power purchases as well as in project financing. UMBRA consists of experienced lawyers with multiple disciplines.”- Banking and finance, M&A

“Individually, each of the partners in UMBRA I've worked with has strong knowledge and expertise in their field, and they are easily accessible.” - Banking and finance, M&A

“The firm is practical, responsive, and has a deep knowledge of the specific industry that our company is engaged in.”- M&A

"Efficient time management, client oriented and pays special attention to a client's specific needs and circumstances." – Project development

Reggy Firmansyah

"Reliable, professional and efficient."

Pramudya Oktavinanda

"Good knowledge of the law and very practical."

Kirana Sastrawijaya

"Very good in communication, knowledge, and flexible in business arrangements."

"Her understanding of Indonesian Power Purchase regulation is outstanding."

"Smart, intelligent and responds fast."

Putu Raditya Nugraha

"Good knowledge in banking and finance."

Ahmad Zakaria

"Outstanding competencies and skills."




Walalangi & Partners

Established in October 2017 and working in association with Nishimura & Asahi, Walalangi & Partners is focused on inbound investments and financing in a variety of sectors and has a particular focus on Japanese investment in Indonesia.

Recent highlights include advising Bank Sahabat Sampoerna and Koperasi Sahabat Sampoerna in its acquisition of aggregate loan portfolios of small-scale to medium scale loan accounts from a licensed Indonesian bank; and assisting Tokyo Tatemono and Tokyo Tatemono Asia in an urban development project in South Jakarta.

A staffing change saw Fiesta Victoria join the firm from Ali Budiardjo Nugroho Reksodiputro.

Client feedback

"The firm is well aware of the history of our joint venture and the people involved. It is also very familiar with the parent company and properly takes these factors into account when advising." – M&A   

"It’s very responsive, cost-efficient and tries to respond to clients' concerns as much as possible.” – M&A

Luky Walalangi

"He is a very capable lawyer in this practice area and is always providing me with valuable advice in a timely manner."