Posted Mar 07, 2012 08:58 pm CST
More United States law firms are planning to open offices in Korea, after the Korea-U.S. Free Trade Agreement takes effect next week.
Among the latest to announce plans are Paul Hastings, Ropes & Gray and Squire Sanders. The Korea Herald reports that Cleary Gottlieb, Cohen & Gresser, the Law Offices of Park & Associates and Sheppard Mullin also applied to gain licenses as advisers on foreign law Tuesday, the first day of applications; and that the United Kingdom’s Clifford Chance applied last year.
Meanwhile, domestic law firms in Korea are gearing up to contend with what many view as a foreign invasion by well-capitalized international law firms, the Korea Herald reported.
Already, a Bank of Korea survey found, even without offices in the country, foreign law firms are earning $1.1 billion annually from Korean companies, while the country’s own law firms are getting only $680 million.
ABAJournal.com: “McDermott Plans to Open an Office in South Korea; Trade Agreement Allows Foreign Firms”