Law Society heads up Korea push as EU seals trade agreement
The Law Society is stepping up its activities in South Korea after the EU signed a free trade agreement (FTA) with the country earlier this month (15 October). The society has been pushing for legal services to be included in the FTA, and with this objective achieved, the Korean legal market could be opened up to European firms. The FTA could be ratified as early as next year, allowing for the three-stage deregulation of the market to start.
October 28, 2009 at 07:09 AM
2 minute read
UK firms eye Korea opportunities as FTA points to market opening
The Law Society is stepping up its activities in South Korea after the EU signed a free trade agreement (FTA) with the country earlier this month (15 October).
The society has been pushing for legal services to be included in the FTA, and with this objective achieved, the Korean legal market could be opened up to European firms. The FTA could be ratified as early as next year, allowing for the three-stage deregulation of the market to start.
The first stage would see firms able to set up offices advising only on foreign law, while the second and third stages would allow closer collaboration with local firms.
The Law Society has identified 20-25 UK firms with an interest in the market and is planning a trade delegation to the country next year, with Korean firms also likely to be invited to the UK. Opportunities for UK firms are thought to be in the banking, telecoms and shipping sectors.
Law Society head of international Alison Hook said: "The signing of the FTA is a crucial part of the process and a very positive development for UK law firms.
"The Law Society has been pushing for this development for five years, and the signing of this FTA now means that UK firms will potentially have the opportunity to enter the market ahead of their US competitors."
US law firms, traditionally more active in the market through Korean desks in other offices, are still waiting for an existing FTA to be ratified, which would enable them to practice in Korea.
Lovells Asia managing partner Crispin Rapinet warned that dominance of US firms in the market meant UK firms should be wary.
He said: "The Korean legal market is a well developed one in which a number of US firms have taken an active interest for some time. We will watch any opening up of the market with keen interest but from Lovells' point of view it is not one of our main priorities."
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