Despite talks of high competition, interest in the South Korean legal market among foreign outfits only increased during 2014.

The country, which first opened up to international players in 2011 following the ratification of free trade agreements with Europe and the US, is rich with work spanning capital markets, project finance and cross border litigation, to name a few practices. In July 2016 and 2017, the market will fully open for UK and US firms respectively, allowing them to practise local law.

Unsurprisingly, 2014 saw another wave of newcomers, though fewer than 2012 and 2013. These included Bird & Bird, which entered the market via a tie up with local outfit Hwang Mok Park in February, Taylor Wessing, which launched a similar venture with local firm DR & AJU and Skadden Arps Meagher & Flom, which obtained a licence to open its own base in Seoul in March. Stephenson Harwood hired DLA's Korean partner Michael Kim and likewise opened its own office in the country in the Autumn. The number of foreign firms with fully fledged offices in Korea now stands at 20.

There were few lateral moves in Seoul during 2014. Probably the most significant was Ropes & Gray's hire of Linklaters capital markets lawyer Hyo Young Kang, who joined as a partner.

Clifford Chance (CC) and DLA Piper also had to appoint new chief representatives for their offices after both firms saw the departure of their regional leaders earlier in the year. DLA named Daniel Lee as its new chief rep after Michael Kim left to spearhead Stephenson Harwood's move into the country, while CC made ex-Herbert Smith Freehills (HSF) arbitrator Thomas Walsh its new office leader following the departure of energy and resources counsel Brian Cassidy, who moved back to the UK. In order to transfer the chief rep licence, DLA was forced to close its Seoul base for a period of four working days.

In 2015, there are other firms expected to make moves into the country. Milbank Tweed Hadley & McCloy has already applied for a licence with a view to tapping project finance and cross border disputes work, and likewise Latham & Watkins is currently considering a launch in the city.