Three years ago, when free trade agreements opened South Korea to U.S. and European law firms, foreign firms rushed to launch in Seoul. Some 26 international law firms—22 of them U.S. firms—have opened there in the past three years. And they’re still coming. Among the newest arrivals: U.S. firms White & Case and Kobre & Kim and U.K. Magic Circle firm Allen & Overy, which all opened Seoul offices in 2015.
The lawyers at international firms there practice U.S. or U.K. law, not South Korean law—but for many firms, the long-term game plan in South Korea has always included local law. It seemed like a reasonable expectation, under the five-year schedule for full legal market liberatlization laid out in South Korea’s Free Trade Agreements with both the United States and the European Union.
