ABNR Counsellors at Law
Active since 1967,
Ali
Budiardjo Nugroho
Reksodiputro (ABNR)
is one of Indonesia’s largest and longest established firms. It maintains an office in Jakarta and boasts exclusive Indonesian membership of Lex Mundi since 1991. Additionally, the firm is the exclusive Indonesia reporter for the International Swaps and Derivatives Association.
ABNR is best known for its banking and projects finance work and has strong offerings in capital markets, M&A, project development and restructuring.
The banking and finance team is experienced in matters such as aviation finance, cross-border syndicated and bilateral lending transactions, project financing, Islamic financing, leveraged and acquisition finance and debt restructuring.
The capital markets team represents clients as issuers and underwriters on domestic and foreign debt and equity transactions.
On the M&A front, the firm has expertise across the full spectrum of corporate and M&A work.
On the projects side, the firm has experience in working with stakeholders including government entities, developers,
financiers and sponsors.
The restructuring team has historically acted on high-profile mandates across a variety of sectors and has a special focus on the aviation sector.
Notable clients include Bank
Aladin Syariah.
Assegaf Hamzah & Partners
Founded in 2001,
full-service law firm
Assegaf Hamzah & Partners has established itself as one of the leading firms in the Indonesian legal market. The firm is headquartered in South Jakarta and has
an office in Surabaya. It also
extended its presence throughout the region with its membership of the Rajah & Tann Asia network.
The firm has approximately 32 partners.
In addition to advising across a spectrum of traditional capital markets and banking and finance transactions, the firm has a special focus on the fintech sector and Shariah-compliant investment and financing transactions.
In a landmark capital market mandate, the firm
advised
Government of Indonesia, through Ministry of Finance, as Issuer, on the dual- tranche issuance of Retail Sukuk and Retail Sukuk. This deal marks the first time the Government has implemented a dual tranche scheme in the issuance of retail sukuk.
Another significant capital market mandate saw the firm
advised
Indonesia Infrastructure Finance on the issuance of 2023 Green Perpetual Notes that were publicly offered to the Qualified Institutional Investors. This pioneer deal was marked as the first ever public offering in Indonesia conducted in reliance with OJK new policy on Issuance and Requirements of Green Bonds and Sukuk since its enactment in October 2023.
On the M&A front, the firms
assisted
the merger between two state-owned enterprises (SOEs), namely Perum DAMRI and
Perum PPD. The legal innovation in this deal lies in the unprecedented merger of Perusahaan Umum entities,
Perum DAMRI and
Perum PPD. This marks the first and only Perusahaan Umum merger transaction of its kind, presenting a distinctive legal challenge due to the absence of precedents.
Karian Water Services, North Sumatera Hydro Energy, Barito Renewables Energy, Medco Energi, Medco Power Indonesia, Merdeka Battery Materials, Chandra Asri Petrochemical, Government of Indonesia, OCBC NISP, Bangkok Bank, Baring Private Equity Asia EQT
Bagus Enrico & Partners
Located in Jakarta, boutique firm
Bagus Enrico & Partners
was founded in 2009. The firm is led by
Bagus Nur
Buwono
who serves as managing partner.
The firm is
recognised for its banking and finance, M&A, project development and restructuring and insolvency practices. Sectors of activity include insurance, automotive, hospitality, banking and financial services, food and beverage, real
estate and agriculture.
The banking team was active on domestic work. It also advised on financial services regulatory matters.
In M&A, the firm was mostly active
in strategic deals with clients from the transportation and
logistics, property, palm oil plantation, wholesale trading and games and e-sport sectors.
The firm’s restructuring team
advised clients connected to the banking and insurance industries.
Verena Multi Finance, Bank Mizuho Indonesia,
Slow Coffee,
Baramulti, Honeywell,
Mineski,
Sekarbumi Makmur, BRI Ventures, Thai Union,
Karma Royal, Long John,
Fairfax Insurance, Tokio Marine Asia
H & A Partners (in association with Anderson Mori & Tomotsune)
Established in 2020,
H & A Partners in association with
Anderson Mori & Tomotsune is one of the biggest law firms in Japan with multi-regional office networks throughout the Asia-Pacific region.
The firm’s strength is in M&A such as joint ventures, asset acquisitions, mergers, private acquisitions, real estate acquisitions and private equity.
The banking team was active for a mix of lenders and borrowers on lending and project finance. It was also highly visible in asset finance and trade finance work. In M&A, the firm was mostly active
in cross-border joint ventures and strategic deals.
Hendra Soenardi
Founded in 2004,
Hendra
Soenardi is a boutique firm with an office in Jakarta. The firm has six
partners and 18 associates.
The firm focuses primarily on corporate and M&A, banking & finance, project, energy
and infrastructure, international dispute resolution and telecommunications,
media and technology matters.
The firm was highly visible in the project development space, it
advised serval confidential market-first projects. The banking team also advised a confidential deal with unique structure which
arguably was
the first of its kind in Indonesia.
Adaro, Sinar Mas, Agung
Podomoro, Energi Mega Persada, Oto
Multiartha, Summit Auto,
Infrastruktur Bersama Sejahtera, Kalimantan Industrial Park Indonesia,
Aplikanusa
Lintasarta, Bank of China, China Development Bank
Hutabarat Halim & Rekan Lawyers
Founded in 2000, Halim Hong & Quek has more than 40 lawyers offering clients a full suite of legal services. The firm has offices in three major cities in Malaysia including Kuala Lumpur, Johor Bahru and Penang. The firm is also a member firm of Andersen Global, an association of legally separate, independent member firms.
In November 2020, the firm established an alliance with
Messrs Harold & Lam Partnership with a common focus to provide clients with greater access to high-quality and cost-effective legal services.
Highlights
The firm specializes in the corporate and M&A sector with capabilities in sectors including banking and finance, investment funds, industrial and manufacturing, education and corporate governance.
In the past year, the firm continued to be active in the corporate sector assisting clients in transactions related to public and private acquisitions including real estate acquisitions, and asset acquisitions. The team was also involved in joint ventures and divestments, providing due diligence and other regulatory advice.
In the banking sector, the firm was involved in conventional and Islamic banking financing, including syndicated and non-syndicated financing, Islamic financing, corporate financing, asset and project financing, trade financing, as well as other Islamic and conventional banking facilities.
Recent highlights of work include advised on the $180 million financing for acquisition and development of 67 Lands into Malaysia-China Kuantan International Logistic Park.
Key Clients
Key clients of the firm include Astramina Advisory, Citaglobal, Cuckoo International (Mal), PRG Holdings, Mestron Engineering, MCKILP Development, and Perusahaan Otomobil Nasional.
IABF Law Firm
IABF Law Firm is a pre-eminent law firm in Indonesia and has been actively providing legal services to the business communities since 2003.
Focusses / specialisms
The firm is recognised for its corporate work and covers a variety of practice areas including banking and finance, M&A, capital markets, projects, restructuring and insolvency across real estate, logistic, aviation, energy, technology and telecommunication sectors.
Key clients
Notable clients include Aviasi Pariwisata Indonesia (Persero),
Perkebunan Nusantara III (Persero) and Dentsu Aegis Network Indonesia.
Research period review:
33rd edition (2022/2023)
During the research cycle, the firm was active in banking and finance and corporate M&A areas.
The finance team was preoccupied with project finance and
Islamic finance mandates.
In M&A, the firm was very active in divestment, asset acquisitions and private acquisitions.
The deals were in the agriculture, mining and financial services sectors.
Deal highlights: 33rd edition (2022/2023)
Perkebunan Nusantara III (Persero) group restructuring.
Makarim & Taira S
Founded in 1980, Jakarta-headquartered
Makarim & Taira S is one of the most well-recognised names in Indonesia’s legal market. In 2020, it formed Drew Network Asia with Drew & Napier in Singapore and Shearn Delamore & Co in Malaysia to foster collaboration to serve the ASEAN region. The firm is also a member of
the World Law Group and World Services Group.
Recent examples of the firm’s deal work include advising ESR on
its
strategic partnership with MC Urban Development Indonesia (MCUDI) and the Indonesia Investment Authority (INA). They are the largest
real asset manager in the Asia-Pacific region and the third-largest listed real estate investment manager globally. This deal marks the first cooperation between these prominent parties and the partnership significantly supports Indonesia's burgeoning real estate and
logistics market and its future growth prospects.
Project
highlights include advising
Cirebon Energi Prasarana for the development of a 1 x 1,000 MW coal-fired power plant. The deal faced a significant challenge when the client’s environmental license was contested in the Administrative Court. The firm referred to the government’s discretion and a new regulation on spatial planning, which was a novel concept at the time. The case is likely one of several that set a new precedent for resolving spatial planning issues impacting project finance.
"They have been readily available at the shortest of notice and have been very proactive with their approach. " (Restructuring and insolvency client)
Asianet Media
Teknologi, ESR, Bank
Sahabat Sampoerna, VTB Bank,
Kilang Pertamina Internasional, Pertamina (Persero), Cirebon Energi
Prasaran, Marubeni Corporation, Xiamen ITG, Manyar Maju Refinery, Trina Solar Energy Development
Makes & Partners
Active since 1993,
Makes & Partners excels in capital markets and has formidable banking and finance, corporate and M&A and restructuring practices. Founder and name partner
Yozua Makes leads the firm as managing partner. In 2014, it strengthened its regional presence by
entering into a strategic alliance with
WongPartnership in Singapore.
A significant capital market mandate saw the firm
advised
Mora
Telematika Indonesia in its issuance and public offering of Sukuk (sharia bonds). By
initiating the issuance and public offering of Sukuk, the
issuer set a precedent for other market players to follow suit, thereby shaping the landscape of capital markets and fostering innovation in financial instruments.
Recent examples of the firm’s
M&A work include
advising
Kohlberg Kravis Roberts (KKR)
in connection with its investment in Privy
Identitas Digital. The transaction represents a pioneering investment in the universal identity enabler sector by a formidable investment firm such as KKR. This groundbreaking move underscores the sector's potential for growth and innovation, setting a precedent for future investments in the region.
"Makes team of lawyers give a personalized brand of service. They are not only legal
experts but have a deep understanding of the practical aspects of the transaction and how the business drives the deals that we do. " (M&A client)
"The quality of advice and support is excellent, consistent and reliable. Their managing partner and other partners are very responsive to our business requirements. We always feel that we are well taken care of, and our legal needs are prioritized by the firm." (M&A client)
"Strong knowledge of the local law, find solutions for complex problems, swift follow up on queries, meet deadlines, strong communication skills as during negotiation process." (M&A client)
Plaza Indonesia Realty,
Summarecon Agung, Agung
Podomoro Land,
Soechi Lines,
Bundamedik, Bank
Mandiri, Lippo
Karawaci,
Profesional Telekomunikasi Indonesia, Tunas Baru Lampung, Mora
Telematika Indonesia
Nurjadin Sumono Mulyadi & Partners
Founded in 2006, Nurjadin Sumono Mulyadi & Partners (NSMP)
maintains an office in Jakarta. The firm extends its presence throughout the world through its strategic alliances. It has established a cooperation with Bird & Bird international law firm since 2014 and also affiliated with Wong Alliance from 2010, in particular with their Timor-Leste office.
Focusses / specialisms
The firm is recognised for corporate and M&A and restructuring work. Sectors of activity include construction, real estate banking, mining and hospitality.
The firm also has strengths in international trade, competition law, intellectual property, commercial dispute resolution and criminal litigation in labour and employment matters.
Soemadipradja & Taher
Founded in 1991,
Soemadipradja & Taher performs consistently well in banking and finance, capital markets, M&A and project development. The firm extends its capabilities across the region through an alliance with Allen & Gledhill.
In banking, the firm has experience in acting for lenders and borrowers on financing and debt restructuring. The capital markets team has experience of advising on IPOs,
bonds issues and rights issues across a range of industries. The corporate team is often engaged to help on market entry and regulatory compliance work, while the projects team serves sponsors, government bodies and contractors in the infrastructure, mining and natural resources, oil and gas, and energy sectors.
During the research cycle, the banking team was active for a mix of lenders and borrowers on domestic and cross-border financing and refinancing work. In M&A, the firm mostly acted for acquirers in the technology and telecommunications and energy sectors.
Volvo Indonesia, Mitsui & Co. (Asia Pacific)
UMBRA
Founded in 2017, up-and-coming law firm
UMBRA is located in Jakarta and is helmed by managing partner
Pramudya
Oktavinanda.
The firm has high-quality banking and restructuring practices and is also strong in capital markets, M&A and project development.
Recent examples of the firm’s deal work include
advising
Siemens Energy in the proposed spin-off of Siemens Indonesia’s energy, construction, and power business to a new entity as part of the global restructuring and spin-off of Siemens AG to Siemens Energy. The deal is complex because construction business is one of the last industries that are still highly regulated in terms of foreign ownership and business licenses, requiring Siemens Energy to partner with existing Indonesian construction companies and create a novel shareholding structure that will allow Siemens Energy to maintain control on the new entity and enjoy the previous company experience for future public tenders of work.
Projects highlights include
advising
PLN Nusantara Renewables in the limited-recourse project financing of 510 MW Batang Toru Hydroelectric Power Plant in
Tapanuli, North Sumatera, Indonesia. The
uniqueness of this deal relies on the hybrid and semi-project finance structure of the financing.
"They are very responsive. Their work was completed very quickly and attention to details with the client." (Banking client)
" UMBRA provides quite sharp direction and guidance regarding finance in Indonesia in a comprehensive manner for my company." (Banking client)
"UMBRA's meticulous preparation of transaction documents within a
demanding
timeframe that is tailored to our specific needs ensured a smooth execution of the financing schemes within our group." (Banking client)
“UMBRA stands out because of its deep specialization in capital market laws in Indonesia. Their team's expertise is theoretical and highly practical, as they clearly understand how regulatory changes impact business operations. This makes their guidance both relevant and immediately applicable. Moreover, their responsiveness and attentiveness to client needs are exceptional. They handle queries promptly and ensure that communication is clear and understandable, which is crucial in a regulatory context where timeliness can be as important as the advice itself. Their team is also notable for its diversity in expertise, which allows them to offer holistic advice that considers multiple angles of a situation — from compliance and risk management to strategic business implications. This comprehensive approach, combined with their localized knowledge, really sets them apart in the field of capital market legal services in Indonesia.” (Equity capital market client)
"Lean and efficient team that is experienced." (M&A client)
"They are efficient and responsive and has the required expertise." (M&A client)
"They offer tailored solutions, anticipate challenges, and deliver high-quality work promptly. Their commitment to understanding our objectives and providing innovative strategies makes them our preferred legal partner for complex corporate transactions." (M&A client)
"UMBRA went beyond simply delivering on our requirements. They were willing to provide suggestions and solutions if needed. Additionally, their work was highly detailed while remaining flexible to adapt to our evolving needs." (M&A client)
"Very knowledgeable about corporate structure and strategy and adept to very short turnaround time. They understood that doing business in Indonesia is unique and sometimes requires unconventional safeguards." (M&A client)
"Very knowledgeable about corporate structure and strategy and adept to very short turnaround time. They understood that doing business in Indonesia is unique and sometimes requires unconventional safeguards." (M&A client)
"We have worked together with UMBRA since its establishment in 2017. In fact, we were among the organization's initial clients. Despite UMBRA's recent establishment, we did not hesitate to appoint and entrust UMBRA as our counselor. We always believe that UMBRA’s lawyers possess all the necessary skills and a strong work ethic to
assist and represent us in completing our intricate transactions. They are passionate and highly dedicated to serving the needs of its clients. It goes without saying that being able to work with UMBRA is a very pleasant experience." (M&A client)
"Fast response, understanding Adaro's style, readily available partners." (Project development client)
"Giving the solution rather than only put on an issue." (Project development client)
"Their proactive approach and depth of knowledge have instilled confidence in our team. Given that PDP Law is a newly enacted regulation with minimum precedents in the Indonesian market." (Project development client)
"They are very flexible in meeting requirements, very responsive to client needs and high engagement of senior legal counsel in assignments." (Project development client)
"UMBRA with two leading partners, Mr. Putu Raditya and Mr.
Pramudya, have shown remarkable legal support in assisting and advising our company with efficiency, speed, and good communication. Their understanding in our business needs and industry expertise covered all the issues in a timely manner." (Restructuring and insolvency client)
Sarana Multi
Infrastruktur, Indonesia Ferry Property, Celebes Railway Indonesia, Energi Listrik Batam, Telkom Indonesia, Jasa Marga, Semen Indonesia, Bumi Resources Minerals, Perusahaan Gas Negara, Kita Bisa Indonesia, Pertamina EP
Cepu
ADCO Law
Founded in 2008, ADCO Law is a full service law firm located in South Jakarta. Dendi Adisuryo serves as managing partner of the firm.
The firm is
recognised for its work in the corporate and M&A and restructuring and insolvency areas.
Sectors of activity include transport, mining,
energy and construction.
Client feedback: 32nd edition (2022/2023)
"Attention to details and providing win-win wordings within the agreement between our company and our counterpart, considering the small
number of legal experts within this industry."
AKSET
Established since 2010, AKSET
has become one of the established independent firms in Indonesia
with offices in Jakarta.
Focusses / specialisms
The firm has strengths in banking and finance, M&A, capital markets, bankruptcy and restructuring, fintech, mining and energy, oil and gas, maritime and shipping, land acquisition and real estate.
The firm entered a non-exclusive cooperation with Shin & Kim, a prominent law firm in South Korea, at the end of 2019, and established their Korean desk.
ANSS Counsellors at Law
Independent law firm ANSS Counsellors at Law is headquartered in Jakarta.
Focusses / specialisms
The firm is ranked for its corporate and M&A and restructuring and insolvency work.
Sectors of activity include real estate, retail and e-commerce.
Key clients
Key clients include Modernland, Bara Jaya Utama, Social Bella International, and Sale Stock.
Armand Yapsunto Muharamsyah & Partners
Founded in 1994, Jakarta headquartered law firm Armand Yapsunto Muharamsyah & Partners is led by Arie Armand who serves as managing partner. The firm holds membership of Multilaw, a global alliance of independent full-service law firms across the world.
Focusses / specialisms
The firm has experience in banking and finance, capital markets, corporate and M&A, project development, and restructuring and insolvency.
In 2018, the firm was shortlisted for inclusion on the Committee for Acceleration of Priority Infrastructure Delivery’s panel of legal counsel.
The firm is experienced in advising clients from a variety of sectors including banking and financial services, automotive, transport and hospitality.
Key clients
Clients include HSBC, DBS Bank, Tokyo Mitsubishi Bank, Credit Suisse, Societe Generale, Bank Bukopin, Medikaloka Hermina, Ministry of Finance of the Republic of Indonesia, and Bank Permata.
Research period review: 30th edition (2019/2020)
A banking mandate saw the firm advise a financial institution on the sale of receivables.
An interesting capital markets deal saw the firm advise the Ministry of Finance of the Republic of Indonesia on the issue of sukuk.
On the corporate side, the firm acted for investees and targets on fundraisings and acquisitions.
Deal highlights: 30th edition (2019/2020)
Bank Permata sale of non-performing loans
Digiasia Bios Group series B financing
Ministry of Finance of Republic of Indonesia
sukuk issue
Budiarto Law Partnership
Budiarto Law Partnership maintains an office in Jakarta and is led by managing partner Widjojo Budiarto.
The firm is recognised for its banking and finance, capital markets, and corporate and M&A work.
Sectors of focus include
energy, natural resources and oil and gas. It is also proficient in the
agriculture, banking and financial services, transport, real estate, consumer goods and manufacturing sectors.
Research period review: 32nd edition (2022/2023)
During the review
period, the firm was responsible for several confidential banking and finance, capital market and M&A mandates in the energy, natural resources and oil and gas sectors.
Client Feedback: 32nd edition (2022/2023)
"They provide excellent service! Very communicative with quick turnaround time. Provide excellent solution and understand the client's business very well so the provided solution is spot on."
"They provide excellent service. Very communicative with quick turnaround time. Provide excellent solutions and understand the client business very well, so the provided solution can be spot on."
"He knows Indonesian law better than anyone for this region and is an excellent practitioner. He also works well under pressure and is always available."
"She is very professional and talented with positive attitude. Very responsive and has very good attention to details despite of the massive amount of documents to be reviewed and prepared. "
Budidjaja International Lawyers
Active since 2007, Budidjaja International Lawyers is a domestic full-service independent firm with its head office located in Jakarta.
Focusses / specialisms
The firm is recognised for its work in banking, M&A, project development and restructuring.
The firm has experience in advising both domestic and foreign clients in both public and private M&A transactions.
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.
Key clients
Clients include Super Energy Group, SEAX Global, SUMS Resources, and Omnicotton.
Research period review: 31st edition (2020/2021)
In banking and finance, the firm recently acted for the borrower in an acquisition financing mandate.
The corporate team was notably active on two high-value global acquisitions, acting for the sellers.
The projects team was recently active on confidential mandates in several sectors, particularly utilities and waste management.
An interesting restructuring and insolvency mandate saw the firm advising a multinational on the liquidation of its local subsidiary.
Deal highlights: 31st edition (2020/2021)
Super Sistem Ultima restructuring
Super Energy Group debt restructuring
Surya Alam Jaya debt restructuring
Deloitte
Deloitte
Southeast Asia is a member firm of
Deloitte
Touche Tohmatsu. With
more than
80 partners and directors and over 1,200 staff comprising two offices in Jakarta and Surabaya.
The firm is experienced in matters such as registered public accounting, tax consulting, financial advisory and risk advisory services and valuation advisory.
Deloitte Indonesia clients come from major industries such as banking and finance, manufacturing, transportation, technology, media, telecommunications, retail and wholesale, oil and gas, mining, and life sciences and healthcare.
Dentons HPRP
Jakarta-headquartered firm Hanafiah Ponggawa & Partners’ long history can be traced back to 1953. In September 2018, the firm combined with the world’s largest law firm, Dentons.
Focusses / specialisms
The firm performs consistently in banking, capital markets, M&A, project finance and restructuring.
The firm’s banking clients include financial providers and clients, lenders and debtors, banks and non-bank financial institutions in Shariah and conventional transactions.
The capital markets team is capable of advising on a wide spectrum of debt and equity transactions such as medium-term notes, IPOs, REITs, derivatives, securitisation, and rights issues.
The projects team is experienced in sectors such as mining, transport, real estate and technology.
Key clients
Recent clients include Nordic Aviation Capital, Bank OCBC NISP, Apple Bank, Chorus Aviation Capital, MRT Jakarta, Shandong Xinhai Technology and Amazon Data Services Indonesia.
Research period review: 30th edition (2019/2020)
The banking team was busy with aircraft leasing mandates and acting for lenders on refinancing and aircraft financing transactions.
Capital markets highlights include assisting Bahana TCW Investment Management on asset-backed securitisation matters.
A standout corporate deal saw the firm advise Shandong Xinhai Technology in its cooperation with Aneka Tambang to build a nickel smelter.
In the projects space, the firm notably acted for MRT Jakarta and Amazon Data Services Indonesia.
An interesting deal saw the firm assist Amazon Data Services Indonesia with electricity supply contracts.
The firm also acted on several debt restructuring mandates, often for confidential clients.
Deal highlights: 30th edition (2019/2020)
Akulaku Silvrr Indonesia $33 million investment in Bank Yudha Bhakti
Bahana TCW Investment Management $91.5 million ABS securitisation
Fajar Surya Wisesa $50 million financing
Industri Kereta Api / Stadler Rail joint venture
Shandong Xinhai Technology / Aneka Tambang joint venture
FKNK Law Firm
FKNK Law Firm is a local law firm established in 2011 and headquartered in Jakarta.
The firm is recognized for its banking and restructuring and insolvency work.
The team is experienced in advising on corporate restructurings, debt restructurings, insolvency proceedings and postponement of payment obligations.
Research period review: 32nd edition (2022/2023)
The firm has been active in M&A, especially in mergers and acquisitions. The firm was also active in restructuring and insolvency work.
The banking team welcomed counsel Bambang
Wijayanto during the period of review.
Genio Atyanto & Partners
Founded in 2013, Genio Atyanto & Partners (GAP), previously known as Nasoetion & Atyanto, is a boutique law firm headquartered in Jakarta. The firm is also a part of New Circle, a non-exclusive international network which consists of law firms in major European jurisdictions.
Focusses / specialisms
The firm is best known for its banking and finance, capital markets and securities, and M&A works.
The firm acts for domestic and international clients across a variety of sectors including banking and financial services, real estate, mining, oil and gas, energy, pharmaceuticals, manufacturing, consumer goods, technology and telecommunications.
Key clients
Notable clients include Bank Permata, Bahana Pembinaan Usaha Indonesia (Persero), TBS Energi Utama, Ceria Nugraha Indotama, Investree Singapore and Pratapa Nirmala.
Research period review:
33rd edition (2022/2023)
The firm has been active in banking, capital markets and M&A work during the research cycle.
The banking team was active for borrowers on
project finance work.
In the capital markets area, the firm advised on debt and equity transactions. It worked for issuers on bond issue and IPO matters in the mining, energy and technology sectors.
In M&A, the firm was active in strategic deals on the buy side. The deals were in the food and beverage and finance services.
In staffing changes, one of the founding partners, Nadia Nasoetion, left the firm.
Deal highlights: 33rd edition (2022/2023)
Ceria Metalindo Prima’s $277 million project financing.
Habco Trans Maritima’s IPO.
TBS Energi Utama’s $34 million bond issue.
HHP Law Firm
Founded in 1989, Hadiputranto Hadinoto & Partners is a member firm of Baker & McKenzie International and is one of the clear market leaders in the financial and corporate space in Indonesia.
Focusses / specialisms
The banking and capital markets team acts on an array of matters such as project finance, Islamic finance, syndicated loans, derivatives, securitisation, medium-term notes, IPOs, and rights issues.
The corporate team has experience in advising clients such as private equity players, corporates, and financial institutions. The team often acts for international acquirers on M&A transactions in the banking and financial services industry.
The projects team has a wealth of experience in sectors such as mining, oil and gas, transport, and renewable energy.
Key clients
Key clients include HSBC, Standard Chartered, AIA Group, Bank of Tokyo Mitsubishi, Prudential, AXA, Bank Central Asia, Allianz, Northstar Advisors, and General Atlantic.
Client feedback: 31st edition (2020/2021)
Banking and finance
"The law firm had a significant role as counsel. Structuring the equity, assets and liabilities transfer. Advising on legal aspects related to capital market regulations and banking transactions process. Assisting bank in dealing with regulators (OJK Banking, OJK Capital Market and Bank Indonesia)."
"High quality of work and precise legal advice. Understand what the client is looking for and tailor advice to achieve that. Good advice as to strategical/big picture/regulatory matters as well (latter being key for that jurisdiction)."
Capital markets
"HHP's partner (Iqbal Darmawan) is very expert in capital markets, he's very helpful and tries to find a solution for any issues we have."
Financial services regulatory
"We have been working closely with Mr Abimata Putra, who is outstanding in his professionalism, responsiveness, as well as being able to provide clear succinct responses, which have been very helpful."
M&A
"Giving sound and pragmatic advice on the application of Indonesian law, even from business sense. Very responsive."
"HHP is a prominent law firm. HHP provides full-service, covers many sectors which enables the client to have comprehensive advice."
"Understanding of core issue of the transaction, attentive to details, fast response, immerse in the project, great negotiation skills (balance between 'standard legal' and 'client risk appetite')."
Project development
"Competent and hard-working lawyers, quick feedback on all of our inquiries and excellent quality in terms of legal documents and legal opinion and always updated on local regulation."
"Quick response, fast knowledge and always open for discussion any time."
Hiswara Bunjamin & Tandjung
Founded in 2000, Hiswara Bunjamin & Tandjung is known for its high quality financial and corporate work. The firm is headquartered in Jakarta and maintains a long-standing association with Herbert Smith Freehills.
Focusses / specialisms
The firm provides advice in banking, capital markets, corporate and M&A, and project development and has a well-established restructuring and insolvency practice.
The banking team acts for local and foreign lenders and creditors in domestic and cross-border financings and debt restructurings.
In capital markets, the firm has experience representing foreign arrangers and underwriters on both domestic and cross border capital markets mandates.
In M&A, the firm has experience 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.
In projects, the firm’s relationship with Herbert Smith Freehills allows it to provide advice on matters throughout the region and strong advice on Indonesia focused matters in sectors such as energy, infrastructure, oil and gas and mining.
Key clients
Notable clients include Alibaba/Ant Financial Group, Goldman Sachs, Morgan Stanley, Carlyle, Danone, GIC, Grab,
Indosat, Kansai, KB
Kookmin,
LinkAja,
Northstar Group, Pertamina,
Rio Tinto and
Sinar Mas Group.
Client feedback: 32nd edition (2022/2023)
"They are very helpful in terms of providing solutions for both parties (lender and borrower) so negotiation can run smoothly."
"They are versed in the real estate and property field and have the capacity to review and prepare an in-depth legal due diligence report. Structuring their transaction documents."
Imran Muntaz & Co
Founded in 2012, Imran Muntaz & Co has an office in Jakarta and is led by managing partner Imran Muntaz.
Focusses / specialisms
The firm is strongest in banking and also advises on capital markets and M&A matters.
Sectors of experience include agriculture, banking and financial services, construction, real estate, logistics, media and telecommunications.
Key clients
Notable clients include Adira Dinamika Multi Finance.
Latief & Co
Established in 2019,
Latief & Co is a full-service Indonesian law firm which provides a comprehensive range of legal services for domestic and international clients.
The firm is well known for its
energy, infrastructure
and projects (EIP), mergers and acquisitions, and banking and finance sectors.
Notable clients include Chevron Pacific Indonesia, Chevron Indonesia Company, Chevron Standard, Repsol
Sakakemang,
Inpex Corporation, Jadestone Energy, Mubadala Petroleum, Xiamen
Xiangyu Group and
Meindo Elang Indah.
Client feedback: 32nd edition (2022/2023)
"Very good knowledge of the sector and the Indonesian legal system. They are very responsive and provide valuable, quality work."
"Excellent knowledge of applicable Indonesian laws and regulations; (ii) good reputation and contacts with Indonesian government and regulators; (iii) practical, realistic advice; and (iv) good drafting skills, both in Indonesian and English languages."
Leks & Co
Founded in 2009, Leks & Co is located in Jakarta and is helmed by Eddy Leks who serves as managing partner.
Focusses / specialisms
The firm specialises in the real estate sector and is noted for its corporate and M&A work.
Key clients
Notable clients include Surya
Palacejaya, Celebes Group, First Commercial Bank, Pembangunan
Deltamas, Creed Holdings, Kasumigaseki Development
Indonesia and
Keppel Land.
Lubis Ganie Surowidjojo
Founded in 1985, Lubis Ganie Surowidjojo is a full-service law firm located in Jakarta. The firm has notably allied with KPMG in Indonesia and is a member of the Global KPMG network.
Focusses / specialisms
The firm boasts well-established banking and finance and restructuring and insolvency practices and is also active in M&A.
Sectors of activity include aviation and mining.
Key clients
Recent clients include Bpifrance Assurance Export, Société Générale, BNP Paribas, Solway Investment Group and Aquila Nickel.
Markus Sajogo & Associates
Established in 1967, Markus
Sajogo & Associates is a full-service law firm that focuses on corporate and commercial matters. The firm has an office in Surabaya, Indonesia.
The firm
is experienced in matters such as
mergers, acquisitions, joint
ventures and corporate transactions.
Sectors of activities include real estate, industrial and manufacturing, consumer goods and services, agriculture, energy, mining, food and beverage, healthcare, entertainment, shipping, oil and gas,
media and tourism.
Notable clients include Sinomart KTS Development, Meliá Hotels International,
JW Marriott Hotel Surabaya,
Hail & Cotton International,
Evac+Chair International, Bunge Agribusiness Indonesia,
Jawa Pos Multimedia Group, ICBC Center Building and H&M Indonesia.
Mochtar Karuwin Komar
Founded in 1971, Mochtar Karuwin Komar is among the oldest law firms in Indonesia. The firm has five partners spread across offices in Jakarta and Singapore.
The firm has diversified practice and performs consistently in banking and finance, capital markets, M&A and project development.
The firm is experienced in sectors including energy, oil and gas, mining,
aviation and shipping.
Notable clients include Millennium Challenge Corporation, Sinosure and China Development Bank.
Oentoeng Suria & Partners
Established in 2010, Oentoeng Suria & Partners is associated with Ashurst and is a well-known name in the Indonesian legal market. The firm maintains an office in south Jakarta and is led by managing partner Ratih Nawangsari.
Focusses / specialisms
The firm is known for its high-quality banking, corporate and project development work and also has a strong restructuring practice.
The banking team often acts for international financial institutions on financing transactions in Indonesia, acting on transactions in the energy infrastructure and mining sectors. Taking advantage of Ashurst's network in the PRC, the firm serves Chinese financial institutions and sponsors on investments into Indonesia.
The corporate team has experience advising on high profile transactions, particularly in the natural resources sector.
The projects team is experienced advising across the spectrum of projects related work in a variety of sectors including, oil and gas, transport, traditional and renewable energy, and natural resources.
Key clients
Key clients include China Development Bank, Societe Generale, DBS Bank, China Construction Bank, Toll Group, Chiyoda Corporation, Borneo Alumina Indonesia, Bank Mandiri, Pertamina, and Bank Negara Indonesia.
Research period review: 30th edition (2019/2020)
The banking team primarily acted on the side of financial institutions. A standout banking deal saw the firm advise China Development Bank on the financing of the Jakarta-Bandung high-speed railway, the largest ever infrastructure project in Indonesia. Another interesting deal saw the firm act for the lenders in the largest unsecured corporate loan facility in Indonesia in 2019. The firm also notably acted for the lenders on one of the largest Chinese power financings in Indonesia to date.
During the review period, the corporate team was active for buyers and sellers on several noteworthy confidential transactions. A significant oil and gas transaction saw the firm advise an international client on a divestment. A non-confidential mandate saw the firm advise Toll Group on forming a joint venture.
A projects highlight saw the firm advise a consortium on a landmark airport PPP project. A high-profile deal saw the firm act for the contractor on the high-value development of a smelting facility.
Staffing changes saw the firm strengthen its corporate and projects practices with the hire of partner Frédéric Draps from Ginting & Reksodiputro. The firm also added senior counsel Rudy Kusmanto from OVO to its corporate and banking teams.
Deal highlights: 30th edition (2019/2020)
Hang Nadim Batam International Airport development
Jakarta-Bandung high-speed railway
Komodo International Airport PPP
Manyar smelter project
Mempawah smelter grade alumina refinery
Sumsel 1 coal-fired power plant
Toll Group / Salam Pacific Indonesia Lines joint venture
Well Harvest alumina refinery
PwC Legal Indonesia
PwC Legal Indonesia (formerly Melli Darsa & Co.) was founded in 2002 with an office located in Jakarta. The firm has been a part of the PwC network of firms since 2017 and has strong cross-border capabilities with the support of Japanese, Chinese and Korean business desks.
Focusses / specialisms
The firm is strongest in capital markets and M&A and has well-established banking and project development offerings. It sits on the panels of several Indonesian blue-chip companies and multinational companies to assist with international business restructuring.
The firm often acts on high-profile capital markets deals and is experienced in acting for financial institutions.
In corporate and M&A, the firm is experienced in a variety of sectors including transport, insurance, agriculture, oil & gas, food and beverage, and real estate.
Roosdiono & Partners
Founded in 1999, Roosdiono & Partners (a member firm of the KPMG Law network) is located in south Jakarta and has a partnership with KPMG Law.
Focusses / specialisms
The firm is recognised for its banking and finance, corporate and M&A, and project development work.
The firm takes on clients from a range of sectors including technology, aviation, banking and financial services, logistics, automotive and manufacturing.
Key clients
Notable clients include WTP Tech Innovation Fund LP, 5Y Capital, Sumber Mas Sari, TBS Energi Utama and
Ecart Webportal Indonesia.
Client feedback: 32nd edition (2022/2023)
"Roosdiono has been very helpful in giving us recommendations and highlighting red flag issues."
Siahaan Irdamis Andarumi & Rekan
Active since 2015, Siahaan Irdamis Andarumi & Rekan is a boutique law firm with an office in Jakarta. Key figures include partners David Siahaan, Kuntum Apriella Irdam and Laksmita Andarumi.
Focusses / specialisms
The firm is noted for its banking and finance, corporate and M&A, project development and restructuring and insolvency work.
Sectors of focus include industrial and manufacturing, transport, energy, real estate and healthcare.
SIP Law Firm
SIP Law Firm was founded in 2011 by partners Safitri Hariyani and Zubaidah Jufri. The firm is headquartered in Jakarta and has two representative offices in Yogyakarta and Surabaya. The firm has expanded its network by forming affiliations with some law firms in the Asia region. In 2020, it made a deal with Singapore-based law firm Donaldson & Burkinshaw.
Focusses / specialisms
The firm is noted for its banking, restructuring and insolvency work. Sectors of focus include construction, textiles and industrials, and manufacturing.
Key clients
Notable clients include Means LLC.
Research period review:
33rd edition (2022/2023)
The firm has been active in banking, restructuring and insolvency work during the research cycle.
The banking team was active for a mix of lenders and borrowers on
financing and lending work.
In restructuring and insolvency, the firm recently acted for both creditors and debtors.
Siregar Setiawan Manalu Partnership
Siregar Setiawan
Manalu Partnership (SSMP)
was
established by three founding partners,
Nien
Rafles Siregar,
Rudi Setiawan, and Bobby Rahman
Manalu
in 2015. The firm has an office in Jakarta.
The firm is experienced in civil litigation, bankruptcy and suspension of payment and bankruptcy proceedings.
The firm was highly visible in insolvency work,
during the research cycle, it advised on several confidential transactions.
SSEK Law Firm
founded in 1992, independent firm
SSEK Law Firm is located in Jakarta and has diversified financial and corporate offerings.
Focusses / specialisms
The firm is active in banking, capital markets and project development and is particularly strong in corporate, M&A and restructuring and insolvency.
The firm is active across a wide array of industry sectors including real estate, logistics, mining and natural resources, oil and gas, power, transportation, retail, manufacturing, technology, insurance and consumer products.
Key clients
Notable clients include HSBC, KEB Hana Bank, Prudential,
Mastercard, General Electric, General Motors, Nissan Motor and Total Oil.
Research period review:
33rd edition (2022/2023)
The banking team was active for a mix of lenders and borrowers on financing work in the oil and gas, investment management and banking sectors. It also advised on financial services regulatory matters.
The capital markets team was particularly active on equity mandates. It acted for issuers on IPOs related to industrial and manufacturing, technology and telecommunications, and investment management sectors. It also worked for issuers on share capital increase works.
In M&A, the firm was active on strategic deals on both the buy and sell side. The deals were in the agriculture, entertainment, and technology and telecommunications sectors.
The firm was also active for project development work; the team mainly acted for project developers in relation to automotive, logistics, environmental services, forestry, and industrial and manufacturing sectors.
In restructuring and insolvency, the firm mainly acted for creditors.
Deal highlights: 33rd edition (2022/2023)
Grab Holdings’ $40 billion NASDAQ IPO
Indo Kordsa and Indo Kordsa Polyester’s merger.
Moonbug Entertainment’s 100% acquisition of the issued share capital of One Animation.
Pertamina Gas’s financing.
Client feedback: 33rd edition (2022/2023)
Banking
“Displayed a high degree of flexibility based on client's need, without any impact on overall fee.”
M&A
“High-quality service with speedy response.”
“SSEK was helpful in negotiating the government incentive package and reviewing the joint venture agreement from an Indonesian law perspective. SSEK's review was comprehensive and prompt.”
Restructuring
“SSEK is a proactive partner for doing business in Indonesia. They are solution-focused and I trust them to find the most efficient way to solve challenges.”
Ira Eddymurthy
“Very experienced and well connected. Understands our business very well and reaches solutions very efficiently.”
Fransiscus Rodyanto
“Very welcoming and friendly, also communicative and fast response.”
Jonathan Streifer
“He communicates well with international law firms and is quite knowledgeable on Indonesian law. He digests the information well and provides the client with clear advice and solutions.”
“High degree of flexibility to meet client's needs.”
Stephen Igor Warokka
“He is solution-driven with deep knowledge and experience of Indonesian law.”
Suhardi Somomoeljono & Associates
Founded in 1987, Suhardi Somomoeljono & Associates is led by managing partner Suhardi Somomoeljono and is located in Jakarta.
Focusses / specialisms
The firm is recognised for its project development, restructuring and insolvency work.
TNB & Partners
Located in Jakarta, TNB & Partners extends its presence internationally through its association with Norton Rose Fulbright.
Focusses / specialisms
The firm is recognised for its banking and finance and corporate and M&A work.
The firm has strong asset finance practices, especially transport finance.
The M&A team has experience in sectors including agriculture, real estate, technology and mining.
In restructuring and insolvency, the team have extensive experience in dealing with debt restructuring and insolvency-related work in various industries, such as the aviation industry, energy, mining, and oil and gas.
Key clients
Notable clients include Japan International Cooperation Agency, Citibank, AmInvestment Bank, United Overseas Bank,
Department of Foreign Affairs and Trade of Australia, the Embassy of Canada in Jakarta, Schlumberger and Celanese Group.
Research period review: 33rd edition (2022/2023)
The firm has been active in banking, M&A and restructuring work during the research cycle.
The firm’s banking work was primarily corporate finance – predominantly financing – transactions where its clients were the lenders.
In M&A, the firm was active in strategic deals on both the buy and sell side. It also acted for investors in private acquisition works.
In restructuring and insolvency, the firm recently acted for lessors, shareholders and creditors.
Deal highlights: 33rd edition (2022/2023)
Accenture Australia’s acquisition of two Indonesian entities engaging in branding and marketing services.
A.P. Moller - Maersk’s business expansion to Surabaya.
Paragon Technology Innovation’s acquisition of shares in hospital business.
Sandvik’s acquisition of Schenck Process.
Client feedback: 33rd edition (2022/2023)
M&A
“Always very responsive and their advice is to the point. No stress in managing the scope of work. They know what we want.”
Kresna Panggabean
“Kresna is very responsive. He knows the business very well, so his advice is always to the point.”
TnP Law Firm
Active since 2016, Jakarta headquartered
TnP Law Firm (Formerly TJAJO & Partners) is recognised for its banking, capital markets, M&A and restructuring and insolvency work.
The banking team advises both lenders and borrowers on project financing mandates, with a focus on the energy sector.
The firm acts for corporations, underwriters, private equity firms and investment banks across domestic and cross-border capital markets transactions.
In its M&A
practice, the firm has experience in acting for clients such as buyers, sellers, and special committees across the spectrum of M&A matters.
Clients include Bank Royal Indonesia, Bank J Trust Indonesia,
Berau Coal Energy, Bakrie Telecom, Bukalapak.com and Tencent.
Research period review: 32nd edition (2022/2023)
The banking team was active on
cross-border financing transactions.
In the capital markets area, the firm advised on debt and equity transactions. On the debt side it mainly acted for issuers on bond issuances, while advising
issuers on rights issues and IPOs on the equity side.
In its M&A and restructuring practice, the firm acted for sellers and investors on deals in various
sectors including oil and gas and food and beverage.
The firm recruited partner
Ken
Prasadtyo for its capital market, corporate and merger and acquisitions, financial services,
technology and media and telecommunications team. Yogie Sugiharto, who was partner of the banking and finance, corporate and M&A, projects and infrastructure and restructuring and insolvency team, departed the firm.
Deal highlights: 32nd edition (2022/2023)
Mayora Group acquisition of Bank Mayora
Apexindo Pratama Duta $215 million mandatory convertible bonds issuance
Perusahaan
Pengelola Aset sukuk issuance
Waskita Karya Realty and Waskita Fim Perkasa medium-term notes issuance
Indika Energy
and Fourth Partner Energy joint venture
Client Feedback: 32nd edition (2022/2023)
"The team are very knowledgeable on the capital markets and very responsive. "
"Their knowledge on healthcare sector regulation and their very support and fast response."
"They are very experienced in investment
funds and this gives comfort for both us and our counterparties. They are also practical and provide us with practical advisory that helps us in making decisions when completing the transaction."
"The firm provides solutions to legal problems in each transaction, and resolves legal issues related to the implementation of the
GMS, but can still maintain compliance with laws and regulations."
"Tjajo & Partners has a unique and tailored approach that always builds their value proposition as a strategic catalyst instead of being a legal stopper for each client initiative."
"They are very responsive."
"She is very efficient and provides on-point advice. The team is happy working with her for her legal knowledge and solutions provided to the case. "
"Really has 'know how' and knowledge about clients, so she can build a position as an initiative catalyst that can provide some way forward by providing risk mapping."
"Very responsive and helpful."
"He can provide good solutions to every legal problem but still prioritizes compliance with laws and regulations so that legal risks can be mitigated."
"He has extraordinary experience and very supportive on client's concerns. He will try to give his very best knowledge to his clients."
"He is very responsive and very knowledgeable on the capital markets sector. "
Tumbuan & Partners
Established since 1981,
Tumbuan & Partners is one of the leading law firms in Indonesia that specialisesin various aspects of corporate, capital markets and business law. The firm has an office in Jakarta.
The firm
specialises in various aspects of corporate and business law.
Its clients include state-owned enterprises, private and multinational companies, domestic, foreign and multinational banks, financial institutions, as well as start-up companies.
Notable clients include HutamaKarya (Persero), PP Properti,
Sinar Mas
Agro Resources and Technology, Equity Finance Indonesia, J Resources Asia
Pasifik, Jaya
Swarasa Agung, Equity Development Investment, Bank Pembangunan Daerah Banten, Usaha
Pembiayaan Reliance Indonesia and CIMB Niaga Sekuritas.
Walalangi & Partners in association with Nishimura & Asahi
Founded in 2017 by managing partner
Luky
Walalangi,
Walalangi & Partners
is a domestic is a corporate law firm that enhanced its practice by
entering into a full association with Japan’s largest law firm Nishimura & Asahi.
The firm’s
main areas of practice include merger
amd acquisition, banking and finance, real property, project development, foreign direct investment, antitrust, debt and corporate restructuring, capital markets, employment, general corporate, TMT, energy and natural
resources and constructions.
Recent examples of the firm’s deal work include
advising
Mitsubishi Corporation and MC Urban Development Indonesia (MCUDI)
enter into a strategic partnership with the Indonesian Investment Authority (INA), a sovereign wealth fund of Indonesia, and the ESR Group, the largest real asset manager in Asia Pacific region and the third largest globally listed real estate investment manager. This transaction sets a legal precedent for addressing the complexities of a rapidly evolving industry.
"Walalangi & Partners responses in timely manner and provide us with precise and practical solution." (M&A client)
Mitsubishi UFJ Financial Group (MUFG), Toyota Tsusho, Tokyo Gas, MC Urban Development Indonesia, Mizuho Bank, Dhost Telekomunikasi Nusantara,
Mercedes Benz, Tokyo Tatemono, Itochu, Nippon Steel, Indonesian Investment Authority (INA)
WIEM Law Firm
WIEM Law Firm is an Indonesian law firm with a global network providing legal
audits,
documents and
advisory services.
The firm is based in Jakarta Pusat.
The firm
is active in bankruptcy and restructuring.
Sectors of activities include finance,
construction and
maritime.
Notable clients include Berlian Laju Tanker and Jakarta International Expo.
William Hendrik & Siregar Djojonegoro
William Hendrik & Siregar
Djojonegoro (WH&SD) is a synergistic merger of two boutique corporate law firms. The firm is headquartered in Jakarta.
W&H is mostly focusing on the capital markets, M&A and commercial litigation. S&D is mostly focusing on banking and finance such as corporate, project, and structured finance, M&A, infrastructure, healthcare, maritime law, and project energy.
On the equity capital market front, the firm
advised
Hatten Bali on its initial public offering (IPO). The deal was a
complex one as the issuer was the first wine producer in Indonesia to carry out an IPO and there were several crucial issues to be resolved because the alcoholic beverage business sector in Indonesia is closed to new investment.
Tripar Multivision, Hatten Bali, Ecocare Indo Pasifik, Era Digital Media, Cakra Buana Resources Energy, LPEI, IIF, MIND.ID, INALUM
Wiriadinata & Saleh
Active since 1971,
Wiriadinata & Saleh is one of the oldest commercial and corporate law firms in Indonesia. The firm initially
specialised in the energy and natural resources sectors but has expanded its
expertise and now
provides a full range of commercial and corporate legal services.
The firm is active in banking, project finance, M&A, capital markets and foreign investments. Sectors of focus include aviation, banking and financial services, energy,
telecommunication and infrastructure.
The firm has been active in banking and finance, corporate and M&A, and project development work during the research cycle.
