Seoul firms merge ahead of Korean liberalisation
Leading South Korean firm Hwang Mok Park has sealed a merger agreement with Seoul Law Group, as local firms prepare for the impending liberalisation of the Korean legal market. The tie-up went live at the beginning of February and sees the combined firm practise under the Hwang Mok banner.
February 14, 2007 at 10:46 AM
2 minute read
Leading South Korean firm Hwang Mok Park has sealed a merger agreement with Seoul Law Group, as local firms prepare for the impending liberalisation of the Korean legal market.
The tie-up went live at the beginning of February and sees the combined firm practise under the Hwang Mok banner.
Seoul-based Hwang Mok has around 75 lawyers and focuses primarily on financial institutions and the pharmaceutical sector. Notable clients include Lone Star Funds, the Korea Exchange Bank, Citibank, Novartis and Merck.
Boutique outfit Seoul Law Group has advised clients including Apple, Siemens and SC Johnson.
The merger comes as the South Korean National Assembly debates the Foreign Legal Consultants Bill, which would allow foreign lawyers to practise in the jurisdiction for the first time. It is thought the Bill will be passed by the middle of 2008.
However, the current version of the draft Bill would not allow foreign firms to take on Korean lawyers and also prohibits fee-sharing. UK lawyers have indicated their reluctance to adopt a joint venture model similar to that used in Singapore, which has proved problematic for some overseas advisers.
In a statement, Hwang Mok founding partner Hwang Ju-myung said: "The acquisition is the latest step in the firm's preparation for what [we see] as inevitable in the near future: Korea's legal market opening. Korea has had a closed legal market for too long and is falling behind the times."
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