Herbert Smith Freehills (HSF) opened in Seoul last month, becoming the third UK firm to open in Korea, after Clifford Chance and DLA Piper.
The office will be co-headed by London disputes partner Tony Dymond and Singapore corporate partner Lewis McDonald, both of whom are relocating to the region.
The Seoul office will primarily focus on outbound work. It opens with two partners, three associates and a paralegal.
According to McDonald, this latest move is a key part of the firm’s strategy to become ‘the number one firm in the Asia-Pacific region’. Korea is the fourth largest economy in Asia and the 12th biggest in the world.
‘If you’re not there through an association it’s difficult to do Saudi work.’
Tim Plews, Clifford Chance
However, competition in Seoul is fierce and getting tougher after free trade agreements permitting foreign law firms to open in South Korea came into effect last year. Other UK firms to have shown an interest in the region include Linklaters, Ashurst and Bird & Bird.
According to Dymond the level of competition is no deterrent. ‘It will undoubtedly be a competitive market, but we operate and thrive in many competitive markets around the world,’ he said.
McDonald added: ‘Although it is a new market for international firms, we already have a significant practice advising Korean clients on outbound energy and natural resources deals in Australia, the Middle East and elsewhere. We’ll be looking to build on that and to link up Korean clients with our practices around the network.’
Seoul has hit international headlines recently due to the bellicose rhetoric and direct threats being made by its northern neighbour, Pyongyang.
However, McDonald is philosophical about the apparent danger. ‘The presence of an openly hostile neighbour is something that South Koreans have lived with for the past 60 years, and they have developed a sanguine attitude to this issue.
‘We do not believe there is any significant threat to Seoul at the present time, and nor does the wider business community,’ he said.