Bird & Bird has become the latest international law firm to enter Korea after signing a cooperation agreement with Seoul-based outfit Hwang Mok Park (HMP).

The non-exclusive partnership will allow 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.

Kun-Su Mok, managing partner of HMP, will lead on the ground in Korea, while joint activity on the Bird & Bird side will be overseen by China chairman Justin Walkey alongside its head of the communications, media and technology (CMT) group in Hong Kong and China, Marcus Vass.

Bird & Bird currently has between 75 and 100 Korean clients but with no one partner in charge of the practice.

David Kerr, CEO of the firm, said the aim of the cooperation was to tap the Korean market for more corporate, dispute resolution and IP work, on both the inbound and outbound side as the economy continues to grow.

"We think Korea is one of the most important economies in Asia," he added. "We've seen a lot of growth.

"We are interested in increasing the amount of inbound work into Korea but also the amount of outbound work for a bigger range of clients coming out."

The UK-headquartered firm first revealed its plans to venture into Seoul in an interview with Legal Week in April last year, having identified particularly lucrative opportunities in areas such as intellectual property and technology, where the firm specialises.

The launch fits in with its wider plan to grow its Asia practice to account for 20% of firmwide revenues and lawyer headcount over the next three to five years, up from 15% presently.

In March it signed a similar cooperation agreement with Sydney law firm Truman Hoyle, which it also hopes to extend to a full merger in due course.
In Malaysia it has a tie up with Tay & Partners and in China with Lawjay Partners.

It also has offices in Hong Kong, Shanghai and Beijing, while it has a further base in Singapore through its global association with ATMD Bird & Bird.

Asked why the firm had chosen the cooperation model for Korea, Kerr said it would allow partners to get a better understanding of client requirements.

"Having analysed the Korean market we came to the conclusion that the best for us was to enter into a cooperation. We preferred that to the foreign legal consultant route that other firms have gone down.

"We feel very strongly that we need help to understand the psychology and culture of clients, so this is a great advantage for us.

"For now there will be no profit sharing – just trying to coordinate client services. But yes we would like the relationship to develop and get closer as regulation and time permits."

South Korea, Asia's fourth largest economy, has attracted a significant amount of interest from international law firms in the last two years following the liberalisation of its legal market.

Currently there are 18 foreign outfits with offices in Seoul, including Linklaters, Clifford Chance, Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett.

For UK firms there have been some barriers to entry 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.

However, a number of British outfits, including Ashurst and Stephenson Harwood, continue to show interest in the market.

Related: Stephenson Harwood hires DLA's Seoul chief for Korean opening