White & Case has taken two partners from Herbert Smith Freehills’ (HSF) Indonesian ally for its new associated local firm Witara Cakra Advocates.
Capital markets partner Kristo Molina and banking partner Fajar Ramadhan are both joining Witara Cakra from Hiswara Bunjamin & Tandjung, which is in association with HSF.
While Molina’s practice is primarily focused on Indonesian equity capital markets, Ramadhan is experienced in Indonesian banking and debt capital markets.
White & Case’s Asia head Eric Berg, who was appointed to the role and relocated from New York to Singapore in March 2015, said Indonesia was a strategically important market for White & Case in Asia and the two new partners would strengthen the firm’s ability on cross-border deals involving Indonesia.
White & Case’s Indonesia practice has undergone some significant changes in recent years. Last May, the firm changed its local association firm for the third time, moving from MD & Partners to Witara Cakra. The switch came after two partners from MD & Partners left to join Baker & McKenzie and Norton Rose Fulbright.
Molina and Ramadhan’s departures follow a number of other recent partner exits from HSF’s Indonesia practice. Most recently, banking and finance partner Adrian Pranata left the firm to join Linklaters’ Indonesian ally Widyawan & Partners. Last year, legacy Freehills Jakarta-based partner Haydn Dare left to join Holman Fenwick Willan.
In 2013, Jakarta-based of counsel Charles Ball joined Reed Smith’s Singapore office as a partner.
According to The Lawyer’s latest South East Asia Elite report, Indonesia is seen as prolific in terms of spin-offs from larger firms and partner moves. This has resulted in a number of changes in international firms’ local association firms.
A recent example of the movement in the market saw Squire Patton Boggs end its strategic alliance with Jakarta-based Melli Darsa & Co. Meanwhile Norton Rose Fulbright formed a new association in Indonesia with TNB & Partners, a firm set up by the majority of the team from its previous ally Susandarini & Partners.
In September 2015, Hogan Lovells terminated its relationship with Indonesian association firm Hermawan Juniarto, three years after the tie-up started.
Clifford Chance recently formed an alliance with newly established local corporate and banking boutique Linda Widyati & Partners. Its founding partners, Linda Widyati and Dezi Kirana, were previously partners at local firm Soemadipradja & Taher.
Find out more about the latest legal market updates and the major firms in the ASEAN region, read the executive summary of The Lawyer South East Asia Elite 2016 report.