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The Ministry of Justice announced on Sunday that it granted three international law firms permission to open offices in Korea as part of eased restrictions due to the EU and U.S. free trade agreements.
The three firms permitted to open branches here are London-based law firm Clifford Chance, U.S.-based Sheppard Mullin and U.S.-based Ropes & Gray.
The three firms will be able to provide legal consultancy services in Korea after completing registration with the Korean Bar Association, according to the ministry.
It is the first time Korea has allowed foreign law firms to establish liaison offices here. The decision is a first step in applying FTAs with the U.S. and EU, the ministry said.
Under the FTAs, foreign law firms are allowed to open offices in Korea in steps. Initially, the firms will be restricted to practicing only U.S. and international law. But by July 2013 European firms ― and U.S. firms by March 2014 ― will be able to jointly handle cases and share profits with Korean law firms.
By 2017, all U.S. and EU firms will be allowed to fully enter the local legal service market, hire Korean lawyers and establish joint ventures with local firms.
According to the Ministry of Justice, so far eight foreign law firms have gained licenses as advisers on foreign law, but the number is soon expected to go up, with the market’s full liberalization approaching.
By Oh Kyu-wook (596story@herlamd.com)
The three firms permitted to open branches here are London-based law firm Clifford Chance, U.S.-based Sheppard Mullin and U.S.-based Ropes & Gray.
The three firms will be able to provide legal consultancy services in Korea after completing registration with the Korean Bar Association, according to the ministry.
It is the first time Korea has allowed foreign law firms to establish liaison offices here. The decision is a first step in applying FTAs with the U.S. and EU, the ministry said.
Under the FTAs, foreign law firms are allowed to open offices in Korea in steps. Initially, the firms will be restricted to practicing only U.S. and international law. But by July 2013 European firms ― and U.S. firms by March 2014 ― will be able to jointly handle cases and share profits with Korean law firms.
By 2017, all U.S. and EU firms will be allowed to fully enter the local legal service market, hire Korean lawyers and establish joint ventures with local firms.
According to the Ministry of Justice, so far eight foreign law firms have gained licenses as advisers on foreign law, but the number is soon expected to go up, with the market’s full liberalization approaching.
By Oh Kyu-wook (596story@herlamd.com)
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Articles by Korea Herald
