With the recent influx of foreign firms into Seoul showing no signs of stopping, questions are being raised as to whether the market has reached saturation point and which firms will win the race for Korea’s most prestigious clients.
Paul Hastings and Covington & Burling became the most recent firms to open new offices in South Korea, both at the beginning of November. Since ratification of foreign trade agreements (FTAs) between Korea and the EU in July 2011 and the US in February 2012, 17 firms from the LB Global 100 have either opened an office, applied for a licence or have expressed an interest in opening in Seoul.
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