The Legal 500

Operating from its Hong Kong office, Cleary Gottlieb Steen & Hamilton LLP’s Korea-facing practice is considered ‘a powerhouse where corporate finance and capital markets transactions are concerned’. The 17-strong team’s expertise in overseas investment matters for Korean clients has paid dividends in the current climate, with the appetite for outbound investment seeing it act for Korea Gas Corporation on its C$300m Reg S notes offering, which was the first Canadian maple bond offering by a Korean issuer. Other highlights included acting as US counsel to POSCO in its $700m Rule 144A/Reg S notes offering. On the M&A front, it acted for SK Networks in its $700m minority equity investment in MMX Mineração e Metálicos, which was the largest outbound investment in the iron ore mining sector by a Korean company to date. Jinduk Han, Yong Lee, SK Kang and Sang Jin Han all come highly recommended.

With a history of activity spanning 26 years, Linklaters is firmly entrenched in the Korean market, combining on-the-ground capability through its Hong Kong office with its broader international footprint. It is a regular fixture on landmark deals in Korea, and 2010 was no exception; it acted for Korea National Oil Corporation on its £1.9bn hostile takeover of Dana Petroleum, which was notable as the first hostile public offer in the UK by an Asian national oil company. Well known for its capability in equity-backed products, it acted for Morgan Stanley on LG Uplus Corp’s $300m KRW FX-linked convertible bonds issuance, the first such transaction to be denominated in Korean Won and settled in US dollars. Following the sad and unexpected loss of Sanghoon Lee, US-qualified capital markets lawyer Hyung Ahn was appointed head of the Korea practice, and is ably supported by David Irvine, on the leveraged and acquisition finance side, and Keith Johnson, who heads the firm’s M&A practice in Asia.

Simpson Thacher & Bartlett LLP’s two Korea partners each have over a decade of experience in the market, and the practice is a regular fixture on the country’s largest and highest-profile mandates, advising the firm’s powerhouse private equity clients among others. The practice had an active 2010 in capital markets transactions, acting for LG Uplus Corp on its $300m KRW FX-linked convertible bond offering, and for the dealers on Korea Gas Corporation’s $500m notes offering. Jin-Hyuk Park and Youngjin Sohn lead an ‘excellent’ practice noted for its ‘quality responses’ and advice that is ‘always on time’.

Allen & Overy operates a full-service Korea practice through its Hong Kong, Tokyo, Shanghai, London, Middle East and Paris offices. The firm has a leading presence in project finance, and has also been active in capital markets matters. It advised the underwriters, including JPMorgan Securities (Far East) and Woori Investment & Securities, on Mando Corporation’s $437.9m global offering, and acted for KEXIM, JBIC and Nippon Export and Investment Insurance in relation to the $3.7bn Egyptian refinery project. Tokyo-based Aled Davies has ‘excellent business understanding’, and Hong Kong based associate Henry Sohn is noted for his ‘good response times, commitment and knowledge’. Walter Son, Adam Moncrieff and Matthew Gearing are also recommended.

Baker & McKenzie’s Won Lee has a significant reputation and track record on cross-border transactional mandates, serving the likes of POSCO and Samsung Electronics through the firm’s Hong Kong office. Energy, natural resources and telecoms remain key drivers for the practice; Lee recently advised Korea Electric Power Corporation in its acquisition of a 20% interest in Indonesian coal mining group PT Bayan Resources. Chicago-based Nam H Paik also advises Korean corporates investing in the US.

Structured finance and renewable energy project development and finance have been key areas of activity for Orrick, Herrington & Sutcliffe LLP’s Korea-facing practice, which has developed longstanding relationships with Korean businesses, financial institutions and private equity funds such as MBK Partners. Global finance partner Yoichi Katayama and Eugene Chang acted for several leading Korean energy clients on their first wind and solar energy projects in the US. The Tokyo-based team also advised Korea East-West Power Co and Eurus Japan Corporation on the creation of Asia’s first large-scale renewable energy investment joint venture. On the finance front, it advised Korea Development Bank as credit facility provider in the securitisation of ¥40bn of future flow airline cargo receivables originated by Korean Air. Mark Lee and David Cho are also recommended.

Paul Hastings LLP saw an increase in outbound transactional work, including advising Korea East-West Power Co in its acquisition of US-based renewable energy production company Marubeni Sustainable Energy, one of the first successful ventures into the US power industry by a South Korean company. Daniel Kim leads on transactional matters, and acted for Goldman Sachs as sole global co-ordinator on the listing of STX OSV on the Singapore Stock Exchange. The firm’s corporate capability is complemented by a leading contentious practice that sees it act for major Korean companies in overseas litigation; team head Jonghan Kim handles contentious matters, and represented Korea Exchange Bank, Korea Investment Management and Woori Investment Management in a lawsuit brought by Fairfield Sentry.

Sidley Austin’s ‘response times, business acumen, industry knowledge, appropriateness of advice, and strength-in-depth of team are all quite admirable’. It has three dedicated Korean lawyers in its Hong Kong office and almost a dozen native Korean speakers worldwide, handling both transactional and contentious matters for high-profile Korean conglomerates and financial institutions. On the M&A front, the firm acted for POSCO on its acquisition of Thainox Steel, the largest southeast Asian steel manufacturer. The practice’s contentious capability extends to representing Korean multinationals in consumer class actions in the US, as well as patent litigation. Dohyong Kim leads on M&A matters, and arbitration expert Allen Kim is ‘quick to understand unique business models, and the issues at stake in arbitration matters’. Palo Alto-based Peter Kang handles contentious IP matters.

Project and asset finance, and debt and equity capital markets are core drivers of Clifford Chance’s Korea practice, which has a 30-year track record. Hong Kong-based Hyun Kim, who was recently promoted to partner, advised Korea Electric Power Corporation in its bid to develop a greenfield 70-90 MW wind power generation complex in Fujeij, Jordan. Tokyo-based Leng-Fong Lai and Peter Kilner are also recommended.

DLA Piper’s three-partner Korea practice acts on a range of matters, from acquisition financing to real estate development matters for the likes of Amorepacific Corporation and Kookmin Bank. Hong Kong-based Joseph Christian acted for Gale International in the formation of a Korean LLP with POSCO Engineering and Construction Co to jointly acquire and develop a 1,500-acre, master-planned new city in Incheon, South Korea, which marks the first real estate joint venture between a US and Korean company. Other highlights included its appointment by Credit Suisse to represent a group of investors in Hana Bank’s $1.28bn share placement to fund its acquisition of a 51% stake in Korea Exchange Bank from Lone Star. Tokyo-based partner Daniel Lee and JC Lee, based in Hong Kong, jointly head the practice.

Davis Polk & Wardwell LLP’s Korea practice had a busy 2010, completing eight securities offerings, including advising the underwriters on KEXIM’s $700m notes offering, and two M&A transactions, including Hyosung Corporation’s $50.1m acquisition of Goodyear Tire & Rubber Co’s global wire business. Eugene Gregor leads from Tokyo, and draws on resources in Hong Kong and beyond. New York-based David Caplan advised Polo Ralph Lauren on its agreement to assume direct control of the wholesale and retail distribution of its products in South Korea.

Shearman & Sterling LLP’s M&A expertise is complemented by strength in project finance and international arbitration, and its capability grew with the arrival of several Korean-speaking associates to the firm’s Singapore and Hong Kong offices. Transactional highlights included advising Solarfun Power Holdings in Hanwha Chemical Corporation’s acquisition of a 49.9% stake in Solarfun for $369.7m, while on the projects and energy front, Abu Dhabi based Philip Dundas acted for Abu Dhabi National Oil Company and the Abu Dhabi government in drafting a memorandum of understanding to allow Korea National Oil Corp to participate in the development of oil fields in the region. Singapore-based Yu-Jin Tay is a leading figure in arbitration, and is representing a global Korean electronics company in a dispute arising under a joint research and development agreement. Hong Kong-based Won Lee is recommended for his capital markets expertise.

Highlights for Sullivan & Cromwell LLP’s Korea practice include representing Doosan Corporation (South Korea) on its $45m transfer and sale of certain assets of its Polo fashion franchise in Korea to Polo Ralph Lauren Corporation (US); Hong Kong-based Michael De Sombre led on the deal.

The ‘very knowledgeable and meticulous’ team at Blake Dawson has a track record of advising blue-chip Korean clients on outbound investments into jurisdictions such as Australia, Indonesia and South Africa. Led by Ian Williams, who heads the firm’s North Asian practice, the team advised POSCO as majority shareholder of Peabody Energy Corporation on its bid to acquire and privatise Macarthur Coal. It also handles contentious matters, with James Marshall recently representing Samsun Logix in a landmark case involving the first successful inbound cross-border filing in Australia to utilise the recently enacted Australian Model Law.

Watson, Farley & Williams LLP handles corporate, finance and litigation matters in its traditional core sectors of energy and transport. Goh Mei Lin acted for a syndicate of banks in a ECA-backed $168m project financing of a drilling rig, and for NIBC Bank Ltd in relation to the sale and leaseback of reefer containers and cooling units valued at $28m. Chris Lowe and Marcus Gordon handle arbitration matters.