Global Law Firms Rush into Korean Legal Market

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Global Law Firms Rush into Korean Legal Market

whowireduniedit

2012.02.20 (20:26:26)

law firm.jpg Major American and European law firms plan to enter the Korean market in the coming months, taking advantage of the free trade agreements and signaling a round of cutthroat competition.

The rush into the local market by American and European law firms has been sparked by the Korea-U.S. and Korea-EU FTAs, which will allow foreign lawyers to serve Korean clients.

The American law firms' interest toward the Korean legal market, which is estimated to be worth 2 trillion won (S$2.26 billion), is also in line with the rapid growth of Korean companies on the global market such as Samsung, LG and Hyundai. More Korean firms seek legal advice on various issues, demonstrated by the ongoing patent battle between Samsung and Apple.

In addition, as the Korean market will open up further under the bilateral trade deal, American companies are expected to tap into the legal services provided by American law firms specializing in the local market.

[Via] Asia One/Korea Herald

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