IFLR1000 Reviews

Financial and corporate
Bun & Associates

Founded in 2007, Bun & Associates is the largest independent full-service law firm in Cambodia and is based in Phnom Penh.


Focusses / specialisms 

The firm is among the top tier firms for financial and corporate and project development work and has experience in a variety of sectors, including banking and financial services, mining, technology and telecommunications, oil and gas, and fintech.


Key clients

Key clients of the firm include Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi, Bangkok Bank, Hong Leong Bank, AIA (Cambodia) Life Insurance, FWD Life Insurance (Cambodia), Ministry of Economy and Finance of Cambodia, Ministry of Mines and Energy, and Japan International Cooperation Agency.


Research period review: 32nd edition (2021/2022)

The firm has been active in banking, capital markets, M&A and restructuring work during the recent research cycle. Deals were mainly cross-border transactions.

The banking team advised on several acquisition financings, taking on roles for both purchasers and lenders.

The firm was also highly visible in the M&A space, with several cross-border transactions related to the insurance industry.

The firm has a dedicated New Technology and Telecommunication practice group that was transactionally active and one recent staffing changes included the hire of Timonthy Wright as COO of the firm.


Deal highlights: 32nd edition (2021/2022) 

Brown Coffee restructuring

North Haven Thai Private Equity Rumdul Company (Hong Kong) acquisition financing


Client Feedback: 32nd edition (2021/2022)  


"Good and understood the legal aspects well. Supportive."


Private equity

"B&A has a deep understanding of the local law and has a strong ability to assist clients in executing complex transactions."


Sokanha Sin

"Supportive. Responsive. Knowledge. Communication."

"Very responsive and is a solution provider."

R&T Sok & Heng

Founded in 2010, R&T Sok & Heng is a member of the Rajah & Tann Asia network and maintains an office in Phnom Penh.


Focusses / specialisms 

The firm is a strong player in the Cambodian legal market and performs consistently well across the financial and corporate and project development areas.

The firm advises on banking and finance, capital markets, M&A, and project development transactions across a variety of industries, including energy, retail, banking and financial services, insurance, consumer products, technology and telecommunications, and healthcare.


Key clients  

The firm’s impressive client list features names such as Airbnb, Amazon, Facebook, Visa, Starbucks, The Body Shop, and AXA.


Research period review: 31st edition (2020/2021)

The banking team took on several lender side roles and notably acted for a bank on a high-value acquisition financing deal.

The capital markets team acted for a confidential client on the issuance of bonds and also acted for an insurance company on a potential investment in corporate bonds issued by RMA.

The corporate team was busy with sell-side roles on acquisitions and also advised an international firm on its restructuring exercise.

The firm also advised international social media companies on their business operations in Cambodia and on regulatory compliance matters.

Projects highlights include advising on the development of the first commercial-scale mango export plant in Cambodia. The team was also active in the oil and gas, hospitality, real estate and healthcare sectors.


Deal highlights: 31st edition (2020/2021)

Acclime acquisition of a 100% stake in BSE Accounting

Kookmin Bank $630 million acquisition of a 70% stake in Prasac Microfinance

Donaco International $31 million loan refinancing

Huadian Sihanoukville Power Generation $600 million acquisition financing

Kampong Speu Mango Processing Facility

A&L Law Office

Full-service law firm A&L Law Office is headquartered in Phnom Penh and is recognised for its financial and corporate work.


Focusses / specialisms

The firm is active in sectors including energy, banking and financial services, and agriculture.


Key clients

Notable clients include International Finance Corporation and SIFEM.


Research period review: 30th edition (2019/2020)

During the review period, the firm was particularly active on lender side loan financings. Highlights in corporate include advising a regional firm on its restructuring and acting for the buyers in the acquisition of a solar power project. 

The firm recently strengthened its corporate team with the hire of Jae Hyoung Jung as of counsel from KLC Law Office.


With an office in Phnom Penh, international law firm DFDL has been active in Cambodia since 1995. DFDL is the only law firm in Cambodia to boast formal foreign desks for France, India, China, Japan and South Korea. The firm also has a solid presence in the region, with 12 offices in nine countries.


Focusses / specialisms   

The firm is recognised for its top-tier work in the financial and corporate and project development areas. The firm often takes on inbound M&A work and projects work and also has strong capital markets and banking and finance offerings. Its sectors of focus include banking and financial services, real estate, oil and gas, utilities and infrastructure.


Key clients

Notable clients include Alibaba, Amazon,, Facebook, Google, Altimeter Growth, B. Grimm Power, Cambrew, Credit Suisse, Global Schools Holdings, International Finance Corporation, The Royal Group and Zhejiang Sunrise Garment Group Co.


Client feedback: 32nd edition (2021/2022)


"Their ability to harness in-house specialists across the firm allowed for comprehensive deal structuring."

"Very diligent, eye for detail, good understanding of local and international laws."

MAR & Associates

Active since 2014, MAR & Associates is recognised for its financial and corporate and project development work. The firm is headquartered in Phnom Penh. Samborana Mar serves as the managing partner of the firm.

During the research period the firm was active in the utilities and banking and financial services sectors, often advising clients on matters related to regulatory compliance.

Sethalay Law Office

Founded in 2020, Sethalay Law Office is a research and consulting centre specialising in laws, policies and governance based in Phnom Penh.


Focusses / specialisms   

The firm specialises in financial laws, corporate governance, law on competition (merger and acquisition) and law on consumer protection.


Key clients

Notable clients include Deutsche Gesellschaft für Internationale Zusammenarbeit, IBF Cambodia, Drew Napier, iCare leasing, Oriental Bank and Louisiana Fried Chicken.


Client feedback: 32nd edition (2021/2022)

Financial services regulatory

"They inform our members of the necessary information regarding regulatory compliance in order to carry out e-lending."



"(i) High quality of work (drafting, consultation, communication, time management and ethical professionalism towards the assignments for efficient and effective results); (ii) Knowledgeable and competent team; (iii) Understanding and care about the client's best interest; and (iv) Great explanation of complex legal framework to non-lawyers and, most importantly, the team clearly understand the connection between law policies and economies in accordance with up-to-date world order and context."


Established in 1998 by name partner Sok Siphana, SOK SIPHANA & ASSOCIATES has offices in Phnom Penh and Siem Reap.


Focusses / specialisms   

The firm is well known for its financial and corporate and project development work. It advises across the spectrum of banking and finance transactions and has experience in acting for foreign financiers.

Sectors of activity include real estate, banking and financial services, hospitality, technology and telecommunications, and energy.


Key clients

Notable clients include Aeon Group, CIMB, Exim Bank Malaysia, Fragomen, Hongkong Land, Hong Leong Bank, Jardines, J Trust, Jebsen and Jessen, Jetstar, Maybank, Malaysia Airlines, Marubeni (Japan), Oxley Worldbridge, Qatar Airways, Sumitomo, Starbucks and Uber.

Tilleke & Gibbins


Regional firm Tilleke & Gibbins’ Cambodia office is located in Phnom Penh and is led by partner Jay Cohen. The firm’s 16-person team is a mix of local and foreign legal advisers and other business professionals.


Focusses / specialisms   

The firm boasts a strong financial and corporate practice and a well-established project development practice. The firm has particular expertise advising on matters in the banking and financial services, energy, technology, media, life sciences and food and beverage sectors.


Key clients

Notable clients include ABA Bank, i-Finance Leasing, Baramey Production, China Telecom Global, H&M Cambodia, Palladium Cambodia, Pfizer, Red Bull, Sabay Digital and Zuellig Pharma.


Regional firm VDB Loi established its Cambodia office in Phnom Penh. Key figures include senior partner Edwin Vanderbruggen.


Focusses / specialisms   

The firm boasts robust financial and corporate and project development practices.

Key sectors of focus include power, technology and telecommunications, banking and financial services, real estate, and food and beverage.


Key clients

Notable clients includeJSM Holdings (Cambodia), LPA Singapore, Oriental Bank, Total Eren and World Bank.


Client feedback: 32nd edition (2021/2022)

Financial restructuring

"Excellent communication and levels of service. They do not make mistakes."


Project development

"A very proactive company, a well-balanced team and excellent communication skills."

Financial and corporate
Rajah & Tann

R&T Sok & Heng Law Office is a member of Rajah & Tann’sAsia team. It is one of Cambodia’s most highly regarded full-service law firms. Its office is located in Phnom Penh.


Focusses / specialisms   

The firm retains a strong market reputation for working on cross-border transactions, including project finance and joint ventures, as well as banking and real estate matters. The firm also has profound experience in assisting tech and telco companies, as well as startups and social media platforms.


Key clients

Notable clients include Meta, TikTok, Alibaba, BIMA, Saxo Capital, Dufry, Visa, Anheuser-Busch, Coca-Cola, Starbucks, Kone, The Body Shop, Zurich, Axa, Airbnb, Amazon, Changi Airport and Etiqa.


Client feedback: 32nd edition (2021/2022)

Capital markets

"Pan-Asian practice. Singapore and Cambodia offices well-coordinated. Good access to subject-matter experts within the firm."