Baker & McKenzie has become the latest international law firm to apply to open in South Korea following the country's move to liberalise its legal market last year.

The US outfit is among a slew of global players eyeing the Asian sovereign state for opportunities, with Nam Hung Paik, an M&A partner in Bakers' corporate practice, appointed to lead the new office upon receiving the necessary approvals. Won Lee, the firm's Korea head, is currently based in Hong Kong.

Legal Week reported in December last year that the firm was keen to enter the market.

"Korean companies have been extraordinarily successful in expanding into international markets, and we look forward to continuing to assist them with their outbound aspirations," said Eduardo Leite, the chairman of Bakers' executive committee.

"After many years of working with Korean clients in many parts of the globe, we will now have the opportunity to service our clients more efficiently and effectively with a base in Seoul."

Bakers currently has 14 offices across 11 jurisdictions in the Asia-Pacific region. Seoul will be the firm's 73rd office globally and its sixth new base in the past 20 months, following launches in Lima, Casablanca, Johannesburg, Istanbul and Doha.

K&L Gates, O'Melveny & Myers and Covington & Burling have all recently received approval from the Korean Ministry of Justice and the Korean Bar Association to open registered foreign law offices in the country. They have since begun relocating staff to be based permanently in the capital Seoul.

Cleary Gottlieb Steen & Hamilton, McDermott Will & Emery, Paul Hastings Janofsky & Walker and Squire Sanders received the necessary approvals earlier this year, alongside Simpson Thacher & Bartlett and US boutique Cohen & Gresser.

Other firms to have applied for a licence include Herbert Smith Freehills and DLA Piper, whilst Ashurst expects to put in its own application soon.

Clifford Chance, Ropes & Gray, Sheppard Mullin Richter & Hampton were among the first to launch in the region.