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Heritage Partners is a boutique law firm based out of Colombo that specializes in corporate, securities and financial law. The firm is focused on the Sri Lankan market. Key figures include precedent partner Arittha Wikramanayake, a precedent partner who was formerly the director general of the Securities and Exchange Commission of Sri Lanka.
The firm focuses on banking, financial services and investment management. In M&A, the firm’s specialties include venture capital transactions and legal due diligence audits. Its client base includes many HNIs and angel investors in the VC space.
Established in 1920, John Wilson Partners is headed by name partner John Wilson and is located in Colombo.
Focusses / specialisms
The firm is active in banking, M&A, project finance and project development. Sectors of activity automotive, technology, insurance, hospitality, industrials and manufacturing, and retail.
Key clients
Key clients include BUPA Global, Ernst & Young, Kitz Corporation, Cisco Systems, and T Choithram and Sons.
Research period review: 31st edition (2020/2021)
During the research period, the firm advised on market entry, buy-side acquisitions, and exits. A highlight mandate saw the firm advising a logistics company on a high-value acquisition.
The firm welcomed partner Mohan Rupesinghe to its corporate team, while corporate partner Usha Sivagurunathan left the firm.
Deal highlights: 31st edition (2020/2021)
Orana market entry
Lanka Princess Hotel wind up
Sagittarius Digital Engineering wind up
Client feedback: 31st edition (2020/2021)
Bank lending : Lender side
"Great attention to detail. They hire quality professionals, Thorough investigation of circumstances and evidence. Forthright and honest. Diligent,"
Financial services regulatory
"Detailed, worked hard to understand the product history,"
M&A
"Excellent and concise advice which resolved the issues we faced very quickly."
John Wilson
"Thorough knowledge of legal aspects of my case. Honest; straightforward; determined."
"Very proactive; strong technical legal ability; very responsive."
Founded in 1997, Colombo-headquartered Nithya Partners is among the best-regarded law firms in the financial and corporate space in Sri Lanka.
Focusses / specialisms
The firm is one of the market leaders in the financial and corporate space and is ranked Tier 1 in banking, capital markets, M&A, project finance and project development.
The banking team has experience advising both lenders and borrowers on a range of financing mandates.
The corporate and M&A team is experienced in acting for clients such as corporates and financial institutions on a variety of matters, including buy and sell acquisitions and joint ventures.
Sectors of activity include banking and financial services, technology and telecommunications, energy, and transport.
Key clients
Clients include Bank of China, Bank of Ceylon, DFCC Bank, State Bank of India, Capital Alliance, Brown and Company, Resus Energy, Diesel & Motor Engineering, Ironwood Investments, New Fortress Energy and Lakdhanavi.
Research period review: 33rd edition (2022/2023)
The banking team was active for a mix of lenders and borrowers on asset finance, trade finance and financing.
In the capital markets area, the firm advised on debt and equity transactions. It kept busy with debenture issue, IPOs and private placement of shares.
The M&A team was very active in acquisitions for both the buy and sell sides. The firm covered clients from different sectors including financial services, agriculture, and consumer goods and services.
In projects, the firm was active on energy and mining projects.
Deal highlights: 33rd edition (2022/2023)
Brown and Company’s debenture issue.
CT CLSA’s acquisition of the entirety of the shares of Guardian Acuity Asset Management.
State Bank of India’s $1 billion credit facility.
UB Finance’s IPO.
The Western Container Terminal of the Colombo South Harbour project.
Client feedback: 33rd edition (2022/2023)
Capital markets
“They have the ability to advise on legal as well as tax-related matters – very knowledgeable and able to provide practical solutions within the applicable framework.”
Financial restructuring
“They have in-depth knowledge on and around the relevant laws/regulations related to restructuring and provide very specific and effective legal solutions for various restructuring scenarios.”
M&A
“They are experts in their field and have a good work ethic. They are very responsive and gave very practical advice.”
“They provide advice on M&A, taxation, and drafting the SSPA.”
Naomal Goonewardena
“Naomal is an experienced and senior legal adviser, who is very thorough in the laws and regulations of Sri Lanka. He takes his time to ensure our client gets the best possible solution. Further, he has a very good knowledge around the financial aspects of a company, which he leverages to recommend very creative, out-of-the-box structures for financial restructuring. This is an added advantage we see from a legal adviser.”
“Very knowledgeable on legal, finance and tax matters. He has the ability to provide a holistic solution considering other areas of concern.”
Nirusha Ranjitkumar Ratnatunga
“Clear communication.”
“She is very accessible and responsive. She gives clear and concise feedback and is extremely good at meeting tight deadlines. Her industry expertise is also very good, and we can always rely on her to come through.”
Founded in 1995, Colombo-based domestic law firm Chambers Colombo includes key figures in senior partner Kusal Subasinghe and partners Dhammika Ranasinghe and Nihal Jayawardene.
Focusses / specialisms
The firm caters to the needs of SMEs and is noted for its corporate and M&A and project development work. Sectors of activity include technology, mining and real estate.
Founded in 1898, DL&F de Saram is one of the oldest and best-known full-service law firms in Sri Lanka. The firm maintains an office in Colombo and is a member of Lex Mundi.
The firm provides project finance and project development advice and has strong banking, capital markets and corporate and M&A practices. It frequently acts alongside major international law firms and is experienced in advising on a range of matters including mergers, acquisitions, restructurings, regulatory compliance and project finance. The projects team is often active in the energy, transport, oil and gas, social infrastructure and utilities sectors.
Highlights
In a landmark mandate, the firm advised Adani Green Energy on the development of a 484 MW wind power project in Sri Lanka's Northern Province. This project represents one of the largest investments in the country's renewable energy sector and is proposed for designation as a Strategic Development Project.
In another significant transaction, the firm advised Bharti Airtel on the cross-border share swap and merger of its Sri Lankan subsidiary, Airtel Lanka, with Dialog. This strategic consolidation in the telecommunications sector was legally complex as a cross-border transaction involving a listed company, requiring navigation of multiple regulatory approvals and setting a precedent for market coordination in the region.
Key clients
China Development Bank, HSBC, Serendib Engineering Group, Capital Alliance Investments, Citigroup Global Marketing Holdings, Sunshine Healthcare Lanka, CEAT, Bharti Airtel, Adani Green Energy, Space Exploration Technologies
Testimonials
“Approachability and speed.” (Capital markets: Equity)
“Attention to detail, reaction time, expertise.” (M&A)
“Efficient and cost effective.” (Private equity)
Hansi Abayaratne
“Thinking of solutions for the case.”
Aloka Nandasena
“Highest standards of excellence in corporate law. Legal expertise. Attention to detail. Being approachable. Being invested in any assignment she undertakes.”
“Very easy to work with, always responds fast, and has clear communication combined with technical expertise.”
One of the oldest law firms in Sri Lanka, Julius & Creasy was established in 1879 and is known for its high-quality financial and corporate work. The firm has two offices in Colombo.
In the banking space, the firm has significant experience advising foreign lenders on syndicated loans to domestic companies and the government. In capital markets work, the firm takes on matters related to a wide range of financial products and transactions. The corporate and M&A team is experienced advising clients from a range of sectors, including technology and telecommunications, food and beverage, professional services, insurance and real estate.
Nawala-headquartered full-service law firm Sudath Perera Associates has been active since 2002. Key figures include Dushyantha Perera, who serves as the head of the firm’s corporate and commercial practice.
The firm is recognised for its banking and finance and M&A capabilities. It has expertise in inbound foreign direct investment, public-private partnerships (PPPs), M&A and corporate restructurings. Key sectors of focus include retail, pharmaceuticals, energy and consumer goods.
Full-service law firm Varners has been active in Sri Lanka since 1986. Key figures include partners Rajaratnam Selvaskandan, Mahinda Haradasa and Vinothini Amarasekara. The firm maintains two offices in Colombo.
Focusses / specialisms
The firm is recognized for its well-established banking, M&A and project development practices.
It has experience advising domestic and foreign clients on a range of matters including restructuring, debt and equity offerings, infrastructure projects, project financing, market-entry, and shareholder exits.
Key clients
The firm recently acted for clients including Galle Face Properties, Marsylka Manufacturing Company, Bank of China, Ceyline Holdings, CHEC Port City Colombo and Cashwagan.
Research period review: 31st edition (2020/2021)
During the review period, the firm was particularly active on corporate and M&A and project development work. A cross border highlight on the corporate side saw the firm acting for a multinational conglomerate on a high-value acquisition. In a standout projects deal, the firm advised an international client on a first of its kind land reclamation and development project in South Asia.
In banking, the firm recently advised a conglomerate on regulatory compliance matters and on a joint venture in the fintech space. The firm was also active in the capital markets space and assisted an international client with its listing on the London Stock Exchange.
The firm expanded its corporate team with the addition of partner Rahal Gunaratne from Dissanayake Amaratunga Associates.
Deal highlights: 31st edition (2020/2021)
Capital Metals LSE listing
Colombo International Financial City
Comercial Projar corporate restructuring
Mannar mineral sand exploration
Soorya Bala Sangramaya
Client feedback: 31st edition (2020/2021)
M&A
"Structuring and content of agreement."
"Professional, in-depth knowledge of subject. Expertise on M&A. Quick responses to queries."
Project development : Mining
"They have provided sound and pragmatic advice on how to deal with this case."
Restructuring : Corporate
"Detailed preliminary surveying. Efficient execution. Excellent understanding of foreign clients' concerns and practical operational difficulties we face locally. Practical consultation/advice given based on latest legislation. Very attentive to smallest detail and focus on solving clients' needs."
Vinothini Amarasekara
"Listening and diagnosing the problem; communication and availability; network of contacts; practical knowledge and experience."
"As well as being a very nice lady to deal with, she has provided us with sound and pragmatic advice."
Raj Selvaskandan
"Strong analytical skills and structuring."
"Expertise on M&A and industry knowledge."
Founded in 1841, FJ&G de Saram is the oldest law firm in Sri Lanka and is headquartered in Colombo.
The banking team assists both international and domestic clients including banks, financial institutions, leasing companies, private equity firms, multinational corporations, government bodies and payment service providers.
The project team’s experience covers a wide range of sectors including oil and gas, energy, transport, utilities and telecommunications.
The firm’s corporate team advises across the spectrum of corporate mandates and has experience advising on both domestic and cross-border deals.
Highlights
In a landmark mandate, the firm advised the Government of Sri Lanka on its first International Sovereign Bond (ISB) exchange following its economic crisis and payment default. As the first such post-default ISB restructuring, this deal established a crucial precedent for sovereign debt management in a crisis context.
In a pioneering infrastructure privatisation, the firm advised Russia’s Airports of the Regions on the proposed transfer of Mattala Rajapaksa International Airport to an Indian Russian joint venture. This complex mandate required navigating the Civil Aviation Act to enable the country’s first privatisation of a major international airport.
Key clients
Melco International Development, Airports of the Region, Siam City Cement, Dialog Axiata, International Finance Corporation, Michelin Lanka, Colombo Stock Exchange, Lynear Wealth Management, Citibank, George Stuart & Co
Testimonials
“The team is very experienced and has a high standard of legal knowledge.” (Banking and finance)
“We found FJ&G de Saram’s services to be highly professional, efficient, and commercially minded. Their capital markets team provided clear and practical guidance, which helped us navigate complex regulatory requirements with confidence. Buwankea’s responsiveness and depth of technical expertise, combined with Pravenie’s ability to anticipate issues and provide strategic solutions, made a significant difference to the outcome.” (Capital markets: Equity)
“They advised on regulatory engagement with the Central Bank, developed risk-mitigating contractual frameworks, and interpreted the law in a way that allowed us to function effectively within its constraints. Their strategic and practical approach made a complex legal environment workable.” (Financial services regulatory)
“The team is well versed with the nuances of the law, as well as practical aspects of how the law is implemented/ interpreted.” (Financial services regulatory)
“Very responsive and provide clear practical advice.” (Restructuring and insolvency)
Ayomi Aluwihare
“Ayomi has a wealth of knowledge and is easily accessible. She would give a patient hearing and provide practical and sound advice. She is very helpful whenever we reach out to her.”
Buwaneka Basanayke
“Buwaneka Basanayake demonstrates strong technical expertise in capital markets law and delivers advice that is both thorough and practical. He is highly responsive, pays close attention to detail, and ensures that complex legal issues are explained in a clear and actionable way. What he does particularly well is combining legal rigour with commercial awareness, allowing us to make informed decisions quickly and confidently.”
Tilani Cooray
“Responsiveness and clear guidance.”
“Responsive and efficient, with a good working knowledge and understanding of the law.”
Anjali Fernando
“Anjali Fernando is excellent at interpreting complex regulations and finding practical solutions. She helped us navigate Sri Lankan laws for our casino operations, offering clear, strategic advice that made a rigid legal framework workable. Her regulatory insight and responsiveness were key to the project's success.”
FJ&G de Saram is the oldest, spanning for over 182 years and one of the largest law firms in Sri Lanka. It is a full-service firm practising in all areas of corporate and commercial law.
The Firm is consistently ranked by legal directories as a top tier firm in the main areas of corporate/commercial law including mergers & acquisitions, banking and finance, project financing and dispute resolution. The key practice areas of the Firm also include Real Estate and Intellectual Property. Each key practise is headed by a senior lawyer with over 25 years at the bar.
The firm believes in delivering value with excellence.
D. L. & F. De Saram is one of Sri Lanka’s oldest and a leading law firms, with a heritage as long as 125 years. As the exclusive Sri Lankan member of Lex Mundi, we offer clients access to premier legal expertise across global jurisdictions. Our full-service offering includes M&A, capital markets, infrastructure, corporate and commercial law, tax, intellectual property, real estate, alternate dispute resolution and litigation, and regulatory compliance. We serve a wide spectrum of domestic and international clients, including multinational corporations, financial institutions, and investors. The firm is consistently ranked by IFLR1000, Chambers Global, Chambers Asia-Pacific and Legal 500, reflecting our reputation for strategic, business-focused legal advice with an in-depth understanding of the Sri Lankan legal and regulatory landscape.
Nithya Partners was established to deliver a modern and responsive service in corporate and financial law. The firm provides a full service, with its partners contributing a unique blend of multi-disciplinary experience and knowledge gathered in the public and private sectors. This has enabled the firm to deliver innovative, timely and commercial solutions and thereby position itself as one of the leading law firms in Sri Lanka.
Advice and documents
Our lawyers have broad experience in documenting commercial relationships. They use the practical skills and legal disciplines required to negotiate, draft and explain the documents which commercial clients routinely need. Typical work of this kind includes:
- agency, distribution and supply agreements
- partnership terms
- conditions of trading
- computer and IT contracts
- sponsorship and franchising agreements
- technology-sharing arrangements
- Corporate transactions
Solicitors here advise commercial concerns of all sizes on their corporate or partnership structure, on start-ups and re-organizations, on acquisitions, disposals and closure. The firm handles:
- company law and director compliance
- shareholder arrangements and agreements
- new ventures and joint ventures
- buy-ins and buy-outs
- share and asset sales and purchases
- finance documents
