Since rebranding itself from Zaid Ibrahim & Co to ZICOlaw, the firm has emphasised its expertise throughout ASEAN (Association of Southeast Asian Nations). The firm's immense resources, including offices in Australia, Dubai, Singapore, Thailand and Vietnam, as well as an associated firm in Indonesia, means that it possesses the ability to advise clients on complex deals throughout the region.

"ZICOlaw is the largest law firm in Malaysia and provides all facets of legal service," says a client. "While other firms have their niche specialties, ZICOlaw is undoubtedly the firm to go to for big time financing deals."

Though partners Mohd Azura Nik and Zain Azra'i Abd Samad left the firm this year, partner and head of the firm's corporate finance and securities department Gilbert Gan Boon Seah maintains a leading practice that frequently acts for important Malaysian clients such as Khazanah and CIMB Bank. With the hire of partner Hanisah Hamzah from Abdul Rahmat Saad & Associates, the firm has also established a corporate banking department to handle retail-banking deals.

ZICOlaw boasts impressive capabilities in the debt and equity capital markets and outstanding expertise regarding increasingly popular Islamic instruments. The firm's sterling reputation means that it primarily acts for lenders as joint lead arrangers or managers and counts banks such as Maybank Investment Bank, Danjamin National Berhad and CIMB Investment Bank as regular clients.

Partner Lilian Liew is especially well known for her Islamic capital markets expertise, and frequently receives mandates for complex shariah-compliant capital markets transactions. This year she acted for the joint lead managers and arrangers for the largest-ever sukuk (Islamic bond) issuance, meant to finance the purchase of five toll concessionaires in connection with the privatisation of PLUS Expressways. Versatile partner Gilbert Gan is also recognised for his expertise in this area.

Deals
This year partner Lilian Liew advised lenders as lead arrangers and lead managers in two highlight issuances of sukuk musharaka (partnership finance). The firm advised Maybank Investment Bank and Danajamin Nasional in Ranhill Power's RM800 million ($251 million) issuance, which was the first ringgit-based transaction to be co-guaranteed by a bank and a financial guarantee insurer. The guarantee meant that Ranhill was able to tap long-tenured financing of up to 15 years, unusual in a difficult market.

In the largest ever sukuk issuance, Liew also represented CIMB Investment Bank in the issuance of a RM30.6 billion sukuk musharaka by Projek Lebuhraya Usahasama, which received a rare AAA(IS) rating. The proceeds were to finance the acquisition of assets and liabilities of five toll concessionaires following the privatisation of PLUS Expressways.

Liew was undoubtedly active this year. Aside from the two landmark issuances mentioned above, she also acted for Bank Islam Malaysia and CIMB Bank as joint lead arrangers and joint lead managers in TNB Janamanjung's RM5 billion sukuk ijarah (capital leasing) programme. TNB Janamanjung is a wholly owned subsidiary of Tenaga Nasional, and the proceeds of the sukuk were meant to finance the construction of a 1010MW coal-fired power plant in Manjung.

ZICOlaw, formerly Zaid Ibrahim & Co, boasts a high-profile Malaysian clientele. The firm maintains a strong practice with highlight clients such as CIMB Bank and Khazanah.

Aside from its Malaysia strength, ZICOlaw has strong regional coverage, with offices throughout ASEAN (Association of Southeast Asian Nations) to handle cross-border work. The firm has resources unmatched by most other firms in Malaysia, with a presence in Australia, Singapore and Dubai, among others.

Partner Gilbert Gan Boon Seah leads ZICOlaw's M&A practice and enjoys an outstanding reputation throughout the market. His versatility and stellar reputation mean that he is often mandated on the largest deals. However, partners Mohd Azura Nik and Zain Azra'i Abd Samad left the firm last year.

Deals
Demonstrating the firm's strong government connections, this year partner Gilbert Gan advised Khazanah Nasional, the investment arm of the government of Malaysia, regarding its disposal via private tender of its 32% strategic stake in Malaysia's national postal services corporation, Pos Malaysia.

In another transaction for a highlight Malaysian client, Gan acted for CIMB Group Holdings in all matters related to Malaysian law in its proposed acquisition of certain Asian assets of RBS.

Born out of the Malaysian firm Zaid Ibrahim & Co, ZICO is now present in a number of jurisdictions across Southeast Asia including Australia, Cambodia, Singapore, Thailand and Vietnam.

The firm launched in Ho Chi-Minh City in 2008, originally as a joint venture, though the firm is now classified as a foreign law practice.

The firm has made a concerted effort recently to establish itself in the Vietnam market and a sign of this was the hire of Mayer Brown partner David Lim to head up the firm’s office in the country in August 2012. Corporate specialist Lim, who is qualified to practice in both Vietnam and Malaysia, focuses on real estate matters and had worked at ZICO previously before moving elsewhere. A client who worked with the partner at Mayer Brown says: “[The deal] involved a real estate element and David led the transaction on our behalf. It was a great experience.”