Clifford Chance moves into Indonesia with local tie-up
Clifford Chance has launched in Indonesia after entering into an association with local outfit Linda Widyati & Partners (LWP). The tie-up comes some months after the firm first began analysing the market, which it was previously servicing from Singapore.
January 09, 2014 at 09:03 PM
4 minute read
Clifford Chance has launched in Indonesia after entering into an association with local outfit Linda Widyati & Partners (LWP).
The tie-up comes some months after the firm first began analysing the market, which it was previously servicing from Singapore.
The association will be led from the CC side by the firm's head of M&A for Amsterdam, Jeroen Koster, who recently relocated to Singapore.
LWP is a boutique firm, recently established by Linda Widyati and Dezi Kirana, formerly partners of Jakarta-headquartered Soemadipradja & Taher Advocates.
Both have more than 20 years of experience in corporate M&A, banking and finance, and capital markets.
Widyati was previously the head the local firm's Jakarta-based M&A practice. Kirana was with the firm in Singapore where she specialised in natural resources, energy and projects.
Koester will continue to work from his new Singapore base, where CC currently has a 10-partner team covering Indonesian deals, but will travel to Indonesia regularly.
Speaking about the tie-up, Peter Charlton, CC's Asia managing partner said: "Indonesia is to South East Asia what China is to the whole of Asia.
"It's the largest economy in South East Asia, it's got a very good dynamic because 60% of the population is under the age of 30, and it's had 6% GDP growth per annum for the last decade.
"But it is quite a complex market. It's not a sophisticated English law, common law jurisdiction. It's still emerging. So we were careful about it."
He added that the firm chose to associate with a new firm rather than use an existing partnership.
Currently Southeast Asia's largest economy, Indonesia has attracted a string of international law firms in recent years, most of which have formed associations with local outfits due to rules prohibiting them from practising Indonesian law.
Top UK firms who already have a presence in the country include Allen & Overy in association with local outfit Ginting & Reksodiputro, and Linklaters in partnership with Widyawan & Partners, a tie up it inherited when it allied with Australia's Allens in 2012.
Others firms with a local office include Ashurst in association with Oentoeng Suria & Partners, Norton Rose in partnership with Susandarini & Partners, Hogan Lovells in a tie-up with Hermawan Juniarto and Baker & McKenzie with Hadinoto & Partners.
During 2013, a string of new firms entered the market, including Squire Sanders, Taylor Wessing, Clyde & Co, DLA Piper and White & Case.
CC's move leaves just two magic circle rivals – Slaughter and May and Freshfields Bruckhaus Deringer – without a presence in the South East Asian country. Freshfields services the market from its Singapore base, which it opened last year.
Beyond Indonesia, CC said it had no immediate plans to open new offices, but would carefully observe markets such as Malaysia and Myanmar.
"We continue to keep an eye on Malaysia which has started to liberalise its legal market," said Charlton.
"At the moment I don't think we're planning to do anything. We do have a lot of Malaysian clients and we do a lot of work relating to Malaysian businesses but we haven't felt the need to be on the ground in the past.
"We're also keeping an eye on Myanmar – but it's very new and very much emerging and we aren't going to rush to be on the ground there."
For more, see: CC on track to achieve Asia revenue targets amid capital markets rush.
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