Following an extensive nomination process, Asia Business Law Journal unveils the A-List of Korea’s top lawyers. Miran Lim and Byung Jin Park report
The recovery of the South Korean economy is accelerating. Boosted by a rebound in exports, the economy recorded a growth rate of 1.3% in the first quarter of 2024, the highest pace recorded since the fourth quarter of 2021. This exceeded the market’s expectations of 0.5% to 0.7% so significantly that it created a base effect, causing the growth rate in the second quarter to contract 0.2% . Meanwhile, the Organisation for Economic Co-operation and Development (OECD), which in February had projected South Korea’s 2024 economic growth rate to be 2.2%, raised its estimate to 2.5% in September.
While the macroeconomy is recovering, experts are beginning to feel cautiously optimistic about the M&A sector as well. In the third quarter of the year, the domestic M&A market, which had been constrained in the past two years due to increased financing costs from high interest rates, showed signs of recovery given expectations of interest rate cuts. Amid a series of restructuring sales from conglomerates, private equity funds with substantial financial resources actively engaged in M&A activities, significantly increasing the number of KRW1 trillion-plus (USD720 million-plus) deals from just one in the first half of the year to five in the third quarter.
The South Korean government’s strict regulations are also helping law firms generate revenue. According to the 2023-24 Product Market Regulation Indicators, announced by the OECD in July 2024, South Korea ranked 36th out of 38 countries in terms of government involvement in business operations.
For example, an increasing number of financial companies are seeking advice from major law firms to prepare for audits by regulatory bodies like the Financial Supervisory Service. Tasks such as obtaining business permits and providing regulatory advisory services are also emerging as new sources of income, especially when foreign companies make inbound investments.
Korean law firms are also looking to global markets in search of new opportunities. Jipyong, one of the top 10 law firms in the country, opened a new office in Budapest, Hungary, in October. The firm said it was the first instance of a major domestic law firm opening an overseas office targeting the legal markets of the four Eastern European countries of Poland, Hungary, the Czech Republic and Slovakia. DLG Law Corporation has, meanwhile, launched the Global Business Support Centre to provide comprehensive business solutions for companies expanding overseas.
Against this backdrop of promising developments, Asia Business Law Journal proudly presents the A-List of the top 100 best practising lawyers and 25 Legal Icons in South Korea. The A-List is based on extensive research conducted and nominations received from in-house counsel in South Korea and elsewhere, as well as Korea-focused partners in international law firms. Nearly all of the A-List lawyers are strategically located in Seoul, the country’s capital and economic centre.
Optimal solutions
South Korea is a heavily regulated country. The Korea Fair Trade Commission (KFTC), with more than 600 employees, is a prime example among the government regulatory agencies. In October this year, the KFTC imposed a fine of KRW162.8 billion – an industry high – on e-commerce firm Coupang for manipulating search rankings to increase sales of its own products.
The commission is also imposing heavier fines in other cases as the business environment for companies is becoming more challenging and the responsibilities of management increase. Clients report that finding a capable lawyer in the antitrust and competition field is considered very important at Korean companies as a result, and Suakbuam Hong, of Yoon & Yang, is one of those lawyers.
Sung Jun Hur, head of legal at Korea-based AK PLAZA, says Hong provides client-friendly advisory services and is regarded as a top expert in antitrust and competition cases. Hur adds, “Moreover, [Hong] effectively handles both preemptive measures and post-investigation responses by keeping abreast of the trends of the KFTC.”
Sang Beom Kim, chief legal officer at E-Land Park in Seoul, agrees, saying Hong “provides optimal solutions from the client’s perspective as an antitrust/competition expert with in-house experience”. Hong used to work in the legal team at Samsung Engineering.
Phenomenal IP ability
Law firms in South Korea are also focusing on protecting clients’ IP rights. The importance of the field is increasing with the so-called Fourth Industrial Revolution, and related disputes are becoming more complex and diverse. Amid this, In Hwan Kim, from Kim & Chang, has been recognised as a lawyer with whom others would like to work on IP rights.
A general manager in the engine development of a premium passenger car manufacturer, speaks highly of Kim, saying the lawyer “is the leader of a team of attorneys and engineers, and he has a phenomenal ability to translate between the disciplines of law and engineering”.
“Kim and I worked together on a very important business law case. I was and still am impressed about Kim’s performance and look forward to further collaboration,” says the general manager.
Richard Inz, an associate general counsel in patent litigation at Purdue Pharma, says that he brings to Kim his most important and critical patent, regulatory and competition matters for litigation, as well as seeking advice on patent prosecution matters for Korea.
“Kim is a stellar go-to attorney. He is proactive, providing advice about the issues we requested, as well as anticipating additional issues that need to be addressed. He is extremely available for consultation as well, given the time differences,” says Inz.
Kim is also praised by Jeffrey Schmidt, patent attorney at Corning in the US. “I had the honour of working with Kim over a few years as one of our high-profile patent cases made its way through the Korean Patent Office and on to invalidation proceedings against it that went all the way to the Korean Supreme Court,” says Schmidt.
“All through the process, Kim was thinking of how to improve the arguments, make them easier to understand, and get through to the audience appropriately. It was enjoyable working with him and watching things progress, ultimately to the good result of having our patent upheld as not invalid right up through the Supreme Court.”
Unwavering passion
The Korean legal sector has recently seen a surge in female representation. Despite the fact that the glass ceiling still exists in the legal profession, in 2023, the number of female admissions surpassed that of males for the first time in terms of new students at 25 law schools nationwide. This year’s A-List had nine female lawyers and no icons.
Myung-Ahn Kim, from Yoon & Yang, who newly joined the Korean A-List this year, is one of the lawyers breaking through. Benedict Teo, head of banking and financial disputes at Drew & Napier in Singapore, tells Asia Business Law Journal about his experience working with Kim.
“Myung-Ahn and I have worked on two significant litigation matters in Singapore on behalf of major Korean corporations. What struck me most about Myung-Ahn is her unwavering passion for her client’s case and her first-rate legal mind,” says Teo.
He adds that, even though the matters were difficult and complex, Kim displayed great tenacity and energy to constantly think outside the box in order to provide creative yet sensible arguments on the clients’ behalf. “I deeply appreciated her strategic thinking on the cases we worked on together.”
Alex Andrews, a partner at Reed Smith based in the UK, also regards Kim as one of his go-to lawyers in Korea. “We have co-operated on several major projects, and she is prompt, efficient and able as well as good to do business with,” says Andrews.
Managing partners
It is especially noteworthy that the managing partners of all major law firms in South Korea are included in this year’s A-List. They include: Kye Sung Chung from Kim & Chang; Sanggon Kim from Lee & Ko; Joonki Yi from Bae Kim & Lee; Seok Hoon Kang from Yulchon; Jong-Han Oh from Shin & Kim; and Myung Soo Lee from Yoon & Yang. To increase revenue and secure future opportunities, these managing partners are busy exploring new business opportunities.
Lee & Ko and Yulchon established space and aerospace industry teams earlier this year in line with the opening of the Korea AeroSpace Administration. Bae Kim & Lee has launched a Virtual Asset Criminal Response Team focusing on criminal issues in conjunction with the implementation of the Virtual Asset User Protection Act in July.
In January, Shin & Kim launched an AI & Data Centre to lead the future legal services market driven by AI, while in August Yoon & Yang established a BioHealth Centre by recruiting a number of experts in the pharmaceutical and biotechnology industries.
Making the best decisions
Jipyong’s Young Hwan Kwon and Chung Jin Chung, from KN Legal, are lawyers who have been praised for bringing success to businesses.
Hoon Soon Choi, an in-house counsel at Chungho Nais, speaks highly of Young Hwan Kwon, saying that he possesses exceptional skills and experience in advising and litigating labour-related cases.
“[Kwon] provides counsel to minimise the risks that companies may face in labour disputes and offers precise alternatives based on objective legal principles and precedents in litigation, helping companies make the best decisions,” says Choi.
Meanwhile, Chung Jin Chung, who has years of experience advising companies on energy projects, is praised by Frank Sur, the head of corporate practice group at Gowling WLG.
“We had an opportunity to work together on complex oil and gas joint ventures, EPC contracts as well as complex corporate reorganisations. In each of the instances Chung showed dedication, thoughtfulness and deep knowledge of the law with respect to complex construction and infrastructure projects in the energy field, as well as respectfulness and collegiality for everyone involved in the transaction. I am cheering for him to continue to succeed in his role.”
Dongha Kim, from Hyundai Chemical, also has positive comments about Chung.
“Our company was directly importing LNG from overseas for the first time and the process was not easy,” says Kim.
“[Chung] has helped us not only with legal expertise but also a high level of commercial understanding. And he showed the best performance with a high workload and limited time. As a result, we were able to successfully procure a first in directly importing LNG.”
Compiling the A-List
The A-List is based on extensive research conducted by Asia Business Law Journal. To identify the top lawyers in Korea, we turned to thousands of in-house counsel in Korea and around the world – as well as partners at international law firms – and asked them to tell us which lawyers should make the cut.
A-List lawyers were defined on the nomination form as “lawyers who are currently the star performers of Korea’s legal profession; the lawyers who are personally undertaking the country’s top legal work, crafting the most cutting-edge legal solutions to complex problems, and setting the highest standards in terms of quality, innovation and the ability to handle complex matters”.
Our Legal Icons were defined as “lawyers who are the luminaries of Korea’s legal profession; the titans who command the respect of clients and juniors alike; the mentors who lead Korea’s most admired law firms and/or legal teams, and who are the country’s most prolific rainmakers”.
All Korean private practice lawyers and foreign lawyers based in the country were automatically eligible for inclusion in the nomination process. There were no fees or any other requirements for entry.
