Home

The Korea Herald

Latest news

Most Popular

  1. 1

    Industry experts predicts tough choices as NewJeans' ultimatum nears

    Industry experts predicts tough choices as NewJeans' ultimatum nears
  2. 2

    Jung's paternity reveal exposes where Korea stands on extramarital babies

    Jung's paternity reveal exposes where Korea stands on extramarital babies
  3. 3

    Seoul city opens emergency care centers

    Seoul city opens emergency care centers
  4. 4

    Samsung entangled in legal risks amid calls for drastic reform

    Samsung entangled in legal risks amid calls for drastic reform
  5. 5

    Opposition chief acquitted of instigating perjury

    Opposition chief acquitted of instigating perjury
  1. 6

    [Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'

    [Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
  2. 7

    Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations

    Agency says Jung Woo-sung unsure on awards attendance after lovechild revelations
  3. 8

    [Exclusive] Hyundai Mobis eyes closer ties with BYD

    [Exclusive] Hyundai Mobis eyes closer ties with BYD
  4. 9

    [Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance

    [Herald Review] 'Gangnam B-Side' combines social realism with masterful suspense, performance
  5. 10

    Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push

    Why S. Korean refiners are reluctant to import US oil despite Trump’s energy push
소아쌤

Brexit to limit the scope of British law firms in Korea

By Korea Herald

Published : July 1, 2016 - 13:12

    • Link copied

[THE INVESTOR] South Korea’s legal consultation market is now open to European Union-based law firms, but those based in Britain are now likely to face severe limitations. 

Under the Korea-EU Free Trade Agreement, EU law firms are allowed to set up joint ventures with Korean law firms. Without a join venture, however, the EU-base law firms are limited to consultations on EU laws.

But once Britain leaves the EU, law fims base in Britain would not be able to operate joint ventures.  

Lawyers offices in southern Seoul. The Investor (Park Hyun-koo) Lawyers offices in southern Seoul. The Investor (Park Hyun-koo)

According to the Ministry of Justice, 26 foreign law firms have obtained licenses to set up offices offering consultations on foreign laws. Of these, five are based in the EU, all of which are UK-based law firms.

As such, the country’s legal consultations market is unlikely to see major changes until March next year when the market is opened to US law firms.

Under Korea’s trade pacts with the EU and the US, the market for legal consultations are to be fully opened after a five-year delay. The five-year period for the pact with EU expired on July 1, and that for the Korea-US pact will run out on March 15, 2017.

By Choi He-suk (cheesuk@heraldcorp.com)

More from Headlines