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Editorial

Overview

A significant amount of domestic activity in the Korean market over the past year has focused on the employment sector, in particular relating to the disputes arising from the jurisdiction’s singular ‘ordinary wage’ policies.

A number of class action lawsuits are currently pending before the Korean courts and the substantial retrospective wage pay-outs that could be ordered are potentially ruinous for small and medium sized companies. These companies are therefore choosing their counsel carefully, and many of the country’s biggest firms – including Lee & Ko and Kim & Chang – have been highly active in this area, as have Bae, Kim & Lee LLCYulchon, Yoon & Yang LLC and Shin & Kim.

Elsewhere, lawyers report a steady increase in outbound transactions and investment, fuelled largely by the importance the Korean government is now attaching to such activity. Korean companies are still mainly active in Asia and the US in this area, but European markets and projects are starting to be explored. There has also been a small spike in capital markets activity.

For foreign firms entering the market, the competition is stiff. A number are well positioned to compete with the domestic market leaders for cross-border corporate, banking and M&A work, but all are having to identify a USP to guarantee prosperity in the long term.

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