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South Korea’s domestic market remains sluggish, with lawyers reporting slim pickings on the M&A and capital markets fronts. In contrast, firms report an uptick in outbound transactions, and a marked increase in shipping finance. Also, more corporate private auctions are taking place as holding companies seek to sell off subsidiaries.
Outside the transactional arena, employment continues to be a busy area as companies seek to navigate South Korea’s idiosyncratic employment laws; and the ongoing Apple v Samsung patent litigation in relation to smartphones and software continues to generate headlines.
The South Korean market opened up to foreign firms in 2012, with a number taking the opportunity to open an office in the jurisdiction. Linklaters joins Allen & Overy, Cleary Gottlieb Steen & Hamilton LLP, Paul Hastings LLP and Simpson Thacher & Bartlett LLP in the top tier of foreign firms this year; all have offices in the country except Allen & Overy, which continues to serve the jurisdiction from Hong Kong.