Bun & Associates
Founded in 2007, Bun & Associates is the largest independent full-service law firm in Cambodia and is based in Phnom Penh. 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. The firm regularly works with Cambodian regional and multinational corporates, governments and government agencies and supranational organisations.
The firm demonstrated significant activity in the M&A space, with a standout mandate involving Swire's partial divestment of its shares in Cambodia Beverage, the sole authorised Coca-Cola bottler in Cambodia, to ThaiNamthip. This transaction was particularly complex, navigating Cambodia's nascent merger control regime where a lack of precedent posed unique challenges.
The banking and finance team has been equally active, advising a roster of lender clients on a variety of sophisticated matters. Their recent work includes handling both general corporate financing and complex project financing for confidential transactions.
Swire Coca-Cola, Belmond (UK), Heineken, JT International (Cambodia), Lagardère Group
“The firm never contains itself to only the original scope of work discussed but rather keeps the client fully informed of what could be the necessary ancillary scope that the client must pay attention to from regulatory requirements and more importantly commercial sense. Professionalism of the team including both technical knowledge and way of working has never been a question, which are mostly delivered at speed and precision.”
“Providing strategic legal advice taking into account a holistic view of the business operating model and needs of the client.”
Rajah & Tann Sok & Heng
Founded in 2010, Rajah & Tann Sok & Heng is a member of the Rajah & Tann Asia network and maintains an office in Phnom Penh. The firm is a strong player in the Cambodian legal market. It 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, as well as startups and social media platforms.
The firm continues to be at the forefront of groundbreaking deals in the region. Recent examples of the firm’s deal work include advising Sanofi-Aventis Maroc on its strategic investment into PillTech Solutions, marking the client's inaugural foray into the Cambodian startup landscape.
In a separate landmark transaction, the team acted for RHB Bank on a pioneering Singapore-Cambodia cross-border financing. This deal involved securing facilities for a luxury hotel development and required navigating a complex suite of securities governed by both Singaporean and Cambodian law.
SBI Holdings, Sanofi-Aventis Maroc, RHB Bank
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.
Andersen in Cambodia
Andersen in Cambodia established its 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 (2022/2023)
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."
DFDL
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, Booking.com, 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 (2022/2023)
M&A
"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 (2022/2023)
Financial services regulatory
"They inform our members of the necessary information regarding regulatory compliance in order to carry out e-lending."
M&A
"(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."
Sok Siphana Sethalay
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.
