South Korea Opens Door to Outside Firms – But Only Ajar
November 27, 2006, The Lawyer

On November 21, 2006, The South Korea Ministry of Justice published a draft of a new bill aimed at opening the nation's legal services market.  If the bill is passed, foreign law firms could establish offices in South Korea beginning in 2008.  However, they would not be able to employ local lawyers or practice local law.

"A limited opening without the ability to hire Korean lawyers and to practice Korean law, or to enter into joint ventures, makes the prospect of opening less interesting," said Eric Yoon, White & Case Korea practice head.  "The Korean side seems to envision a level of opening close to Japan's.  That's expected, but we're disappointed."

Yoon, who is based in New York, added that Korea is and has been a very important market for the firm and that White & Case is closely monitoring the situation and may open an office in the country if conditions are favorable.