Skadden becomes 19th foreign firm to open in Seoul
Skadden Arps Slate Meagher & Flom has opened an office in Seoul after receiving a licence from South Korea's Ministry of Justice earlier this month.
March 26, 2014 at 11:30 PM
3 minute read
Skadden Arps Slate Meagher & Flom has opened an office in Seoul after receiving a licence from South Korea's Ministry of Justice earlier this month.
The US firm, which currently has six Asia-Pacific offices located in Shanghai, Beijing and Hong Kong; Singapore, Tokyo and Sydney, is the 19th international outfit to open in the country since the liberalisation of its legal services market in 2011.
The base will be Skadden's 23rd worldwide, led by Young Shin, a native Korean speaker and corporate partner who previously oversaw the firm's Korean practice from New York.
He has more than a decade of experience representing Korean clients on outbound M&A and other corporate transactions, whilst also assisting with disputes work.
The decision to open an office in the city was taken last year as part of Skadden's broader strategy to remain close to its clients and show commitment to the market.
It will initially be staffed with three or four lawyers, with the hope of growing to 10 to 15 in the medium term.
In a statement about the launch, executive partner Eric Friedman said: "Skadden has a long history of advising a diverse range of Korean and international clients on Korea-related business matters and legal disputes.
"The opening of our Seoul office enables us to deepen our ongoing commitment to the Korean market."
The number of international law firms launching offices in Korea has increased steadily over the last two years, following the ratification of a free trade agreement with Europe in February 2011.
Ropes & Gray was the first to move in on the market in July 2012, followed by a string of other outfits including Cleary Gottlieb Steen & Hamilton, Simpson Thacher & Bartlett, Linklaters, Clifford Chance, Baker & McKenzie and Herbert Smith Freehills.
There are now a total of 19 foreign firms on the ground, 14 from the US and five from the UK.
British firms have found it harder to set up offices due to rules which require the chief representative of the Korean office to have qualified in the firm's home jurisdiction and practised there for at least three years, and given the lack of Korean nationals working in the UK.
However, not all firms have followed the same model. In February Bird & Bird announced it had signed a cooperation agreement with Seoul-based outfit Hwang Mok Park (HMP), which would allow it to tap the market for outbound work without the risk and investment that comes with opening a base.
The plan is for the two firms to participate in joint marketing and collaboration of client services, with a view to a more formal merger in the next two to three years.
Another UK firm to have expressed an interest in Korea is Stephenson Harwood, which earlier this year hired DLA Piper's Seoul office head Michael Kim with a view to opening in the country in the next year.
The firm, whose Korean practice focuses mainly on shipping and energy work, said it would be applying for a licence in the coming months.
Related: Linklaters and Bakers receive approval to launch in Seoul
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