Tokyo and Seoul to lift foreign lawyer restrictions
Legal Week Global reports
April 07, 2003 at 08:03 PM
2 minute read
The Asian markets of South Korea and Japan look set to ease practice restrictions on foreign lawyers this spring after years of lobbying.
The moves will see South Korea open its legal market to foreign firms in 2005 and Japan allow Japanese lawyers to form partnerships with foreign lawyers.
In April, the South Korean government will publish proposals to allow foreign firms to open branch offices in the country. But legal experts are warning that the reforms fall short of allowing foreign firms to hire locally-qualified lawyers or offer local law services.
The proposals would be the first opportunity for foreign lawyers to directly enter the local market, although London giant Clifford Chance and KPMG's KLegal network both have alliances with Seoul firms.
Signs of liberalisation in Korea come as the Japanese Ministry of Justice finalises draft legislation to allow local lawyers to form ring-fenced local partnerships with foreign lawyers.
The new rules, which have been drawn in the face of strong opposition from the Japanese Federation of Bars, are expected to be passed by the national Parliament before the end of its current session in June and could be implemented by 2004.
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