South Korea Lifts Restrictions To Foreign Lawyers And Law Firms Since Being Imposed In 2011
Despite market freedom over the last four years, South Korea has imposed restrictions on foreign lawyers and law firms from practicing in the country since 2011.
Lawyers Weekly reported on Thursday the country has been an appealing location for foreign law firms because of its strong position in the global economy being thirteenth in the world for its GDP, ninth in imports and sixth in exports.
With South Korea's free trade agreement with Europe in 2011 and the U.S. in 2012, some of its restrictions on foreign lawyers were disregarded consequently allowing 4 European firms and 14 American firms to operate in the country, including Linklaters, Stephenson Harwood and Clifford Chance.
With South Korea's decision to lift restrictions in the country, Allan & Overy (A&O) was recently able to open its office in the Asian territory.
"Establishing a presence on the ground will enable us to bring the full weight of our international network [...] to bear for clients located here or wishing to invest," said Matthias Voss, A&O's South Korean practice head and partner.
"It will also enable us to continue to broaden the scope of work we offer our clients, not just in projects, capital markets and M&A, but also in areas such as antitrust, arbitration and IP."
Legal Week noted on Tuesday A&O has officially launched in South Korea with Tokyo partner Matthias Voss leading the firm's office in Seoul and hiring Lucy Oddy from Latham & Watkins to boost the firm's City real estate team.
An Australian-South Korean Free Trade Area (FTA) was established in December 2014 to allow similar access with European and American lawyers to Australian lawyers and firms, but at the same time restricting Australian firms in South Korea from establishing partnerships, associations or corporations with Korean law firms or South Korean-licensed lawyers until 2016.
Australian and South Korean law firms, however, will be allowed to engage in joint venture law firms by 2019.
Foreign lawyers are prohibited from practicing South Korean law but are allowed to serve as a foreign legal consultant. The country also do not acknowledge foreign qualifications, which leaves foreign lawyers to undergo the long process of acquiring a license in order to practice their profession in South Korea.
