First Report on Survey of Actual Law Firm Clients
Legal Teams of 30s Group and 5 Major Financial Holding Companies
Survey of 588 Legal Officers from 117 Companies
Providing Fair and Objective Information on Korean Law Firms
Legal Times, South Korea's only authoritative legal newspaper (CEO Lee Su-hyung), published the "2024 Korea Law Firm Consumer Report" on the 30th.
The "2024 Korea Law Firm Consumer Report," the first law firm consumer report from the consumer's perspective, spans a total of 230 pages and is composed of six chapters: ▲Chapter 1 Capability Evaluation by Item ▲Chapter 2 Evaluation by Practice Area ▲Chapter 3 Best Law Firms vs. Underperforming Law Firms ▲Chapter 4 Best Lawyers vs. Underperforming Lawyers ▲Chapter 5 Analysis by Major Law Firms ▲Chapter 6 Hidden Champions.
The report includes capability evaluations of each law firm across 14 items such as expertise, professionalism, willingness to reappoint, and appropriateness of fees; evaluations by 11 practice areas including finance and securities, mergers and acquisitions, and serious accidents; as well as candid assessments from corporate legal officers who have actually engaged lawyers at law firms, covering the best and underperforming law firms and lawyers in each field, along with the reasons behind these evaluations.
Shin Dong-jin, Editor-in-Chief of Legal Times, said, "We named it the 'Law Firm Consumer Report' because previous law firm evaluations conducted by various media outlets or institutions were not based solely on customers who actually used the law firms." He added, "To overcome this issue, Legal Times conducted a law firm survey exclusively targeting the legal teams of affiliates within South Korea's top 30 conglomerates and the legal teams of affiliates within the top 5 financial holding companies."
Editor Shin stated, "Just as diners directly evaluate restaurants, we allowed legal consumers to directly evaluate law firms. Since these are accurate and honest evaluations from consumers who have actually used the law firms, we are confident that the results will be highly beneficial to both law firms and corporations."
He further explained, "The goal of this inaugural Law Firm Consumer Report is clear. We strived to capture the vivid voices of corporate legal officers as faithfully as possible. We believe that minimizing processing or editorial intervention ensures the objectivity and reliability of this evaluation," adding, "Through this, we aimed to create a proper law firm evaluation report recognized in the legal market."
Finally, Editor Shin pointed out, "Legal consumers in Korea spend considerable fees to use law firms but lack objective information on which law firm or lawyer to entrust with their cases. This information imbalance distorts the legal market." He expressed hope that "Legal Times' 2024 Law Firm Consumer Report will become the first report to provide fair and objective information about Korean law firms to consumers."
The Law Firm Consumer Report published by Legal Times is available for purchase at major bookstores and can also be pre-ordered on the Legal Times website.
※This article is based on content supplied by Law Times.
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