Credit: cil86 / AdobeStock As Korean Corporates Exit China, Korean Law Firms Pivot, Focusing On Chinese Investments into Korea
Until a few years ago, Korean companies were pouring into China, giving the China practices of Korean law firms plenty of work. But as demand for that work has declined in the wake of geopolitical and economic pressures, those same firms have found a new revenue stream for their China practices: advising Chinese companies as they invest in South Korea.
May 30, 2023 at 03:39 AM
5 minute read
Law Firm Management
South Korean firms with offices in China used to do a significant amount of work advising Korean clients setting up and operating in China. But geopolitical and economic headwinds have prompted many Korean companies to restructure or shutter their operations in China, prompting what was once a reliable stream of work for Korean law firms to dry up.
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Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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