Ashurst announced today (29 November) the rubber-stamping of a joint venture with South Korean firm HwaHyun, claiming to become the first international firm permitted to practice local law in the jurisdiction.
The association, which was approved by the Korean Ministry of Justice today, brings to fruition a longstanding aim for Ashurst. The firm first signalled its intent to launch in Korea when its legal market opened in 2011, before putting plans on ice in 2016.
Ashurst chief executive Paul Jenkins (pictured) told Legal Business that at launch, the new Korean entity will have four partners, two from each firm. He added: ‘It’s a differentiator in the market – we now have a local team, with local knowledge, who are able to practise local law. It came from listening to our international clients – it’s something they wanted us to do in this key global market.
‘It’s hard to say what other firms will do but I expect that given our clients see this as a game changer, other firms will seek regulatory approval in due course. In any case, we’re delighted to be the first.’
Ashurst has a pre-existing outbound Korean practice which operates across several offices globally. Led by partners John Kim and Huiyeon Kim, the practice counts Hyundai Motor Group, Samsung Group, SK Group, POSCO and Hanwha Group as clients.
HwaHyun is a full-service firm specialising in corporate, IP, technology and dispute resolution, and as such shares notable practice strengths with Ashurst. The firm is led by co-managing partners Kyung-Shik Shin and Nak Song Sung – Shin boasts 27 years’ public service experience, including as chief prosecutor for the Suwon District Prosecutors’ Office, while Sung served as a judge for over 30 years.
Shin commented: ‘Ashurst has impressive credentials and a clear vision and strategy for what it wants to achieve in Asia and globally. HwaHyun is a solid mid-sized law firm in Korea with very strong local capabilities and continuing aspirations for international practices. This significant development is a key step in both firms delivering on their ambitions.’
Korea is already home to a host of key international players such as Dentons, Allen & Overy and White & Case. Despite Ashurst’s claim, Dentons became the first international law firm permitted to practise local law in South Korea, via its combination with local firm Lee International in 2020.
