Korea-based Bae, Kim & Lee says that a rush of work has been flooding into the firm since February, and has made a number of appointments to meet its needs in its litigation, international arbitration and white collar crime practices.
Three former judges – Ki Dong Joo, Jun Mo Kim and Hyun Chul Koh – have joined the firm, as have former Jisung Horizon M&A lawyer Byoung Ki Lee, and magna cum laude graduate from the Judicial Research and Training Institute Byoung Pil Kim.
Unlike in other regions, Korean lawyers may begin their careers as judges before moving into private practice.
Showing posts with label korea. Show all posts
Showing posts with label korea. Show all posts
May 22, 2010
April 20, 2010
BKL ‘too busy’ to worry about financial crisis
The financial crisis may be hitting other Asian law firms severely, but Korea-based Bae, Kim & Lee says that a rush of work has been flooding into the firm since February.
“[The financial crisis] did have a little impact on our business, but from late January to early February, we have totally recovered,” said partner, Tony DongWook Kang. “I don’t know if that will be a permanent thing but we haven’t been hit as severely [as others]. I have heard that our clients are reducing their legal expenses, but we are now so busy we don’t have time to worry about those issues.”
The firm has made a number of appointments since the beginning of March to meet its needs in its litigation, international arbitration and white collar crime practices.
“[The financial crisis] did have a little impact on our business, but from late January to early February, we have totally recovered,” said partner, Tony DongWook Kang. “I don’t know if that will be a permanent thing but we haven’t been hit as severely [as others]. I have heard that our clients are reducing their legal expenses, but we are now so busy we don’t have time to worry about those issues.”
The firm has made a number of appointments since the beginning of March to meet its needs in its litigation, international arbitration and white collar crime practices.
Liberalisation begins… slowly
The Korean government will allow foreign law firms from some Free Trade Agreement (FTA) signatory countries to set up local consultancy offices as early as September and has said that full market liberalisation could occur by 2016 at the earliest.
However, in order to qualify as local consultants, foreign firms will not be allowed to hire locally qualified lawyers, patent attorneys or accountants. Foreign lawyers cannot be self-employed consultants, practise local law or represent clients in court. Lawyers will need to have at least three years’ overseas work experience. Those with two years’ local experience will have to work overseas for a year and, after qualifying, all lawyers will be required to commit to living in Korea for at least 180 days a year.
The move comes in anticipation of a full legal market liberalisation pursuant to FTAs signed with the US and ASEAN, and negotiations are currently under way with Australia, the UAE and EU nations.
A spokesman from Korea’s Ministry of Law said the intention of the bill was not to provide job opportunities for foreign lawyers but to upgrade the local legal industry. “[This] law will not shake the local legal services market,” he said. “A real showdown between overseas and domestic lawyers, and law firms will occur around 2016 when the market will be fully opened to foreign competition. This announcement will help galvanise home-grown lawyers and law firms, and lead relevant organisations such as the Korean Bar Association to take steps to prepare for the ultimate opening.”
A similar view was echoed by Koreabased foreign lawyer Thomas Pinansky, who said the bill was not likely to cause an immediate overhaul, as the status of FTAs signed with various countries are still pending. “The key event will likely be if and when the US FTA gets ratified by the respective legislative bodies… In my view, this will be finalised eventually and then gradually changes will begin… in the Korean legal services market,” he said.
However, in order to qualify as local consultants, foreign firms will not be allowed to hire locally qualified lawyers, patent attorneys or accountants. Foreign lawyers cannot be self-employed consultants, practise local law or represent clients in court. Lawyers will need to have at least three years’ overseas work experience. Those with two years’ local experience will have to work overseas for a year and, after qualifying, all lawyers will be required to commit to living in Korea for at least 180 days a year.
The move comes in anticipation of a full legal market liberalisation pursuant to FTAs signed with the US and ASEAN, and negotiations are currently under way with Australia, the UAE and EU nations.
A spokesman from Korea’s Ministry of Law said the intention of the bill was not to provide job opportunities for foreign lawyers but to upgrade the local legal industry. “[This] law will not shake the local legal services market,” he said. “A real showdown between overseas and domestic lawyers, and law firms will occur around 2016 when the market will be fully opened to foreign competition. This announcement will help galvanise home-grown lawyers and law firms, and lead relevant organisations such as the Korean Bar Association to take steps to prepare for the ultimate opening.”
A similar view was echoed by Koreabased foreign lawyer Thomas Pinansky, who said the bill was not likely to cause an immediate overhaul, as the status of FTAs signed with various countries are still pending. “The key event will likely be if and when the US FTA gets ratified by the respective legislative bodies… In my view, this will be finalised eventually and then gradually changes will begin… in the Korean legal services market,” he said.
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