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December 15, 2014, CDR News
Covington partner Jeremy Wilson is quoted regarding the liberalization of Korea’s legal market:
"Marking the start of a five-year liberalisation process of its legal services sector, the move has spawned an influx of over 20 international firms opening offices in Seoul. With restrictions lifted on firms providing dual advice with domestic practices in 2013, the final phase, which will authorise EU and US firms to practice Korean law in 2016 and 2017 respectively, is keenly awaited."
With South Korea’s leading conglomerates (known as chaebol) becoming global players across multiple industries, international firms are developing a local presence to be closer to these clients and their key decision-makers, explains Jeremy Wilson, an international arbitration partner at Covington in London. Dymond adds: “In part, this is to further develop the practice and, in part, it is defensive; driven by a concern that those firms lacking a physical presence may be at a competitive disadvantage compared with those which do.”