The KOR-EU FTA passed and thus British law firms will be able to setup shop in Korea over a five-year three-stage phase-in period. All of the leading British firms have begun building relationships with an eye to formal partnerships. KOR-US FTA, however, has stalled because of opposition of some prominent lawmakers in the liberal parties even though the two FTAs are very similar in scope. The following article is an interesting article on the intention of an American law firm in the Korean market and shows that local firms
Continue readingCategory: Korean Corporate and Compliance
Avoid Moral Hazard
Avoid Moral Hazard By Sean HayesAppeared in the Korea Times on January 8, 2008 President-elect Lee Myung-bak, during the campaign, pledged to create a 7 trillion won fund, managed by a presidential body, to assist in alleviating difficulties being felt by credit delinquents. The fund is equal to 5 percent of the ordinary annual budget of 2007. It has been estimated, by the Financial Supervisory Commission, that 3 million individuals are in default on loans and an additional 4 million individuals, because of past defaults, are unable
Continue readingCorporate Downsizing the Korean Way
Corporate Downsizing the Korean Way Appeared in the Korea Times on May 18, 2007 Lex Pro Bono Column Dear Professor Sean Hayes, I am working for a company that has notified us that they will layoff around 25 workers. I heard that under the Korean Labor Law an employer cannot dismiss employees without just cause. Is this true and what can I do to protect my job? Worried in Yeouido. Dear Worried, the Korean Labor Law provides some protection from dismissal by employers, but provides little protection
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