Korean Law Firm’s Competition from American/British Law Firms

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.

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About Sean Hayes

Sean Hayes is the first non-Korean employed as a foreign attorney by the Korean Court System (Constitutional Court of Korea) and one of the first non-Koreans to be a full-time regular member of a Korean law faculty. He is rated a Top Attorney by numerous legal rating agencies and is known for his street-smart advice, candor and aggressive & non-conflicted advocacy. Sean has been quoted by The New York Times, The Wall Street Journal, Bloomberg, CNN, Money Today, US Today, The Korea Times, The Korea Herald, France 24, Asia Legal Business and other news sources.