Bae, Kim & Lee LLC > Seoul, South Korea > Firm Profile
Bae, Kim & Lee LLC Offices

Tower B
Centropolis,
26 Ujeongguk-ro, Jongno-gu,
03161
South Korea
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Bae, Kim & Lee LLC > The Legal 500 Rankings
South Korea > Antitrust and competition: local firms Tier 1
The antitrust and competition group at Bae, Kim & Lee LLC is the go-to team for many domestic and international e-commerce clients, with a particular focus on acting for music streaming service providers and online travel agencies. An expert in antitrust issues, such as cartels and merger controls, Keumseok Oh brings significant experience to the team which advises on a range of issues including abuse of dominance, damage suits and unfair trade practices. Practice head Seong Un Yun focuses on competition law and administrative litigation within the healthcare and pharmaceutical industries while Sanghoon Shin’s practice concentrates on consumer protection and fair-trade cases. The practice is further strengthened by the arrival of two new foreign attorneys, Kee Won Shin and Richard Tong-Jun Shin who were previously at Lee & Ko.Practice head(s):
Other key lawyers:
Testimonials
‘Competition team of BKL has a variety of partners who have a good command of English and Japanese. They have a deep knowledge of the KFTC’s practice which is very helpful.’
‘Junghun Kim is a good Japanese speaker and he is particularly experienced in KFTC cartel investigations.’
‘It is comprised of people who are more attentive than other local firms. They focus on listening to difficult-to-understand professional content, try to understand it, and also try to give us optimal advice. For this, they used internal human resources to combine teams and teams to present solutions from various perspectives.’
‘Seong Un Yun has long experience and has shown careful observation of the new industrial environment at the same time. In my opinion, because of this, he can think flexibly. ’
Key clients
Apple
BorgWarner
Hyundai Heavy Industries Holding
Hyundai Oilbank
Intel Corporation
Korea Development Bank
KT
LG CNS
Uber Technologies
Tesla Korea
Work highlights
- Advising Hyundai Heavy Industries Holdings (“HHIH”) in preparing merger filings in multiple jurisdictions in regard to HHIH’s acquisition of Doosan Infracore.
- Advised Hyundai Oilbank on the US DOJ and KFTC investigation into the alleged bid-rigging in relation to fuel supplied to US military bases in Korea.
- Advised Daewoong Pharmaceutical on responding to the KFTC’s first enforcement of the fair trade law on unfair patent infringement claim.
South Korea > Capital markets: local firms Tier 1
Bae, Kim & Lee LLC’s capital markets team is ‘one of the leading teams in Korea’ with a ‘great track record’ in both equity and debt. The team advises on the full spectrum of capital markets work, including IPOs and listings, an area in which the team has seen an increasing amount of instruction and has hired a number of senior advisors from the Korea Exchange and Financial Supervisory Service, including partner Young Ju Park, in order to strengthen its risk management expertise for listed and to-be-listed companies. Practice head Hee-Gang Shin specialises in a broad range of capital markets and finance transactions, some with a cross-border element while Eui Jong Chung focuses on corporate restructurings and insolvency procedures. IPO specialist Heesug Chung is also recommended.Practice head(s):
Other key lawyers:
Testimonials
‘BKL’s key strengths are the quality and precision of its legal advice and multifaceted practice. I also appreciate that BKL has deep and experienced bench from which it operates a multifaceted capital markets practice, including a near-monopoly of foreign company IPO listings on the KRX – a sub-practice that BKL developed over the years.’
‘BKL is highly respected and a trusted name in the capital markets industry.’
‘Hee-Gang Shin is undisputedly one of the leaders in this industry and much credit must be given to him for building up and maintaining the quality of BKL’s capital markets practice. Mr. Shin is very sharp and quick to respond to issues, being at ease in giving advice in both English and Korean.’
‘They are a team that is highly experienced for both domestic and international capital markets deals’
‘Heesug Chung is particularly good. Very commercial and also thorough and is pro-active and ‘solutions’ orientated’
‘BKL’s capital markets team is one of the leading teams in Korea. Many clients turn to BKL for Korean law advice on complex capital markets transactions. They have a great track record in both equity and debt.’
Key clients
Citigroup Global Markets
Credit Suisse
GS Holdings
Kakao Games
KB Securities
Korea Development Bank
Korea Investment & Securities
Mirae Asset Securities
Morgan Stanley
NH Investment & Securities
Goldman Sachs
JP Morgan
Work highlights
- Advised Citigroup Global Markets Korea Securities and six other underwriters on SK Biopharm’s IPO and listing on the Korean Stock Exchange.
- Advised J.P. Morgan Securities and three other underwriters on Big Hit Entertainment (management label of BTS, currently known as HYBE)’s IPO and listing on the Korean Stock Exchange.
- Advised Citigroup Global Markets and five other underwriters on the issuance and offering of the USD Exchange Equalization Bonds and EUR Exchange Equalization Bonds by The Republic of Korea.
South Korea > Corporate and M&A: local firms Tier 1
Bae, Kim & Lee LLC covers a wide-ranging spectrum of commercial transactions, with expertise in joint ventures and strategic collaborations, supply agreements and licenses. It also provides guidance on corporate compliance issues such as foreign exchange controls and regulatory reports. The group has a particularly strong private equity practice, with Kyunseok Kim and Sung Jo Yun specialising in private equity acquisitions and corporate group restructurings, and Mok Hong Kim focusing on M&A and private equity fund deals. Sky Yang is a well-regarded practitioner in cross-border M&A, with particular expertise in transactions involving financial institutions and multinational corporations. Joonki Yi heads the practice, advising clients on energy-related deals.Practice head(s):
Other key lawyers:
Sky Yang; Sung Jo Yun; Mok Hong Kim; Byoung-Ki Lee ; Kyunseok Kim
Testimonials
‘BKL has top-notch lawyers and advisors in Korea from a knowledge and experience standpoint. Their experiences help clients navigate through difficult deal situations.’
‘In terms of the team, Bae, Kim & Lee LLC is highly collaborative, both internally and externally. Whenever a client asks a legal question, BKL is willing and does provide a holistic answer with views from multiple dimensions so that a client can make an informed decision.’
‘All of their attorneys are first-class and a pleasure to work with.’
‘BKL is very practical in negotiations while knowing what to focus on. They work very well with international law firms when collaboration is required.’
Key clients
Affinity Equity Partners
Anchor Equity Partners
BlueRun Ventures
Delivery Hero Holding GmbH
Hana Financial Group
Intel Corporation
KB Kookmin Bank
LG Chem
Macquarie PE
Uber Technologies
Work highlights
- Advised Intel Corporation on the $9bn sale of its NAND flash memory business to SK Hynix.
- Advised Hyundai Heavy Industries Holdings on the $765m acquisition of Doosan Infracore from Doosan Heavy Industries & Construction.
- Advised Uber Technologies on its establishment of the joint venture, “T Map Mobility”, with SK Telecom.
South Korea > Labour and employment: local firms Tier 1
Bae, Kim & Lee LLC provides the full range of labour and employment services to Korean conglomerates and multinational companies in Korea, with particular strengths in employment litigation. The team is well known for its close relationship with the Ministry of Employment and Labour, and the National Labour Relations Commission, of which employment law expert Jeong Han Lee serves as a member. In response to developments within the legal market, the firm has formed a task force consisting of top labour, criminal and regulatory experts to advise on preventative measures and respond to the occurrence of serious accidents. Practice head Wook Rae Lee handles all aspects of labour and employment law, including labour-management disputes, industrial accidents, subcontracting and unfair labour practices. Hyung Ro Kim specialises in large-scale labour disputes whilst Sang Min Kim represents clients in connection with dismissals.Practice head(s):
Other key lawyers:
Jeong Han Lee ; Hyung Ro Kim; Sang Min Kim; Sang Kyun Jang; Hye Chong Elizabeth Yu; Yeojin Choi
Testimonials
‘The firm provides a good conference environment to the clients.’
‘BKL has special expertise in the field of labour. But this is what most top class lawfirms have. I think What makes BKL special is a clear explanation of the issue. BKL allows the person in charge to understand the issue even if lacks legal knowledge. and that increase the efficiency of the company’s work.’
‘The lawyer Sang-min Kim. He is in charge of our company’s “litigation to confirm the status of regular employees”. He works more passionately than others, and this has a good effect on litigation.’
‘The advantage of this team is that there is a close collaboration system among the team members. For specific issues, a senior attorney develops the overall strategy and clearly defines the roles that team members should play, and a junior attorney conducts case studies and writing.’
‘Efficiency of work is high through smooth communication between team members. Compared to other law firms, the work progress is fast.’
‘Among the members of the bkl law firm, I recommend Sang-min Kim, a partner attorney. He carries out the case entrusted by the client with all his passion as if it were his own case. He is also very good at communicating with clients.’
‘The composition of personnel and management methods of large law firms are generally similar. However attorneys at the Bae, Kim & Lee LLC Labor team are very competent, experienced and good at communicating with clients. specially partner lawyer Sang Min Kim is outstanding among labor lawyers in Korea. Their advice is very practical, reasonable and applicable!’
‘BKL laour and employment team is made up of very experienced lawyers. Senior and junior lawyers of the tem are harmonious each other, so they are suitable for getting the best results. Me and my company are always satisfied with their results. ’
Key clients
Asahi Glass
China Eastern Airlines
Coupang
Hyundai Heavy Industries
Hyundai Motor Group
Kumho Tire
LG Electronics
POSCO
Samsung Electronics
Work highlights
- Represented LG Electronics against its white-collar labor union which filed an application for division of bargaining unit from the existing union.
- Representing Samsung Electronics in a damage claim suit filed by victim’s family involving a severe industrial accident.
- Representing POSCO in a series of lawsuit filed by its subcontractors claiming for confirmation of worker status.
South Korea > Real estate: local firms Tier 1
The ‘excellent’ real estate practice at Bae, Kim & Lee LLC is highly specialised in city development projects including offices, commercial facilities, hotels and multi-use buildings. It also advises international clients on real estate investment projects in Korea as well as providing support to Korean conglomerates on transactions using REIT and REF structures. The group is a leader in private rental housing projects, advising on the first-ever publicly supported private rental housing in Korea. Practice head Gun Chul Do handles projects related to inbound and outbound investments, real estate development and project financing. Hyeon Kang is noted for his expertise in collective investment and project finance vehicles. For construction litigation and consultation, Chiyoung Song is recommended.Practice head(s):
Other key lawyers:
Testimonials
‘BKL real estate legal counsel team is excellent of legal advice for Korea investors purchased US office buildings. Especially, the BKL team is specialized in advisory for the K-REIT (Korean Real Estate investment Trust that korean investors use) authorized by Korea government.’
‘Special thanks to Hyeon Kang, Dongwook Kang, Dongwoo Seo because of long hours of dedication to the excellent legal advice. ’
‘The strength of the team is detailed and effective consulting and prompt feedback on inquiries, based on their expertise in the real estate sector.’
‘I often ask the team at Bae, Kim & Lee LLC for advice that requires accurate and very quick feedback, and whenever that happens, the team at Bae, Kim & Lee LLC provides fast and accurate advisory services.’
‘Hyeon Kang is a very high-level expert in Korea. He provides accurate solutions when providing advisory services in the real estate sector. Despite being a partner, he engages in advisory details more than an associate. So, I actively recommend Hyeon Kang to other stakeholders.’
Key clients
A.I.M. Investment Management
General Motors
Hana Asset Trust
KB Securities
Koramco Asset Trust
Korea Investment & Securities
Korea Water Resources Corporation
Mastern Invest Management
Merlin Entertainment
Mirae Asset Global Investments
Work highlights
- Advised Koramco Asset Trust on the establishment of Koramco Energy Plus Trust (“REITs”), IPO and KRX listing with the acquisition of gas stations.
- Advised Merlin Entertainment on the development of Legoland Park resort/theme park in Korea.
- Advised Mirae Asset Global Investments on its investment in overseas FedEx and Amazon logistics centers through a REIT vehicle.
South Korea > Banking and finance: local firms Tier 2
Bae, Kim & Lee LLC represents lenders and borrowers on a range of financial transactions. Led by Eui Jong Chung, the group represents international companies, private equity and venture capital funds in M&A financing as well as working on diverse assets and structures in its asset finance branch, including aviation and shipping. The team is also strong in project and infrastructure, with Ho Jin Kim being the key practitioner in this area. Senior associate Miro Kang’s practice is diverse, focusing on overseas alternative investment, securitisation and structured finance.Practice head(s):
Other key lawyers:
Testimonials
‘Good legal advice with commercial sensitivity. Prompt delivery and helpful team.’
‘I’ve worked closely with them on several matters and found them to be consistently reliable and professional. Very helpful and patient when dealing with difficult clients and issues. Always a pleasure to work with them.’
Key clients
Affinity Equity Partners
Citibank Korea
Credit Suisse
Hanwha Investment & Securities
HSBC
HMM
ING Bank N.V.
KB Kookmin Bank
Korea Development Bank
Macquarie PE
Mizuho Bank
NH Investment & Securities
Work highlights
- Advised Credit Suisse on the acquisition financing for The Carlyle Group’s investment in KB Financial Group.
- Advised Korea Development Bank on financing the syndicated term loan facility for LG Chem’s Poland-based subsidiary.
- Advised Affinity Equity Partners with financing for its investment in Shinhan Financial Group.
South Korea > Dispute resolution: local firms Tier 2
The corporate litigation group at Bae, Kim & Lee LLC frequently represents multinational parties before Korean courts in addition to maintaining an active outbound practice where it assists Korean parties involved in disputes in foreign jurisdictions. The team advises clients throughout the entire litigation process, from provisional junctions to appeals, and has been highly successful in civil, criminal and commercial litigation cases. The team has diverse practices, with team leader Byoung Ha Jeon focusing on litigation and consultations regarding real estate development and investment whilst Wu Cheol Song is a civil appellate and administrative law expert. Also recommended is Tony Dongwook Kang who has led multiple strategy and execution for multinational litigants, including manufacturers and financial institutions based in the US, EU and China. In March 2021, the firm strengthened its offering through the hire of Junghwan Rhie from Seoul High Court.Practice head(s):
Other key lawyers:
Testimonials
‘As a very experienced partner, Byoung Ha Jeon has been very helpful for me and the management team to understand implications concerning all the damages claims filed by investors. In addition to being a reliable legal advisor, he has been very pleasant to work with. He carefully considers clients’ needs and comes up with satisfactory feedback and advice. As a person, he is very humble and there is a lot to learn from him in this regard.’
‘The BKL team’s strengths are Collaboration & Diversity with great expertise. The BKL-Dispute practice consists of many experts who know how to link each specialisation into a new one.’
Key clients
Deloitte Anjin
Korea Gas Corporation (KOGAS)
Korea National Oil Corporation (KNOC)
LG CNS
MAN Truck & Bus Korea
Mirae Asset Daewoo Co., Ltd.
Samsung C&T Corp.
Shinhan Investment Corp.
Work highlights
- Represented Berjaya Jeju Resort (“BJR”) for the damages claims against Jeju International Free City Development Center and other provincial authorities.
- Represented Korea National Oil Corporation (“KNOC”) on the dispute asserted by Korean companies over the equity purchase contract for the oil reserves in the Yemen gas field.
- Representing Deloitte Anjin and their accountants on the lawsuit filed by shareholders of DSME seeking damages for accounting fraud.
South Korea > Insurance: local firms Tier 2
Bae, Kim & Lee LLC advises Korean and multinational insurers and reinsurers on a broad range of corporate matters, including M&A and joint ventures. It also provides strategic guidance on regulatory issues, investigation and enforcement, litigious matters, and is particularly adept at assisting clients with the general management and operation of their insurance business in Korea. Practice head Jong Ku Kang has years of experience advising on insurance claims and the asset management of insurance companies. Jong Min An is a key practitioner, leveraging his knowledge of the regulatory framework to provide expert advice to financial supervisory authorities. Jae Seok Yang is also recommended.Practice head(s):
Other key lawyers:
Testimonials
‘Elaborate logic and professional handling on legal matters, winning a series of lawsuits.’
Key clients
ABL Life Insurance
Hanwha General Insurance
Hanwha Life Insurance
Hyundai Marine & Fire Insurance
Korean Reinsurance Company
LINA Life Insurance
MetLife
Samsung Fire & Marine Insurance
Samsung Life Insurance
Shinhan Life Insurance
Work highlights
- Advised Shinhan Life Insurance and Orange Life Insurance on their merger transaction.
- Representing Samsung Life Insurance on responding to the penalty review committee following a comprehensive inspection by Financial Supervisory Service.
- Representing DB Insurance and nine additional insurance companies on arbitration proceedings and parallel Korean court proceedings regarding coverage scopes of insurance.
South Korea > Intellectual property: local firms Tier 2
Bae, Kim & Lee LLC’s intellectual property team is particularly strong in representing clients in the pharmaceutical and high-tech industries and on the non-contentious side, advises entertainment and sports sector clients in connection with IP licensing and technology transfers. IP transaction specialists Mun Ki Nam and Ingi Min are the key contacts in this area of work. The group also has a trade secret practice that encompasses all aspects of litigation, investigation and legal compliance involving trade secrets in both civil and criminal contexts; Jihyun Kim and Tae Uk Kang are key members of the team. Kijoong Kang oversees the department, with his practice focused on IP litigation, including domestic litigation as well as counselling and management of foreign IP litigation. Taeck Soo Kwon is well known for his expertise in intellectual property jurisprudence.Practice head(s):
Other key lawyers:
Testimonials
‘BKL’s Intellectual Property team showed an excellent teamwork, expertise and professionalism throughout client’s project. BKL played a critical role to bring the dispute to a successful conclusion with a superb capability beyond IP matters and provdided comprehensive legal service to meet client’s needs. ’
‘Jihyun Kim presented great professionalism and expertise in resolving our dispute. Her service did not stop at just providing IP analysis, but covered broad matters beyond IP issues, oftentimes even helped the client come up with innovative business ideas in cases of making tough judgments. ’
‘BKL has an international presence and can work on IP cases globally. They support a big Korean multinational company against a big Japanese firm in well-known global IP litigation.
‘They maintain an excellent international legal network to provide the best supporting team for their client.’
‘I work with Hoodong Lee and Wonyoung Chung on big international litigation, and they support their client very well. They speak Japanese very well and support the client efficiently. They maintain excellent communication with the client.’
‘BKL lawyers have given their opinion very promptly. They find legal issues exactly and we are satisfied with their opinion. A specific stand-out partner is Jihyun Kim.’
‘BKL team handle technical disputes including patent infringement and invalidity cases with support of the patent prosecution division. They are very familiar with the Japanese practice of the court and the JPO. ’
Key clients
LG ENSOL(former LG Chem)
Starbucks Korea
Uber Technologies (“Uber”)
Hyosung TNS Inc.
Lotte Confectionery Co., Ltd.
Actoz Soft Co., Ltd.
The Korea Exchange
Celltrion
LG Uplus Corp, and KT
Watcha, Wavve, and Kakao TV
CJ CheilJedang, CJ Japan Corp.
Daewon Media Co., Ltd., and Futabasha Publishers Ltd.
GS Retail Co., Ltd.
HP Printing Korea
JW Holdings
Media Res Studio
Scatter Lab Co., Ltd.
Work highlights
- Represented LG ENSOL(former LG Chem) for the dispute over infringement of trade secrets and other intellectual properties.
- Represented Starbucks Korea Inc. in the lawsuit for patent infringement regarding an electronic payment system.
- Advised Uber on the establishment of a joint venture in Korea.
South Korea > International arbitration Tier 2
Bae, Kim & Lee LLC’s combined international arbitration and cross-border litigation group utilises its capabilities to provide clients with a broad dispute strategy across multiple jurisdictions. Growth areas for the firm include the expansion of its arbitration enforcement practice and the development of an oil and gas practice that focuses on LNG disputes. Hongjoong Kim’s international commercial arbitrations practice covers a wide range of industries, including aerospace, automobile and sports. Junu Kim leads the firm’s investment treaty practice and has a specialist interest in investor-state disputes and post-M&A disputes. Brandon Bang is a ‘creative thinker who provides pragmatic solutions’ with over a decade of international arbitration experience. Woojae Kim and Sejin Kim are also recommended. The firm welcomed Changhyun Lee in February 2021 after the departure of David McArthur in December 2020 to join Anderson Mori & Tomotsune in Tokyo. Tony Dongwook Kang leads the practice.Practice head(s):
Other key lawyers:
Testimonials
‘BKL is a full-service firm providing robust support on Korean law issues across a variety of practice disciplines. BKL’s international arbitration team has a long history of handling complex and high-stakes matters under a variety of arbitral rules.’
‘The team is smart, highly responsive, hard-working, and efficient.’
‘Junu Kim is smart, analytic, hard-working, diligent, responsive, and has very good judgment and instincts. He knows Korean civil and administrative law extremely well, and is also well versed in international commercial and investment treaty arbitration. ’
‘The BKL is dedicated to answering and meeting the expectation of clients. Their strengths are to proceed with the complex international arbitration case with reasonable billings and to answer the clients’ inquiry in a short time regardless of volumes of materials and to produce the creative advices and strategy. ’’
‘Very responsive and easy to work with. Team is led by a Korean who speaks fluent English and understands western culture which makes communication excellent. Very collaborative.’
‘Brandon Bang is creative thinker who provides pragmatic solutions. He is friendly and easy to work with. He always tries to be available to clients and meet the client’s expectations.’
‘Bae, Kim & Lee’s international arbitration practice has a significant contingent of lawyers who were educated in the US and are licensed to practice in the in the US. This helps to make them user-friendly for US clients and lawyers.’
‘The team is a strong mix of lawyers that are steeped not only in Korean law, but also New York law and the laws of other key international commercial jurisdictions. The team brings local and international knowledge to bear, as well as a strong understanding of international arbitral practice. ’
Key clients
Asiana Airlines, Inc.
Actoz Soft, Co., Ltd.
DL E&C Co., Ltd.
Hyundai Home Shopping
Incheon Metropolitan City, and Incheon Free Economic Zone Authority
Kinbara Noriten Co., Ltd.
Korea Electric Power Corporation (KEPCO)
Republic of Korea
Work highlights
- Advised a major game software company in Korea on dispute arises from an exclusive software licensing agreement for a popular video game software that was developed in Korea and became popular in mainland China.
- Represented the Republic of Korea in the first-ever investment treaty-based arbitration brought by Lone Star Funds.
- Acted for a Korean home shopping company filing a request for arbitration against the Chinese partner for its purported termination of the JV agreement.
South Korea > Projects and energy: local firms Tier 2
Bae, Kim & Lee LLC’s energy and infrastructure team draws together the firm’s expertise in project development and finance, M&A, construction, technology and PPP projects to assist clients through the full spectrum of legal issues. The team has expertise in renewable and alternative energy, representing major multinational companies as well as working with major Korean power companies and foreign sponsors to develop offshore wind power projects in Korea; Hyunchul An, Robert Dooley, Jung Gwan Kim, Hyukjin Im head the sub-team that advise on offshore wind power projects. Seungkyo Lee leads the overall practice that is increasingly focusing its efforts on ESG investments and advising in the development of non-traditional renewable sources.Practice head(s):
Other key lawyers:
Testimonials
‘BKL Team has experience in the sector. They also understand our company’s thinking and the communication is fluid and easy for both parties. The team also understands the time and culture barriers and adapts very well.’
Key clients
GS Engineering & Construction
Hanwha Investment & Securities
KEPCO KPS
Korea Development Bank
Korea Hydro & Nuclear Power
Korea Overseas Infrastructure & Urban Development Corporation
Korea Western Power
Macquarie PE
NH-Amundi Asset Management
Shinhan Alternative Investment Management
Work highlights
- Advised Macquarie PE on the acquisition of Fuel Cell Power Plant Development Project in Korea.
- Advised BlackRock Financial Management in relation to its investment in a renewable power plant project in Korea.
- Advised Korea Western Power and KDB Infrastructure Investments Asset Management regarding their strategic investment in the Killingly Energy Center, a combined-cycle gas turbine facility in Connecticut, USA.
South Korea > Regulatory: compliance and investigations: local firms Tier 2
Bae, Kim & Lee LLC’s white-collar defence and internal investigations group has extensive experience in representing individuals and companies in criminal investigations and trials. In addition, the team is able to assist in the review of internal practices for risk assessment and management as well as conducting internal investigations. The team has strengthened its offering through recruiting a number of high-ranking officers from the prosecutor’s office and the police, most notably former Prosecutor General, Soo Nam Kim and former Commissioner General at Daejeon Metropolitan Police, Hyun Choi, joining the firm in July and September 2020, respectively. For cross-border expertise, Soo Bong Jung handles international criminal affairs while Jun Ki Park takes the lead on multijurisdictional regulatory investigations. Jin Han Lee leads the team.Practice head(s):
Other key lawyers:
Testimonials
‘Bae, Kim & Lee LLC innovates constantly, continuously upgrading their services to provide clients with efficient cutting-edge legal solutions to address their clients’ evolving business needs. By using a combination of the latest legal technology, process innovation, flexible teams and creative culture, professionals of BKL work seamlessly to deliver the greatest value to their clients.’
‘Three major business philosophy of Bae, Kim & Lee LLC are talent management, value management, and advanced system management as the top three indicators and they aim for customer-centered legal services. And this makes BKL value ethics and righteousness rather than benefits.This makes BKL more unique and allows us to trust it. ’
‘Top-tier litigation and arbitration reputation – Aggressive and strategic’
‘Jun Ki Park – excellent lawyer who bridges the cultural differences and expectations between east and west. Great insight into regulatory matters.
‘Unlike other large Korean firms, BKL does not just throw a bunch of lawyers at a problem. They do a good job of selecting the most appropriate professionals to address issues based on a focused approach. This may be largely due to the partner I work with — Jun Ki Park. He is very hands-on and does an excellent job focusing on client needs.’
‘The partner I work with is Jun Ki Park. He is one of the most intelligent lawyers I have met. He is completely bilingual (Korean and English). And he does a superb job identifying client needs and using the right resources to meet such needs. He is hands-on, which is not always common among talented partners of large Korean firms.’
‘We got quick feedback on our questions. The team was perfectly aligned and all contact partners were informed about our case and our situation. The collaboration was extremely professional and friendly. The team showed strong flexibility and was able to react quickly to different situations during our case.’
‘Our contact persons from BKL were real experts, were strong in understanding our case and worked deeply in technical details of our products which was necessary to win the case / to give us perfect support. Moreover, the lawyers were strong in local Korean law and in communicating to our international internal team in English. This gave headquarter strong confidence in our team and ensured that we had a great internal and external project team.’
Key clients
KEB Hana Bank
LG Chem
Olympus Korea
Samsung Heavy Industries
Samsung Electronics
Work highlights
- Advised KEB Hana Bank on responding to the government sanctions for DLF mis-sale.
- Defended Emart against a criminal charge for product liability
South Korea > Shipping: local firms Tier 2
The maritime group at Bae, Kim & Lee LLC is regularly involved in maritime casualty, chartering and bill of lading disputes as well as continuing to be instructed on LMAA arbitration cases on behalf of shipowners, charterers and paint suppliers. The group also has vast experience in advising on major collision cases in Korea. Jong Ku Kang has a diverse practice and is sought after by major domestic and foreign clients to handle shipbuilding as well as wet and dry cases. Joon Sung (Justin) Kim and Yoon Jeong Park are key members of the team; Kim advises on contract of carriage and charter party disputes and is heavily involved in marine casualty cases, while Park’s practice covers both contentious and non-contentious matters and has a strong track record in acting for Korean shipowners in London arbitration and English court proceedings.Practice head(s):
Other key lawyers:
Key clients
ADK Maritime
Bulkhaul Limited
Boyang Ltd.
Citibank (Korea)
DL E&C (formerly known as Daelim Industrial)
HMM
KB Kookmin Bank
Polaris Shipping
Shinhan Bank
Steamship Insurance Management Services
Work highlights
- Advised HMM in relation to its financing for the purchase of 16,000 TEU Container Vessels built by Hyundai Heavy Industries.
- Defending DL E&C (formerly known as Daelim Industrial) against a damage claim suit filed by the owner of a Panamanian vessel regarding a collision with Busan New Port facilities in Korea.
- Advised London Insurers on the claim brought against the Insured, Shanghai Salvage Company in relation to the Insured’s liability under Korean law for the oil spill during the wreck removal of MV Sewol.
South Korea > Tax: local firms Tier 2
Bae, Kim & Lee LLC has a stellar track record in defending transfer price audits, a core area of expertise for the team, as well as handling tax appeals at the tax tribunal. The team is also strong in litigation which is reflected in its practitioners, including practice head and Certified Public Accountant (CPA) Seog Kyoo Kang and Il Young Cho who handles tax cases at the Seoul District Court and the Supreme Court. The group has seen an increase in volume of tax advisory work on overseas alternative investments by Korean asset management companies and continues to expand its advisory services to include cross-border transactions. Another area of growth for the firm is the expansion of its foreign client base; Maria Chang assists foreign clients across various industry sectors in all tax-related issues. Seung-Wan Chae and Tae Kyoon Kim are also CPA licensed, handling general tax matters, including appeals, advice and investigations. Donghyun Kim is an ‘expert in M&A cases’ and advises on tax compliance reviews.Practice head(s):
Other key lawyers:
Testimonials
‘BKL Tax team consists of top tax professionals, including attorneys, certified public accountants who have practiced in internationally recognized accounting firms, as well as former tax agents at the Korean tax authorities.’
‘The team of dedicated professionals seems to be fully committed to developing effective tax strategies to manage tax risks involved in operating businesses.’
‘BKL professionals seems to have in-depth experience as well as tax knowledge in all aspects of tax law – Among other BKL partners, Tae Kyoon Kim is very impressive. His strength arises from intimate knowledge about information and trends regarding the Korean tax authority’s rulings and accurate understanding of the legislative history of tax laws.’
‘I appreciate very much Donghyun Kim who is one of my best legal and tax advisors. Also, he is very expert in M&A cases. Additionally, he is very good at organizing and harmonizing with the people he works with. I was very happy to work with him and his team in this firm. ’
‘The BKL Tax Group is known as one of the strongest in handling tax disputes, with particularly high success rate in representing clients in major corporate and value added tax impositions and disputes.’
‘The team has provided us with tax services with expertise, good collaboration with other teams when needed. Also, their response was timely. Their team members’ career was long enough to provide us tax services.’
‘Great local expertise with excellent service quality.’
‘Working with BKL facilitates the most efficient tax structuring for our investments and by working with them for many years, we have not once encountered any issue.’
Key clients
Bank of China (Korea branch)
GS Caltex Corp.
Hdac Technolgy AG
Hyundai Motor Company
Hyundai Oilbank Co.
Korea Electronic Power Corporation (“KEPCO”)
Seoul Housing and Communities Corporation
Shinhan Alternative Investment Management, Inc.
SK Hynix Inc.
Uber Technologies
Xperi Corporation
16 major domestic banks including Nonghyup Bank Co., Ltd., and other 20 major securities companies
Work highlights
- Represented about 10 large domestic companies (Samsung, Hyundai, LG, GS, Hanwha affiliates, and some of its corporations) in their dispute over the converted tax method of local income tax and resulting economic losses.
- Representing 16 major domestic banks and 20 major securities companies in their dispute regarding the Act on Real Name Financial Transactions and Confidentiality and the withholding tax system under the tax law.
- Advised Uber on tax matters relating to domestic or foreign investments, establishment and operation of a joint venture, and other various tax issues in Korea.
South Korea > TMT: local firms Tier 2
Bae, Kim & Lee LLC has a ‘well-rounded team that can accommodate the client in every situation’. The TMT group is well known for its regulatory expertise, advising on licences, clearances and filings as well as crisis management. It covers a wide range of industries, including automotive, social media, B2B online services, entertainment, finance and the Artificial Intelligence sector. Practice head Kwang Hyun Ryoo advises on a broad range of compliance matters for major clients such as Netflix and Huawei. Joon Yong Park left the firm to head a recently founded boutique law firm but has been replaced by three new recruits, including big data regulation expert Kyu Jeong Lee, telecoms regulation expert Deuk Won Kim and Suk Chun Kwon, a specialist in the broadcast and media sector. For contentious matters, Ji Yeon Park is the key contact.Practice head(s):
Other key lawyers:
Testimonials
‘They are our go-to-firm in South Korea for privacy & data protection matters.’
‘While most law firms will profess that they have a balanced team with experts in every avenue, the TMT team at BKL truly has a well-rounded team that can accommodate the client in every situation.’
‘While this team responds to various customer needs with the highest level of expertise, its strength is that it emphasizes friendly relationships with clients and communication with clients.’
‘BKL team has been showing a great combination of senior partners with extensive experience and know-how and junior attorneys equipped with innovative legal reasoning based on their new idea. I believe this makes BKL very professional in resolving any type of difficulties clients face.’
‘Ji Yeon Park is the best lawyer in the field of TMT practice. She has incomparable accomplishments in litigation and consultation. She always gives clients satisfying results.’
‘Kwang Hyun Ryoo, who heads the TMT practice, always provides very practical advice. He understands that how it is difficult for multinational tech companies to comply with local laws as they provide global service. He thinks through with clients to find out alternatives, which impact the business less but also satisfy the local regulators.’
Key clients
ByteDance
Huawei Technologies
KT
LG Electronics
LG Uplus
Maeil Broadcasting Network (“MBN”)
Netflix
Spotify
Telstra International
Uber Technologies
Work highlights
- Advised Uber Technologies on the establishment of a mobility joint venture company with SK Telecom.
- Advised Spotify on launching its music streaming service in South Korea.
- Advised ByteDance on its response to the investigation by Korean government over data privacy issues.
Asia Pacific: Regional International Arbitration > Leading firms Tier 3
Bae, Kim & Lee LLC has a strong commercial and investment treaty arbitration in South Korea. For the former, Hongjoong Kim is the key contact while Junu Kim focuses on investment disputes. The practice, led by Tony Dongwook Kang, recently welcomed former judge Changhyun Lee in February 2021 after the departure of David McArthur in December 2020 to join Anderson Mori & Tomotsune in Tokyo.Practice head(s):
Tony Dongwook Kang
Other key lawyers:
Bae, Kim & Lee LLC > Firm Profile
Bae, Kim & Lee LLC (BKL) is among the oldest and largest law firms in Korea with over 700 professionals. With practice groups specialised in every significant area of law for business in Korea, BKL supplies timely, accurate and practical legal support to its clients, wherever they are based, across a broad cross-section of industry, investment and finance.
BKL has long been at the leading edge of cross-border legal work in Korea. Among its many practice areas, it has been one of the busiest firms in Korea in the areas of M&A, finance and securities, advising clients from North America, Europe and Asia for over three decades. Likewise, BKL has built a reputation in the disputes arena not only as a litigation powerhouse but also as one of the top international arbitration and cross-border disputes teams in Asia.
Owing to the scale, quality and volume of its work, BKL has received many ‘Deal of the Year’ and ‘Firm of the Year’ honours. In every recognised client or peer assessment, BKL is ranked among the top firms in Korea. In all the firm does, it strives to provide client-focused legal services to its clients, many of whom have been with the firm for many years.
The firm’s clients include many multinational business groups and leaders in the Korean market. Manufacturer clients represent industries such as automotive, software, consumer goods, pharmaceuticals, oil and gas and shipping. Among its financial clients are banks, brokerage and asset management companies, insurers and private equity groups. Other clients are in energy, property development, retail and broadcasting, to name a few.
Headquartered in Seoul, BKL maintains overseas offices in Beijing, Shanghai, Dubai, Hong Kong, Hanoi, Ho Chi Minh City, Yangon and Singapore. The first Korean firm to set up offices in China and the UAE, BKL has pioneered a region-wide approach to legal services. BKL is also the first Korean law firm to establish its branch office in Pangyo Techno Valley, an industrial complex in the city of Pangyo, South Korea. BKL is a member of the World Law Group and regularly collaborates with other firms across the world.
Main Contacts
Department | Name | Telephone | |
---|---|---|---|
Antitrust and Competition | Seong-Un Yun | seongun.yun@bkl.co.kr | |
Banking and Finance | Eui-Jong Chung | ej.chung@bkl.co.kr | |
Construction | Jung-Myun Oh | jungmyun.oh@bkl.co.kr | |
Corporate and M&A | Joon-Ki Yi | joonki.yi@bkl.co.kr | |
Intellectual Property | Kijoong KANG | kijoong.kang@bkl.co.kr | |
Intellectual Property (Patent, Trademark) | Jong-Wook Lee | JWR@bkl.co.kr | |
Labour and Employment | Wookrae Lee | wookrae.lee@bkl.co.kr | |
International Arbitration | Tony Dongwook Kang | tony.dw.kang@bkl.co.kr | |
White-Collar Crime | Soo-Bong Jung | soobong.jung@bkl.co.kr | |
Projects and Energy | Seungkyo Lee | seungkyo.lee@bkl.co.kr | |
Real Estate | Gun-Chul Do | gunchul.do@bkl.co.kr | |
Regulatory and Compliance | Jeena Kim | jeena.kim@bkl.co.kr | |
Restructuring and Insolvency | Hyun-Wook Park | hyunwook.park@bkl.co.kr | |
Tax | Seog-Kyoo Kang | seogkyoo.kang@bkl.co.kr | |
TMT | Kwang-Hyun Ryoo | kh.ryoo@bkl.co.kr | |
Litigation | Byoungha Jeon | byoungha.jeon@bkl.co.kr | |
Capital Markets | Hee-Gang Shin | heegang.shin@bkl.co.kr |
Lawyer Profiles
Photo | Name | Position | Profile |
---|---|---|---|
![]() | Mr Jong Min An | Partner | View Profile |
![]() | Mr Hyunchul An | Partner | View Profile |
![]() | Brandon Bang | Senior Foreign Attorney (New York, New Zealand) | View Profile |
![]() | Ms Maria Chang | Maria Chang is a foreign legal advisor in the firm’s tax practice… | View Profile |
![]() | Mr Ho Kyung Chang | Partner | View Profile |
![]() | Ms Il Young Cho | Partner | View Profile |
![]() | Mr Heesug Chung | Senior Foreign Attorney (New York) | View Profile |
![]() | Mr Eui Jong Chung | Attorney Eui Jong (EJ) CHUNG is a partner of Bae, Kim &… | View Profile |
![]() | Mr Eui Jong Chung | Partner | View Profile |
![]() | Mr Gun Chul Do | Gun Chul DO is a partner and head of BKL’s Real Estate… | View Profile |
![]() | Mr Joon Sung (Justin) KIM | Associate | View Profile |
![]() | Mr Tae Uk Kang | Attorney Tae Uk KANG is a partner of Bae, Kim & Lee… | View Profile |
![]() | Ms Miro Kang | As an associate of Finance Practice Group of BKL, attorney Miro Kang… | View Profile |
![]() | Hyeon Kang | Partner | View Profile |
![]() | Mr Jong Ku Kang | Jong Ku Kang is a partner in our Maritime and Insurance Practice… | View Profile |
![]() | Mr Tony Dongwook Kang | Tony DongWook Kang is the partner in charge of international arbitration and… | View Profile |
![]() | Mr Junu Kim | Partner | View Profile |
![]() | Mr Ho Jin Kim | As a member of the Securities, Banking and Finance Practice Group of… | View Profile |
![]() | Ms Jihyun Kim | Partner | View Profile |
![]() | Sang Min Kim | Partner | View Profile |
![]() | Mr Hyung Ro Kim | Attorney Hyung Ro KIM worked in the HR & Labor Relations Team,… | View Profile |
![]() | Joon Sung Kim | Associate | View Profile |
![]() | Ms Hyun A Kim | Partner | View Profile |
![]() | Mr Woojae Kim | Senior associate specializing in international construction arbitration, investment treaty arbitration and cross-border… | View Profile |
![]() | Mr Taeck Soo Kwon | Attorney Taeck Soo KWON is a partner of Bae, Kim & Lee… | View Profile |
![]() | Mr Sangchul Lee | Attorney Sangchul LEE is a partner of Bae, Kim & Lee LLC… | View Profile |
![]() | Mr Seungkyo Lee | Attorney Seungkyo LEE gained expertise from the experience in overseas power projects… | View Profile |
![]() | Mr Jeong Han Lee | Jeong Han LEE is a partner of Labor and Employment Practice Group… | View Profile |
![]() | Ji Yeon Park | Partner | View Profile |
![]() | Ms Yoon Jeong Park | Senior Foreign Attorney advising on all maritime matters comprising of shipbuilding disputes,… | View Profile |
![]() | Mr Kwang Hyun Ryoo | Kwang Hyun RYOO is a partner on the technology, media, and telecommunications… | View Profile |
![]() | Mr Wu Cheol Song | After serving as judge for 23 years and 6 months, he joined… | View Profile |
![]() | Mr Jae Seok Yang | Jae Seok YANG is an attorney in Bae, Kim & Lee LLC… | View Profile |
![]() | Mr Sky Yang | Mr. Yang is a partner in the Corporate and M&A Practice Groups… | View Profile |
![]() | Mr Seong Un Yun | Partner | View Profile |
Staff Figures
Number of partners : 320 Number of lawyers : 580 Number of fee-earners : 740Languages
Burmese Chinese English French German Hindi Japanese Korean Portuguese Russian Spanish VietnameseMemberships
American Bar Association (ABA) American Chamber of Commerce in Korea IBA (International Bar Association) Korean Bar Association IPBA World Law Group Japan Intellectual Property Association (JIPA)Spotlights
SOUTH KOREA
Bae, Kim & Lee LLC (BKL) is among the oldest and largest law firms in Korea with over 600 professionals. With practice groups specialised in every significant area of law for business in Korea, BKL supplies timely, accurate and practical legal support to its clients, wherever they are based, across a broad cross-section of industry, investment and finance.
Press Releases
BKL Named Best Firm in South Korea at Euromoney Asia Women in Business Law Awards 2017
16th November 2017Bae, Kim & Lee ("BKL") has been named the "Best Firm in South Korea" at the Euromoney Legal Media Group Asia Women in Business Law Awards 2017 hosted by the global legal publisher Euromoney Legal Media Group on November 9, 2017 at the JW Marriott Hotel in Hong Kong. Furthermore, senior partner Il Young CHO was honored as the best lawyer in transfer pricing while senior patent attorney Catherine Eunkyeong LEE was recognized as the best lawyer in patent and trademark prosecution among Asia's leading women in the legal profession.
BKL Partner Wu Cheol SONG Named “Disputes Star of the Year”
5th October 2017Wu Cheol SONG, a senior partner at Bae, Kim & Lee LLC (“BKL”), was named the “Disputes Star of the Year” in South Korea at the Asialaw Asia-Pacific Dispute Resolution Awards 2017 held on September 28, 2017 at the Grand Hyatt Hotel in Hong Kong.
BKL Partner Kap-You (Kevin) KIM Appointed as President of KCAB International Arbitration Committee
14th July 2017Mr. Kap-You (Kevin) KIM, a senior partner at Bae, Kim & Lee LLC (“BKL”), has been appointed as President of the International Arbitration Committee of the Korea Commercial Arbitration Board (“KCAB”).
Bae, Kim & Lee LLC Hosts Seminar on European Real Estate Investment
13th June 2017Bae, Kim & Lee LLC ("BKL") and Linklaters LLP jointly held the "European Real Estate Investment Seminar" on June 8, 2017 at the Park Ballroom of the Conrad Hotel in Yeouido, Seoul, attracting approximately 150 attendees from legal and overseas affairs teams at leading investment institutions and asset managers, including pension funds, insurance companies, banks and securities firms.
BKL Hires Seong Soo KIM, Former Presiding Judge of Seoul Central District Court
9th March 2017Bae, Kim & Lee ("BKL") has hired Seong Soo KIM, a former Presiding Judge of the Seoul Central District Court as a partner in its litigation practice group.
BKL receives 10 awards at ALB Korea Law Awards, including “Deal Firm of the Year,” “Litigation
29th November 2016Bae, Kim & Lee LLC ("BKL") emerged from the ALB Korea Law Awards 2016 as one of the two biggest winners on the night, receiving highly coveted awards for "Deal Firm of the Year," "Litigation Law Firm of the Year," and "Intellectual Property Law Firm of the Year." In addition, the firm's reputation as advisor of choice on the biggest and most complex deals in the market was confirmed by wins for "Deal of the Year" in nearly all of the awarded categories, while BKL M&A partner Ri Bong HAN was honored as "Dealmaker of the Year" for the second consecutive year.
Legal Developments
Reimplementation of the FSS Comprehensive Audit and Amendment of Korean Anti Money Laundering Laws
11th March 2019I Revival of Comprehensive Audit
Significance
The reinstatement of a comprehensive audit of all issues (as opposed to a special audit that is instigated when a particular issue has arisen) (“Comprehensive Audit”) by the Financial Supervisory Service (“FSS”) means that the selected financial institutions will need to be better prepared for the increased breadth and depth of the upcoming Korean regulatory audits. Impacted entities include: (i) Korean Financial institutions including banks, securities companies, insurance companies, and asset management companies; and (ii) local Korean branches and subsidiaries (including banks, securities, insurance and asset management) of foreign financial institutions.
The following takeaways are noteworthy:
Korean data law amendments pose new constraints for cross-border online services and data flows
10th October 2018Under amendments to IT Networks Act, set to take effect in March 2019, offshore online businesses, meeting thresholds of nexus to Korea, will be required to designate local agent for regulatory oversight purposes.
Amended rules will also newly restrict onward transfer (to additional countries) of personal information by offshore parties, and, on a reciprocity basis, allow regulators to restrict transfers of personal information to countries that likewise restrict outflows of such data.
New Legislation Reduces Maximum Weekly Working Hours in Korea
13th July 2018
*For better understanding of this article with other graphics , we highly recommend you to visit our firm's website as below.
http://www.bkl.co.kr/upload/data/20180410/bkl-legalupdate-2018000410.html#.WsxBYIhuaHs
Nearly 4 years after they first began discussions to revise the law, the Korean National Assembly passed a bill on February 28, 2018 to amend the Labor Standards Act (“LSA”), to reduce the maximum working hours. The new law will reduce Korea’s maximum working hours (“Maximum Working Hours”) from 68 hours per week to 52, will make all public holidays mandatory paid days off, will reduce the number of special industries that are exempt from restrictions on Maximum Working Hours, and will provide much needed clarification on overtime premiums for weekend working hours. The law will become effective on July 1, 2018 and will apply to large companies before being rolled out in stages to smaller companies.
The main changes affected by the bill are summarized below. If you have any questions or would like further information on this topic, please feel free to contact us.
Supreme Court Renders Decision Calling for “Gender Sensitivity” in Sexual Harassment Cases
13th July 2018Amid the widespread attention that sexual harassment/violence in the workplace has received due to international movements such as the “Me Too” movement, the Supreme Court of Korea has recently rendered a significant decision on the need to reform the judicial system’s approach to sexual harassment cases.
[South Korea] Amendment to Unfair Competition Law
23rd May 2018A bill to amend the Unfair Competition Prevention and Trade Secret Protection Act (the “UCPA”) was promulgated on April 17, 2018, and is scheduled to take effect on July 18, 2018. The bill introduces significant amendments to the UCPA, namely stipulating store interior designs as business marks and making the unauthorized use of “ideas” an act of unfair competition, thereby substantially expanding the applicability of Subparagraph 1 (j) of Article 2 (“fraudulent use of another person’s product”) of the current (or pre-amendment) UCPA.
[South Korea] Location information law amended to ease requirement for tracking of objects
22nd May 2018Under changes to Location Information Act, to take effect in October 2018, businesses will be allowed to track goods after obtaining registration instead of license.
[South Korea] Amendments to Korean telecom license framework taking shape
22nd May 2018Legislators have put forward an advanced draft of amendments to the Telecommunications Business Act, Korea’s main telecom statute.
The draft amendments, proposed on March 29, 2018, would finalize changes anticipated since August 2017, so as to relax license requirements and foreign ownership restrictions for telecom carriers.
Amendments seem likely to pass within 2018, with effect 6 months following passage.
Various standards will depend on further regulations, for which Ministry drafting is expected in coming months.
Virtual Currency – Financial Regulations to Curb Speculation and Money Laundering
13th February 2018On January 23, 2018, the Financial Supervisory Service and the Financial Service Commission published additional guidelines to regulate banking and financial transactions involving cryptocurrency exchanges (each, an "Exchange"). The key points of these guidelines are summarized below.
Virtual Currency – Enhancement of Control over Korean Cryptocurrency Exchanges
3rd January 2018On December 28, 2017, the Korean joint task force on cryptocurrency, consisting of various governmental agencies including the Office for Government Policy Coordination, Financial Supervisory Commission, the Ministry of Justice and the Ministry of Strategy and Finance, among others, announced that it will continue its implementation of its previously announced emergency measures on December 13, 2017 (for more information, please see BKL’s 12/14 newsletter), and in addition take the following actions.
Virtual Currency – Ban on Trading by Foreigners and Financial Institutions
20th December 2017In response to the recent speculation frenzy over virtual currency trading and increase in virtual currency-related crimes, the Korean government announced emergency measures yesterday, December 13, 2017, the main points of which are summarized below:
BKL Named “Competition & Antitrust Firm of the Year” by Asialaw
1st December 2017Bae, Kim & Lee LLC ("BKL") was named as the "Competition & Antitrust Firm of the Year" at the Asialaw Asia-Pacific Legal Practice Awards 2017 at the JW Marriott Hotel in Hong Kong on November 28, 2017. The "Competition & Antitrust Firm of the Year" is a highly coveted award bestowed by Asialaw, which is the Asia Pacific's leading legal publisher owned by Euromoney, a global business and finance magazine.
Virtual Currency – Korean Regulatory and Legislative Developments
5th October 2017Korean Virtual Currency Market Overview
The proliferation of virtual currencies in South Korea has resulted in a highly volatile environment for speculative and unregulated trading on the Korean virtual currency exchanges. The Korean virtual currency market remains desirable to issuers of initial coin offerings (“ICOs”), due in large part to Korea’s advanced e-commerce, online banking and P2P infrastructure being readily suited to the adaptation of blockchain technologies.
In recent months, the Korean government has shown growing interest in, and concern about, the widespread availability, sale and use of virtual currencies in Korea, particularly with regards to the potential for fraudulent or illegal activities, and the increasingly speculative nature of the Korean virtual currency market. In response, several Korean regulatory bodies including the Financial Services Commission (the “FSC”), the Financial Supervisory Service (the “FSS”) have issued proposals, guidance and directives in an attempt to formulate a regulatory response to the growing Korean virtual currency market.
Korea unveils proposed changes to telecom license framework
22nd September 2017Proposed changes to the Telecommunications Business Act would simplify and significantly relax license requirements, and ease foreign ownership restrictions for telecom carriers.
The amendments also aim to require common carriers, especially mobiles, to offer a more affordable consumer telecom rate structure, under standards to be decided.
The amendments seem likely to pass largely as-is by 1Q 2018, possibly coming into effect by mid-2018. A number of standards will depend on further regulations, for which drafts should issue in the coming months.
[Legal Update] Proposed Amendment to Reduce Capital Gains Exemptions…
11th August 2017The Ministry of Strategy and Finance announced its proposed tax law amendments for 2018 on August 2, 2017. This tax alert highlights the proposed change to the capital gains exemption currently available to foreign investors engaged in on-the-market transactions.
Korean tax authorities impose KRW 300 billion of withholding taxes on software license fees, looking
16th May 2017- Deeming Oracle US the beneficial owner, the Tax Tribunal upheld assessments against Oracle Korea on license fees paid to Ireland affiliate going back to 2008.
- Tax judgment is now on appeal by Oracle to the administrative law court.
The Korean Tax Tribunal has affirmed National Tax Service (NTS) assessments totaling some KRW 300 billion (approx. USD 260 million) against Oracle Korea, as withholding taxes on software license fees paid to an Ireland affiliate (Oracle Ireland), on the basis that beneficial ownership was with Oracle Corporation (Oracle US). The NTS, in 2011 and 2015, imposed the withholding taxes based on the Korea-US tax treaty, which calls for a 15% withholding rate as opposed to no withholding under the Korea-Ireland tax treaty. The Tax Tribunal has upheld the NTS assessments, citing among other things Oracle US’s ownership of the software and control over the income, as contrasted with the minor role of Oracle Ireland.
Recent Court Order On Google Related To Protecting Information Rights
20th March 2017Korean appeals court orders Google to disclose to Korean users what personal information Google passed to U.S. government.
A Korean appellate court has ordered Google Korea along with its U.S. parent Google Inc. (together, “Google”) to disclose to users of the Google search service, when they so request, the scope and status of the users’ personal information (including search records) that Google has provided to the U.S. government. The decision of the Seoul High Court, handed down in February (released in March) 2017, concluded that, notwithstanding the choice of California law in the terms of service, Google’s use and handling of information was subject to rights of the local users under Korean law, mandating disclosure to them of what was passed to third parties including the U.S. authorities – except to the extent the disclosure is prohibited under U.S. law.
Comparative Guides
-
South Korea: Environment
Published: January 2022
Authors: Jong Sik Bang Hyun A Kim Jiyoung Sohn Do Hyung Koo
This country-specific Q&A provides an overview to Environment laws and regulations that may occur in South Korea.
-
South Korea: Cartels
Published: April 2022
Authors: Boyen Kim Junyeun Cho Keewon Shin
This country-specific Q&A provides an overview to Cartels laws and regulations that may occur in South Korea.
-
South Korea: Construction
Published: May 2022
Authors: Woojae Kim Sangchul Kim Hangil Lee
This country-specific Q&A provides an overview to Construction laws and regulations that may occur in South Korea.
-
South Korea: Patent Litigation
Published: October 2021
Authors: Kijoong Kang Hojun Yeom Hankil D. Kang Chae Eun Lee
This country-specific Q&A provides an overview to Patent Litigation laws and regulations that may occur in South Korea.
- Antitrust and competition: local firms
- Capital markets: local firms
- Corporate and M&A: local firms
- Labour and employment: local firms
- Real estate: local firms
Top Tier Firm Rankings
- Banking and finance: local firms
- Dispute resolution: local firms
- Insurance: local firms
- Intellectual property: local firms
- International arbitration
- Projects and energy: local firms
- Regulatory: compliance and investigations: local firms
- Shipping: local firms
- Tax: local firms
- TMT: local firms