Why are Legal Fees at Korean Law Firms Higher than New York and London: The Good, the Bad and the Ugly

I had a client note that their former Korean law firm was charging them double what they would have been charged in NY for a similar project.  This is not rare and the situation is, often, worse when litigation is involved.  A list of the best Korean law firms in Korea may be found at: 10 Best Law Firms in Korea. The Good: The Hourly Rates in Korea, normally, are Lower than Hong Kong, London, New York, Tokyo and Paris. Increased competition has brought down rates to levels equal to a decade ago. Korea is increasing the number of students that pass the bar exam. More international attorneys (American, British, German and Chinese) have entered the market, thus, increasing competition. More firms with international attorneys in Korean are capable of handling matters for foreigners. Competition is quickly bringing down the cost, however, foreign clients without knowledge of the market are

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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 experience 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

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