Allen & Overy has formed an Indonesia presence to target Islamic finance and energy & resources work, with the help of a former lawyer from Hadiputranto Hadinoto & Partners (HHP) – Baker & McKenzie’s Indonesia alliance firm. The firm has sealed an association with the law firm of Daniel Ginting, a former energy & infrastructure projects partner at HHP.
Allen & Overy has formed an Indonesia presence to target Islamic finance and energy & resources work, with the help of a former lawyer from Hadiputranto Hadinoto & Partners (HHP) – Baker & McKenzie’s Indonesia alliance firm. The firm has sealed an association with the law firm of Daniel Ginting, a former energy & infrastructure projects partner at HHP.The office is situated near the Indonesian Stock Exchange, and will link up with A&O’s recently launched Doha office, which is also targeting Islamic finance work. The alliance makes an eighth office in the Asia-Pacific for Allen & Overy and follows on from its dual assault on the Australian market with office openings in Perth and Sydney in March.
Allen & Overy’s Asia managing partner Thomas Brown said that the firm was receiving more Indonesia-related work and interest from clients. “Indonesia is now one of the most important emerging markets in Asia. Increased interest from clients has led to steady and sustained growth in the amount of Indonesia-related work we do,” he said.
The decision was also prompted by what global managing partner Wim Dejonghe said was Indonesia’s fiscal shield from the GFC. “Indonesia is one of the few countries whose GDP has continued to grow, despite the financial crisis and global recession,” he said. Dejonghe – who said the Asia-Pacific was both an “important and successful region for us”– made the announcement on the same day that the Magic Circle firm announced its financial results for the 2009-2010 financial year. Turnover fell by 4%, decreasing from £1.09bn to £1.05bn. Profits per equity partner (PEP) however, increased by 10%.
The decision was also prompted by what global managing partner Wim Dejonghe said was Indonesia’s fiscal shield from the GFC. “Indonesia is one of the few countries whose GDP has continued to grow, despite the financial crisis and global recession,” he said. Dejonghe – who said the Asia-Pacific was both an “important and successful region for us”– made the announcement on the same day that the Magic Circle firm announced its financial results for the 2009-2010 financial year. Turnover fell by 4%, decreasing from £1.09bn to £1.05bn. Profits per equity partner (PEP) however, increased by 10%.Prior to the association, Indonesia-related work was carried out by lawyers from A&O’s Singapore office, where they had been receiving some big-ticket Islamic finance mandates. Last year the firm advised the Indonesian government on a US$650m sukuk issue, the country’s first international sukuk.
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