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.
- Korean Governmental Regulations Stifle Innovations and the Role of Korean Law Firms
- Why are Legal Fees at Korean Law Firms Higher than New York and London: The Good, the Bad and the Ugly
- Alternative Legal Fee Arrangements at Korean-based Law Firms: Limited Scope Representation Explained
- Restrictive Covenants in Korean Employment Agreements and the Lawyers in Korea that Draft Them
- Korea Notarizations, Apostille, Powers of Attorney, Consularizations, Legalizations of Korean Translations and Documents
- English-Speaking Arbitration Attorneys in Korea
- Top Law Firms in Seoul, Korea for English-Speaking Clients According to 10 Magazine
- Content Opportunities for Int’l Entertainment Companies in Korea
- Korean Feasibility Studies will Save You Money and Headaches in Korea
- Korea emerges as an Arbitration Hub in East Asia