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Overview
South Korea has relatively few lawyers considering the size of its economy, with only a few outstanding practitioners possessing significant cross-border expertise and the strong language skills to advise foreign clients.
Foreign firms are currently not allowed to operate in South Korea, and many American and English firms tend to staff Korean engagements from Hong Kong, Tokyo or Singapore. Foreign firms are also prohibited from merging with a domestic player and from opening offices in the jurisdiction. The US-Korea Free Trade Agreement (FTA) signed in June 2007 is still pending ratification by both countries but, if approved, would allow US law firms to open branches in Seoul with their lawyers being allowed to practise US law as foreign legal consultants. Foreign law firms will also be able to undertake joint projects with Korean lawyers and law firms two years after the FTA comes into effect, and after five years will be able to enter into joint ventures. The European Union is in negotiation with Korea over a similar treaty.
Leading Korean firms are preparing to face stronger competition in the next few years as a result of the opening of the market. However, domestic firms that specialise in areas such as litigation, intellectual property and shipping do not regard international competitors as a threat, because foreign firms will not be able to offer Korean law expertise.
Kim & Chang outweighs other Korean firms, both in terms of number of lawyers and reputation. It fields over 420 practitioners, and it is widely regarded as a ‘leader in the market’, excelling across practice areas and industries. Its closest competitors are Bae, Kim & Lee LLC, Lee & Ko, Shin & Kim and the increasingly successful firm Yulchon, which boasts strong expertise in real estate, dispute resolution, M&A, antitrust and capital markets. Also, Jisung Horizon Attorneys at Law is the noteworthy product of a September 2008 merger between Horizon Law Group and Jisung Law Offices.



