Korean Governmental Regulations Stifle Innovations and the Role of Korean Law Firms

The Korea Joonang Daily has a good piece concerning the effect of over-regulation on Korean innovation. The article brings to my mind the important role Korean Law Firms should play in preserving economic and individual liberties (basic rights).

The reality is without a strong push in the National Assembly (which seems hopeless) the, only option is the courts. As many readers may know, I formerly worked for the Constitutional Court of Korea. The Constitutional Court can be a useful tool in fighting the numerous useless, unnecessary, peculiar, and often simply non-nonsensical Korean regulations.

The answer to this issue, thus, may be to encourage the few proactive, unconflicted and experienced Korean Law Firms with experience with complex contentious litigation to take these type cases to the Court. Korean Law should grant the right to courts to award attorney fees to prevailing lawyers for a sum that is commensurate with the actual cost of the legal representation. We would see, likely, instant changes.

The articles, notes, in part that:

“Last year, the World Economic Forum ranked Korea’s regulatory burden 105th out of 138 surveyed countries, a drop from 98 in 2009 study.

On the other hand, the United Kingdom, which carried out extensive regulatory reforms in the wake of the 2008 financial crisis, climbed to 25 last year, a leap from 86th in 2009. The United States was ranked 29th and Japan 54th, far ahead of Korea. . .

A July report titled “Startup Korea” conducted by McKinsey and commissioned by Google Campus Seoul and the Asan Nanum Foundation found that 13 of the world’s top 100 start-ups would not even able to launch their businesses in Korea because of legal incompatibility, while 44 of them would have to revise their business models to meet regulatory requirements.

Only 43 of the 100 companies would be able to operate in Korea with their business models intact, according to the report.”

Korean Korean Law Firms, Korean Law Firms

Thus, the better Korean Law Firms, often, are known for taking on the most sensitive and contentious of cases in an unconflicted and nuanced manner. Few laws firms, in Korea, have these capabilities, because of, among other things, Korean legal and cultural realities.

Hopefully, for Korea, we can encourage great Korean Lawyers to take on these type cases.  Korea needs a Bar that vigorously defends economic and individual liberties.

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