News and developments

Press Releases

Kim & Chang Ranked “Tier 1” in All Eight Practice Areas – IFLR1000 (33rd edition)

Kim & Chang once again received “Tier 1” (top-tier) rankings in all areas surveyed for Korea in the 33rd edition of IFLR1000. Additionally, 55 of our attorneys were recognized as “Market Leaders,” “Women Leaders,” “Highly Regarded,” “Expert Consultants,” “Rising Star Partners,” “Rising Stars,” and “Notable Practitioners” in their respective practice areas.
21 March 2024
Press Releases

Opening of Kim & Chang’s Indonesia Desk

We are delighted to announce that in March 2023, Kim & Chang opened its Indonesia Desk in partnership with Soewito Suhardiman Eddymurthy Kardono (“SSEK”), a top-tier Indonesian law firm.
21 March 2024
Press Releases

Ranked “Band 1” in 18 Areas, 76 “Leading Individuals” - Chambers Asia-Pacific 2023

Kim & Chang obtained a “Band 1” ranking in 18 practice areas in the 2023 edition of Chambers Asia-Pacific, once again receiving the most number of “Band 1” rankings among Korean law firms.  With the guide also naming 76 of our professionals, the highest number among Korea law firms, as “Leading Individuals,” we have demonstrated our market-leading capabilities across a wide range of fields.
10 May 2023
Press Releases

“Tier 1” in All 16 Practice Areas – The Legal 500 Asia Pacific 2023

In the 2023 edition of The Legal 500 Asia Pacific, Kim & Chang was the only Korean law firm to be recognized as “Tier 1” in all 16 areas surveyed for Korea.  In addition, we maintained our “Tier 3” ranking in the Regional International Arbitration category, which was evaluated across the Asia-Pacific region.
10 May 2023
Cryptocurrency

User Protection and Regulation of Unfair Trade in the Digital Asset Industry

The following bills, which are designed for user protection and fair trade in the digital asset industry, were proposed at the National Assembly in October and November 2022 (the “Bills”): (i) the “Proposed Act on the Restoration of Fairness in the Digital Asset Market and the Creation of Safe Trading Environment” and (ii) the “Proposed Act on the Regulation of Unfair Trade in Virtual Assets.”
15 February 2023
Corporate and M&A

Financial Authorities Move to Strengthen Regulation of Corporate Restructuring

As companies have recently been seeking various business activities to restructure their corporate governance and business structures, there is a growing interest in the protection of shareholders and investors.  As a result, legal procedures related to corporate management and regulations on related disclosures have been strengthened.
15 February 2023
Employment

SAPA Indictments and Their Implications

Since the Prosecutors’ Office (the “PO”) issued its first indictment for a violation of the Serious Accidents Punishment Act (the “SAPA”) on June 27, 2022, it has issued indictments on three separate cases on October 19 and November 3, 2022.
15 February 2023
TMT

US’ CHIPS Act of 2022, Inflation Reduction Act and Their Implications to Korean Companies

In August 2022, US President Joe Biden signed the CHIPS and Science Act of 2022 and the Inflation Reduction Act of 2022, and therefore, the two laws entered into force.  The two laws provide significant incentives to encourage semiconductor manufacturing in the US and wide-ranging incentives for climate change policies in areas including the clean and renewable energy industries.  As these laws may significantly affect Korean companies in the relevant industries, they must review the details and prepare for possible issues.
01 December 2022
Compliance

Seven Compliance Check Items Under the Enforcement Decree of the SAPA

Under the Enforcement Decree of the Serious Accidents Punishment Act (the “SAPA”), companies subject to the SAPA must check their compliance status – at least once every six months – with respect to the seven items enumerated below.  The SAPA duties are imposed on each company’s “responsible management personnel” (the “RMP”) as defined by the SAPA, who must establish and operate the company’s safety and health management system, by allocating budget, personnel and organizational resources, to secure safety and health.
20 July 2022
Restructuring

Regulatory and Legislative Trends Regarding Restructurings of Listed Companies

In response to the concerns raised by various stakeholders, the National Assembly and the government have been preparing legislation and policies that would protect the rights and interests of minority shareholders pertaining to restructurings of listed companies and strengthen relevant procedural requirements.
20 July 2022
Insurance

New Administration’s National Agenda on Insurance Industry and the Financial Authorities’ 2022 Business Plan

The presidential term of President Yoon Suk-yeol began on May 10, 2022.  On May 3, 2022, prior to the start of Yoon’s administration, the Presidential Transition Committee announced 110 national agenda items (the “National Agenda”).  President Yoon aims to minimize government intervention through multifaceted regulatory reforms—such as reforming the president’s direct oversight over “Regulatory Innovation Strategy Meetings”—with the ultimate goal of fostering “a dynamic economy led by the private sector and reinforced by the government.”  Meanwhile, prior to this, the Financial Services Commission (the “FSC”) announced its 2022 business plan that aims to “support economic growth through financial stability and financial development.”  In addition, the Financial Supervisory Service (the “FSS”) announced its 2022 business plan that aims to “achieve financial stability, financial innovation, and thorough protection of financial consumers” (collectively referred to as the “2022 Business Plan of the Financial Authorities”). 
20 July 2022
Environmental

Key Issues and Implications of the New Administration’s Environment Policies

  On May 3, 2022, the 20th Presidential Transition Committee announced the national vision and six major goals of the Yoon Suk-yeol administration as well as 110 national agenda items (the “National Agenda”).  President Yoon was inaugurated on May 10, 2022.  In particular, the National Agenda contains detailed measures to implement the environment-related pledges of President Yoon and the “climate and environmental policy direction for a sustainable future” announced by the Presidential Transition Committee on April 28, 2022.  The key issues are as follows. 
20 July 2022
TMT

Big Blur: Competition with Big Tech Causing Banks to Launch New Businesses, and New Administration’s Regulatory Response

The “Big Blur”, a reference to the growing ambiguity between financial and non-financial sectors, is expected to continue in the near future.  As competition intensifies between existing financial institutions and big-tech companies, regulatory authorities are once again thinking of ways to reshape the regulatory framework to enhance the competitiveness of the financial industry.
20 July 2022
Trade

New Administration’s National Agenda on Fair Trade and Implications

On May 3, 2022, the 20th Presidential Transition Committee (the “Committee”) announced 110 national agenda items (the “National Agenda”) for the Yoon Suk-yeol Administration, which lists the new administration’s key policy objectives and direction.  They include detailed tasks relating to the field of fair trade under the objective of creating “a country where SMEs are at the center of the economy.”
20 July 2022
Press Releases

118 Professionals Selected as “National Leaders” – WWL: Korea 2022

118 attorneys, patent attorneys, and certified public accountants across 23 fields from Kim & Chang were selected as “National Leaders” in their respective fields in the 2022 edition of WWL: Korea.  We had the most listings out of all Korean law firms this year as well, demonstrating the expertise and extensive capabilities of our members. 
20 July 2022
Press Releases

Recent Developments in Derivative Actions and Director’s Obligations and Liabilities

The public’s interest in minority shareholders’ rights has recently increased and the possibility of the National Pension Service’s (the “NPS”) taking derivative actions has garnered attention. Given this context, it is noteworthy that, in a recent derivative action case, the Supreme Court rendered a decision that broadly interprets directors’ obligations and responsibilities.
22 June 2022
Press Releases

Top Ranking in 18 Areas and 74 Individual Recognitions – Chambers Asia-Pacific 2022

Kim & Chang ranked “Band 1” in 18 practice areas in Chambers Asia-Pacific 2022, once again receiving the most number of “Band 1” rankings among Korean law firms.  With the guide also naming 74 of our attorneys, patent attorneys and certified public accountants, the highest number of any Korea law firm, as “Leading Individuals,” we demonstrated our market-leading capabilities across a wide range of fields. 
17 June 2022
Press Releases

“Tier 1” in All 15 Practice Areas – The Legal 500 Asia Pacific 2022

In the 2022 edition of The Legal 500 Asia Pacific, Kim & Chang was the only Korean law firm to be selected as “Tier 1” in all 15 areas surveyed for Korea this year. In addition, we maintained our “Tier 3” ranking in the Regional International Arbitration category, which was evaluated across the Asia-Pacific region.
17 June 2022
Finance

FSC Draws a Blueprint on the Future of Banking Business

On October 28, 2021, Mr. Seung-Beom Koh, Chairman of the Financial Services Commission (the “FSC”) held a meeting with the banking industry, including the heads of commercial banks and representatives from industry associations, other regulatory bodies and research institutions.
10 January 2022
Corporate & Commercial

[SOUTH KOREA] KFTC Announces Plan to Eliminate Technology Misappropriation

On September 8, 2017, to promote joint growth of enterprises of all sizes and their collaborative efforts, the Korean Fair Trade Commission (“KFTC”) and the ruling Democratic Party of Korea held a consultation conference to step up efforts to eliminate unfair demands of technical information and/or misappropriation of technology by large conglomerates against small and medium-sized enterprises.
28 October 2019
Press Releases

[KIM & CHANG] Top-ranked in All 16 Practice Areas Surveyed - The Legal 500 Asia Pacific 2018

In the recently published The Legal 500 Asia Pacific 2018, one of the legal industry’s most prominent guides to the legal market in Asia, Kim & Chang was the only Korean law firm to be top-ranked ("Tier 1") in all 16 practice areas surveyed.  Particularly noteworthy is the fact that our IP group was the only Tier 1-ranked practice to be recognized in the “Intellectual property – Patents and Trademarks” category.
28 October 2019
Press Releases

[KIM & CHANG] Making and Donating Kimchi to the Community

On November 18, 2017, more than 40 Kim & Chang attorneys and K&C Friends (staff volunteers) of Kim & Chang Committee for Social Contribution volunteered in gimjang, a Korean tradition of preparing large quantities of kimchi for the winter.  Volunteers gathered early in the morning to learn how to do gimjang, and helped to make kimchi.  The kimchi prepared through this event was  donated to 100 foster care families supported by the Central Foster Care Family Center .
28 October 2019
Press Releases

[KIM & CHANG] Delivering Coal Briquettes to Low-income Families and the Elderly Living Alone in...

On December 9, 2017, Kim & Chang attorneys and K&C Friends (staff volunteers) of Kim & Chang Committee for Social Contribution together with youth members of Deulggot Youth World, an organization dedicated to caring for and educating children in need, delivered coal briquettes to a jjokbang town in Seoul’s Yeongdeungpo District.  Jjokbang towns are low-income neighborhoods comprised of tenement housings with small rooms that barely accommodate one person.   The volunteers delivered the briquettes to low-income families, the elderly living alone, and others in the jjokbang town with hopes to give them a warmer winter.
28 October 2019
Press Releases

[KIM & CHANG] Highest Rankings in All 18 Practice Areas - Asialaw Profiles 2018

Kim & Chang was the only Korean law firm to receive “Outstanding,” the highest possible ranking, across all 18 practice areas in the 22nd edition of Asialaw Profiles 2018, a definitive guide to Asia-Pacific’s leading regional and domestic law firms.  Additionally, we were the only Korean firm to be awarded “Outstanding” in the Financial Services Regulatory and Intellectual Property practice areas. 
28 October 2019
Press Releases

[KIM & CHANG] Second Law Academy of 2017 at Gyeongsan Multicultural Family Support Center

On October 31, 2017, Kim & Chang Committee for Social Contribution hosted its second Multicultural Family Law Academy for 2017, a “mobile” legal service for multicultural families in Korea, in the City of Gyeongsan in Gyeongsangbuk-do Province.  The first session was held in the City of Gimje in Jeollabuk-do Province earlier in 2017.
28 October 2019
Corporate & Commercial

[SOUTH KOREA] Supreme Court Affirms Lower Decision, Finding Invalid the Regulations on Foreign ...

Supreme Court Affirms Lower Court Decision, Finding Invalid the Regulations on Foreign Exchange Report on Incorporation of Offshore Subsidiary by an Offshore Company On June 15, 2017, the Korean Supreme Court affirmed an appellate court decision which ruled that a Korean company is not guilty of a violation of the Foreign Exchange Transactions Act (the “FETA”) for failing to file a foreign exchange report after its offshore branch office established an offshore subsidiary.  This Supreme Court decision is a milestone decision that requires a clear legal basis in relevant statutes for finance-related regulations. 
28 October 2019
Corporate & Commercial

[SOUTH KOREA] New Administration’s Key Environmental Policies

To step forward as an environment-friendly government, the Moon Jae-in Administration has announced its key environmental policies, including improving safety in chemical substances and household chemical products, and reinforcing implementation measures of the Paris Agreement.  Under the “sustainable development” paradigm, the new administration will continually promote new regulations to protect the environment and strengthen its enforcement of environmental regulations.
28 October 2019
Employment

[SOUTH KOREA] Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an ...

Lower Court Issues Favorable Decision for 27,000 KIA Motors Employees in an Ordinary Wage Case  On August 31, 2017, the Seoul Central District Court held for around 27,000 employees of KIA Motors ("KIA") in their claim seeking payment of unpaid allowances.  These allowances were not paid, because the defendant, KIA, had not included the employees' regular bonuses in their ordinary wages.
28 October 2019
Press Releases

[KIM & CHANG] Top Tier in All Six Areas Surveyed - IFLR 1000

Kim & Chang has consolidated its position as the leading law firm in Korea ranking “Tier 1” across all six practice areas in the 2018 edition of IFLR1000 Financial & Corporate.  We are the only Korean firm to receive top tier rankings in all categories for 14 consecutive years.  In addition, IFLR named nine Kim & Chang attorneys as "Highly Regarded," two as "Market Leader," and one attorney as a "Rising Star."  According to IFLR, our firm "dominates the market and is routinely involved in the best mandates available across all practice areas."  
28 October 2019
Employment

[SOUTH KOREA] Supreme Court Rules that Distributor's Sales Agents Are Distributor's Employees ...

Supreme Court Rules that Distributor's Sales Agents Are Distributor's Employees, Entitling Them to Severance Payment from the Distributor In a recent decision, the Supreme Court held that although a company (the "Distributor") executed service agreements with its sales agents (the "Sales Agents") who worked in the Distributor's retail space at a department store, the Sales Agents were the Distributor's "employees" as defined under the Labor Standards Act and entitled to statutory severance from the Distributor. Although the Sales Agents were subcontracted to the Distributor and received a sales commission for selling products on its behalf to customers, the Supreme Court ruled in favor of the Sales Agents.
28 October 2019
Press Releases

[KIM & CHANG] Who’s Who Legal Names Kim & Chang as the “Pro Bono Firm of the Year” in Global S

Kim & Chang is pleased to announce that it was named as “Pro Bono Law Firm of the Year” by Who’s Who Legal for our firm’s steadfast commitment to pro bono work and for providing phenomenal services in 2016.  Also, Kim & Chang is the only Asian law firm to be recognized as one of the top 10 leading law firms in the world for its pro bono services for four consecutive years. 
28 October 2019
Press Releases

[KIM & CHANG] Ranked 4th in the Acritas Asia Pacific Law Firm Brand Index 2017

In the recently announced Acritas “Asia Pacific Law Firm Brand Index 2017,” Kim & Chang was again recognized as a top 5 law firm brand in the AP region.  Our fourth ranking is the highest distinction earned by a local firm.  The top 3 firms are global firms with regional offices worldwide.
28 October 2019
Tax & Private Client

[SOUTH KOREA] Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing ...

Korean Supreme Court Issues Several Rulings on Whether a Foreign Company Doing Business in Korea May Be Found to Have a Permanent Establishment  In 2016, the Korean Supreme Court issued several rulings shedding light on its approach when analyzing whether a foreign company conducting business in Korea may be found to have a permanent establishment (“PE”). 
28 October 2019
EU & Competition

[SOUTH KOREA] KFTC Announces Its Enforcement Plan Detailing Its Focus Areas for 2017

On January 5, 2017, the Korea Fair Trade Commission ("KFTC") announced its enforcement plan for 2017 (the "Plan"), and set out detailed policies to: (i) monitor and remedy anti-competitive structure and behavior; (ii) establish a healthy business system among large conglomerates and small and medium-sized enterprises (“SMEs”); and (iii) build a consumer-friendly environment promoting consumers’ rights.  
28 October 2019
Corporate & Commercial

[SOUTH KOREA] Ministry of Environment (i) Strengthens Safety/Labeling Standards for ...

Ministry of Environment (i) Strengthens Safety/Labeling Standards for Potentially Risky Products and (ii) Introduces Biocides Act Modeled After EU’s Similar Regulation  On December 30, 2016, Korea’s Ministry of Environment (“MOE”) announced an amendment to the “Potentially Risky Product Designation & Safety/Labeling Standards” (“MOE’s Notice”), which strengthens the safety and labeling standards relating to potentially risky products, as well as the “Act on the Safe Control of Household Chemical Products & Biocides” (“Biocides Act”) modeled after the EU BPR (Biocidal Products Regulation) to regulate active substances and biocidal products.
28 October 2019
Press Releases

[KIM & CHANG] “Compliance/Investigations Firm of the Year” at the Asia Legal Awards 2017

For the second consecutive year, Kim & Chang was recognized as the "Compliance/Investigations Firm of the Year" at the Asia Legal Awards 2017.  On February 22nd, “The Asian Lawyer” – an affiliate of ALM, a world-renowned legal media group – hosted the awards ceremony at Hong Kong’s Four Seasons Hotel, to honor Asia’s top lawyers, law firms, and in-house teams.  
28 October 2019
Corporate & Commercial

[SOUTH KOREA] Questions on Product Safety Continue, Bringing About Strengthened Regulatory Oversight

In the midst of growing public concern over the health hazards of certain household chemical products,¹ concerns are now being raised about the safety of chemicals in other types of products, such as "quasi-drugs" (e.g., toothpastes) and cosmetics.    Primarily, these recent concerns focus on the health hazards associated with biocides contained in household products. In particular, Korean people are concerned about chemicals that were used as biocides in some humidifier sterilizers, such as chloromethyl-methylisothiazolone (“CMIT/MIT”).  
28 October 2019
Press Releases

[KIM & CHANG] Ranked 68th among the 100 largest law firms - The American Lawyer’s Global 100 (2016

Kim & Chang has been named in the "Global 100," a special feature of The American Lawyer, a renowned US-based legal magazine, for three years in a row.  Our firm was ranked among the Top 100 firms in each of the following charts: 68th on the "Most Lawyers (rank by number of lawyers)", 59th on the “Most Revenue (rank by gross revenue)”, 46th on the “Most Profits Per Partners (rank by profits per partners).  Kim & Chang is the only Korean firm to be listed on these charts.
28 October 2019
Press Releases

[KIM & CHANG] Korea Law Firm of the Year - China Law & Practice Awards 2016

Kim & Chang was selected as “Korea Law Firm of the Year” at China Law & Practice Awards 2016, an event hosted by China Law & Practice, an affiliate of ALM, a world-renowned legal media group.  Kim & Chang has been recognized as “Korea Law Firm of the Year” for sixth consecutive years.
28 October 2019
Press Releases

[KIM & CHANG] Outstanding in 17 practice areas - Asialaw Profiles 2017

Kim & Chang was selected as “Outstanding” in 17 practice areas out of 18 areas surveyed and also selected as “Highly recommended” in one practice area, according to Asialaw Profiles 2017, a publication of Asialaw, affiliated with Euromoney.
28 October 2019
Corporate & Commercial

[SOUTH KOREA] KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard

KFTC Begins to Enforce the Amended Consumer Dispute Resolution Standard to Reinforce Consumer Protection    On October 26, 2016, the Korea Fair Trade Commission (the “KFTC”) announced that it would enforce its amendment to the Consumer Dispute Resolution Standard (the “Standard” or such amendment the “Amendment”).   
28 October 2019