The Donga-Ilbo reported that 83% of the Korean companies surveyed would utilize foreign law firms for domestic matters if foreign firms operated in Korea. The local Korean newspaper surveyed 50 Korean companies, state-run enterprises, law firms and financial institutions.
At present no American, British, French, German or any other foriegn law firms are allowed to operate in the Korean market.
However, a number of foreign lawyers in Korea have taken on senior roles at Korean law firms and many Korean law firms have standing relationships with American and British law firms.
The biggest fear for Korean law firms and lawyers was always thought to be the loss of foreign clients, however, it seems likely that even Korean companies may also be lost to foreign law firms without a drastic improvement in the quality and efficiency of representation by Korean attorneys.