Also available in Yangon, K-Law Firm’s global moves

Law firms seeking to pioneer and innovate new markets

Korean law firms are turning their attention overseas. In the meantime, local offices and desks of Korean law firms have gone beyond supporting Korean companies through business agreements (MOUs) with overseas law firms, and some law firms are responding to the demand for advice from local companies. In the legal world, there is analysis that ‘K-Law Firm’ is solidifying its position in the global market. A law firm official emphasized, “Going global is no longer an option, but a necessity.”

Necessary for overseas expansion and strengthening competitiveness

Since Pacific Law Firm (omitted below) (CEO Jun-ki Lee) opened its first overseas office in Beijing, China in 2004, the number of overseas offices of the 9 largest law firms (based on the number of Korean lawyers in 2023) totals 43. This figure is 10 more than six years ago, showing that law firms are quickly moving to overseas markets to find new revenue sources at a time when the growth of the domestic legal market is stagnant.

The representative attorney of a law firm said, “Opening a local office has the advantage of being able to build an international network by cooperating with local global law firms and increasing brand credibility internationally.”

There are also mid-sized law firms seeking innovation through overseas expansion. Sugar Square is currently operating offices in Cambodia and Laos. We recently provided advice on a Laotian company's carbon emissions trading system and are currently planning to open one in Dallas, Texas. Daeryun is currently preparing to enter the Japanese office. Daeryun is seeking cooperation with local law firms with the goal of entering the New York market.

Localization strategy... even consulting for local companies

In the early days of overseas expansion, most law firms had Korean companies as their main clients. In particular, there was a focus on ‘outbound’ incidents. Now, the scope of expansion has expanded to meet the demand for advice targeting local companies.

Cheolwoong KimA Sugar Square lawyer said, “Through our localization strategy, we are seeking not only Korean customers but also local companies,” and added, “Compared to the past, requests for advice from local companies are steadily increasing.”

Jipyong, which operates 9 offices in 8 countries and has the largest number of overseas offices among domestic law firms, is also actively responding to local companies.Jeongcheol(49th, 31st class) Attorney Jipyeong said, “Currently, the main customers of our overseas offices are Korean companies, but in the case of China, there is a lot of demand from local companies and customers and it is gradually increasing.”

Attention in Indonesia, Central and Eastern Europe, etc.

Recently, Indonesia and Central and Eastern Europe in particular have been attracting attention as new strategic bases.

Indonesia is the largest consumer market in ASEAN, and the entry of small and medium-sized businesses into the country is accelerating as the Ministry of SMEs and Startups opened a Global Business Center in Jakarta this month. With abundant natural resources and a high proportion of the working-age population, domestic law firms are also actively working to resolve legal and regulatory difficulties for small and medium-sized businesses and startups.

Kim & Chang (CEO Jeong Gye-seong), Gwangjang (CEO Kim Sang-gon), Pacific, and Sejong (CEO Oh Jong-han) signed a business agreement with the Ministry of SMEs and Startups to provide free customized legal support to nine countries where startups are actively expanding into overseas markets, including Indonesia, Vietnam, and Singapore.

Central and Eastern Europe is also rapidly emerging as a production base for global companies. The Visegrad Group (Czech Republic, Slovakia, Poland, Hungary), centered on Hungary, is actively attracting investment from global companies by boasting low corporate taxes and skilled labor. Large domestic companies such as Samsung and SK are also investing in Hungary as a key European production base, and law firms are also preparing to jump in. Jipyong opened an office in Hungary in October and began targeting the Central and Eastern European market.

Yulchon is the only company operating an overseas office in Russia. Recently, we are considering opening overseas offices in India and Singapore. Huawoo is the only company operating in Uzbekistan. The Tashkent office supports domestic companies' expansion into Central Asia. Yoon & Yang is considering opening a Singapore office to strengthen legal services in Southeast Asia and the Middle East.

Daeryuk Aju opened an office in Washington, DC, USA in 2022. Additionally, the possibility of opening an overseas office is also being considered.

Square opened the Eurasian Strategic Research Center last year and provides investment consulting for CIS (Commonwealth of Independent States) countries. In addition, the company is pursuing the establishment of a liaison office in Kazakhstan, an office in Singapore, and a local desk in Indonesia.

Pacific, which operates eight locations in five countries (Beijing, Shanghai, Hong Kong, Ho Chi Minh City, Hanoi, Yangon, Singapore, and Jakarta), is operating an expanded and reorganized India TF this year, keeping in mind the growth potential of the Indian market. We are working to pioneer new markets by launching the MENA (Middle East and North Africa) TF in cooperation with law firms in the Middle East.

Sejong operates the Ukraine TF and supports domestic companies wishing to enter Ukraine. Demand for advice is increasing in countries such as India, Taiwan, and Malaysia, and measures are being sought to respond.

Bareun also plans to accelerate the operation of its Singapore office. Oh Hee-jeong, a foreign lawyer and head of the Bareun Singapore representative office, said, “The demand for advice from startups wishing to enter the ASEAN market is increasing,” and “Since the standards related to investment immigration were recently changed in Singapore, the demand for advice on investment and migration to Singapore by wealthy individuals has increased significantly.”

Kim & Chang Law Firm operates five overseas offices (Hong Kong, Ho Chi Minh City, Hanoi, Singapore, and Jakarta) and a local desk. Considering market conditions, we are considering additional overseas expansion.
 

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Also in Yangon, K-Law Firm's global moves (go directly)