Global 100 firms continue to pile into South Korea, with Allen & Overy (A&O) and White & Case launching in Seoul in recent weeks, while disputes boutique Kobre & Kim has also opened a base in the Korean capital.
White & Case launched an office in Seoul in the summer with plans to relocate three partners and build on relationships with project finance clients. The venture is led by James Lee, who heads the Korea practice group and relocated to Seoul from Los Angeles. He will be joined initially by Mark Goodrich, a construction partner in London who will also transfer to Seoul, and Hong Kong partner Kyungseok Kim, who recently joined the firm’s M&A practice from Linklaters where he was an associate.
Seoul will be White & Case’s seventh office in Asia and 39th office globally. The firm intends to advise existing project finance clients while broadening out into M&A, private equity and disputes.
Eric Berg, head of Asia for White & Case, said: ‘This allows us to provide local support with UK and US law capability for our Korean clients, which include a broad spectrum of organisations and government agencies. It is a natural next step for the firm.’
A&O made its move in early September with energy and project finance partner Matthias Voss spearheading the Seoul launch, working alongside energy and projects partner Jean Lee and counsel Kyu Bang.
Due to local regulations, A&O will not offer Korean legal advice and will continue to work with local relationship firms. However, the new base will service Korean companies, quasi-sovereigns and financial institutions, although the firm said it has already served clients in Seoul for the last 30 years.
Wim Dejonghe, global managing partner, said: ‘The product and sector expertise offered by Matthias and Jean, supported by Kyu, will enable us to tap into the huge opportunities to work for Korean clients across a number of sectors, particularly energy and infrastructure.’
‘Our product and sector expertise will enable us to tap into the huge opportunities to work for Korean clients across a number of sectors.’
Wim Dejonghe, A&O
Finally, US litigation specialist Kobre & Kim continues to expand its international reach with the launch of an office in Seoul in early September, a venture led by the firm’s co-founder Michael Kim. Maintaining its focus solely on disputes and investigations, the initial team will include litigator Robin Baik and financial analyst Jean Kim. The launch brings the firm’s office headcount to nine and in Asia follows its Hong Kong office that opened in 2010.
‘We are offering two products not available in the current market: a Seoul-based, Korean-fluent team focusing on US government investigations, as well as Hong Kong and offshore litigation capabilities,’ said Kim.
Other firms that have also shown interest in South Korea recently include Latham & Watkins, which confirmed in May that it was considering a Seoul launch as part of its Asia strategy review. Earlier in the year Milbank, Tweed, Hadley & McCloy opened in Seoul and EY Law enhanced its Asia-Pacific presence in March after forming an alliance with South Korean firm Apex Legal, in a bid to align its advisory and legal businesses throughout the region.
From July 2016 for EU-based firms and in 2017 for US firms, liberalisation of the legal market will enter its final stage, allowing firms to invest in local outfits and hire Korean lawyers.
sarah.downey@legalease.co.uk