As we approach the end of 2025, we at Makes and Partners Law Firm wish to close out the year by sending our heartfelt thanks to all our valued clients, friends, and strategic partners for your collaboration, continued trust, and unwavering support.
This year marks the first year of the new government; it has been notable and eventful, as Indonesia faced various significant local and global developments, among others, the imposition of US global import tariffs, the high tension of geopolitic, world trade war, Indonesia’s entry into BRICS, widespread local protests, and a cabinet reshuffle. We are also taking a moment of silence for the loss caused by several natural disasters in Indonesia, including the recent severe flooding in Sumatra.
Indonesia has proven itself, yet again, as a resilient country amidst the challenges. It has achieved stable economic growth above 5% for the year and recorded an investment surge, with a significant portion directed to regions outside Java, indicating a more equitable distribution of economic activity. At Makes & Partners Law Firm, we echoed this spirit by being adaptive and optimistic throughout this dynamic year.
Our accomplishments are a testament to our excellence since our establishment in 1993. We take immense pride in sharing our achievements as a top legal strategist and leader in M&A and capital market transactions, underscored by our exceptional 95% average deal completion rate – a testament to our reputation as the go-to legal counsel for complex and high-value deals since our establishment.
This year, we continued to lead in transformative and significant transactions across multiple sectors, with considerable deal values. While confidentiality remains fundamental to our approach, we are pleased to offer a glimpse of the innovative work we have achieved this year:
- Starting the Year Strong with Landmark Transactions Shaping Market Optimism
As a pioneer in shaping market direction and an optimistic force within Indonesia’s corporate landscape, our firm began 2025 with strong leadership momentum, advising on flagship mandates that set the pace for the market. Our deal was regarded as one of the first major acquisitions of 2025 by a leading public telecommunications company expanding its digital ecosystem through the acquisition of a nationwide internet services provider, and Indonesia’s largest acquisition in the first quarter of 2025 undertaken by one of Southeast Asia’s foremost public listed plantation groups.
- Partnering With Major Conglomerates to Sustain Legacy and Intergenerational Growth
Our longstanding relationships with various leading Indonesian family-owned conglomerates remain a cornerstone of our practice, reflecting the trust placed in us to steward transactions that support their long-term, intergenerational strategies. This year, we advised a prominent multi-industry conglomerate on its acquisition of an iconic Indonesian restaurant chain; assisted in the strategic sale of a core subsidiary of a leading paper production conglomerate serving Indonesia’s manufacturing industry, and guided a real estate conglomerate in the sale of its assets to a renowned hospitality group.
- Driving Optimism in Capital Markets
We continue to drive optimism in Indonesia’s capital markets, staying true to our identity as one of the country’s most influential capital market practices. Our recent work includes advising on the mega-issuance of bonds by a leading Syariah bank, a diversified mining and real estate powerhouse, and a major state-owned financial institution. We also continue to cement our position as the market leader for go-private transactions through ongoing mandates for notable public companies operating in the energy infrastructure and mineral resources sectors.
- Strategic Stewardship in Investor Protection and Recovery
Consistent with our principle, “Solving a Legal Problem Means More Than Just Knowing the Law”, we placed ourselves as your partner in formulating a strategic, high-level optical and commercial approach to solve complex legal issues. As strategic legal counsel providing end-to-end services, our role has extended beyond legal analysis and representation to orchestrating coordinated, high-level investment protection, recovery strategies and media engagement. This includes assisting a leading Indonesian tech-unicorn in navigating a nationwide criminal investigation into allegations of complex financial and accounting manipulation, fraud, forgery, embezzlement and money laundering committed within the company, and advising various stakeholders of a global investment firm in connection with an investigation into alleged investment misconduct at a state-linked institution.
- Pioneers in Institutional Corporate Governance
We have been at the forefront of designing robust and fit-for-purpose corporate governance frameworks for a wide range of entities, from state-linked enterprises to sui generis institutions. Working alongside top-tier non-legal professionals, we have helped establish governance blueprints that balance legal integrity with commercial and regulatory practicality – including the development of a comprehensive “white book” for one of Indonesia’s most influential state-owned banks, as well as a strategic governance roadmap for the country’s leading public water services provider.
- Shaping National Policy Through Practical, Transaction-Driven Insight
Reflecting our commitment to Indonesia’s strategic growth, we played an active role in the preparation of Government Regulation No. 28 of 2025 on Business Licensing and Investment Facilities, providing substantial, practice-oriented input on the practical challenges and gaps within existing licensing and compliance frameworks across various sectors. Our contributions helped ensure that this landmark regulation is both legally robust and administratively implementable, thereby fostering a more coherent and enabling environment for investment and business activities in Indonesia.
Our hard work throughout the year has rewarded us with various awards, among others:
- Band 1 Firm for Capital Markets by Chambers and Partners Asia Pacific Guide, 2025 and Chambers and Partners Global Guide, 2025;
- Outstanding Firm for Capital Markets by Asialaw, 2025;
- Tier 1 Firm for Capital Markets by Legal500, 2025;
- Top Tier Firm for Corporate and M&A by IFLR1000, 2025;
- Top Tier Firm for Corporate and M&A by Asialaw, 2025;
- Top Tier Firm for Corporate and M&A by Legal500, 2025.
- Top Tier Firm for Restructuring & Insolvency by IFLR1000, 2025; and
- Top Tier Firm for Restructuring & Insolvency by Asialaw, 2025.
We also maintained our strong alliance as part of our Pan Asia Strategic Alliance lliance with the esteemed WongPartnership LLP (“WongP”), a partnership rooted in trust, collaboration, and shared ambition. For more than a decade, this dynamic relationship has enabled us to seamlessly blend our expertise and engage in a vibrant exchange of ideas to deliver exceptional legal counsel across borders. Together, we have proudly supported a diverse array of high-profile clients, including sovereign wealth funds, leading private equity and venture capital firms and top-tier industry leaders from various sectors. This milestone not only reflects our joint commitment to excellence but also symbolises the enduring strength of our collaboration. We look forward to the next chapter of success with WongP, continuing to break new ground in serving our clients with innovative, tailored solutions in an ever-evolving global landscape.
As we wrap up this year, we proudly reaffirm our unwavering dedication to delivering seamless, comprehensive solutions designed to add value and enhance your opportunities and experience at the most optimal level. Our commitment to your success remains at the forefront as we look forward to another year of collaboration and growth.
Wishing you and your loved ones a joyful and prosperous holiday season!
Warm regards,
Makes Team