Venture Industry Calls for Immediate Passage of 'Lotok Law' in 21st National Assembly to Prevent Innovation Obstruction

Press Release Urging the Passage of the Lawyer Act Amendment Bill

The Innovation Venture Organizations Council demanded the swift passage of the amendment to the Attorney Act, known as the 'Lotok Law,' before the end of the 21st National Assembly session.

Comprising nine innovation venture organizations including the Venture Business Association, the Small and Medium Business Technology Innovation Association, and the Korea Women Venture Association, the council issued a statement on the 3rd urging the National Assembly to pass the pending amendment to the Attorney Act. If the National Assembly's term expires, the bill will be automatically discarded.

The council pointed out, "As of the 18th of last month, there are as many as 16,000 bills pending in the National Assembly. In particular, about 1,600 bills are pending in the Legislation and Judiciary Committee," adding, "This is the largest number ever, surpassing the 20th National Assembly, which was criticized as a 'plant parliament'."

They continued, "Among these, there are many bills that, if passed quickly, could open new paths for venture companies and innovative startups," emphasizing, "The Legislation and Judiciary Committee must make a bold decision for the future of Korea's innovation growth."

They also urged the passage of the bill, stating, "The amendment to the Attorney Act, known as the 'Lotok Law,' aims to adjust the excessive authority granted to lawyer organizations, thereby activating innovative startups in the legal field and improving public access to justice."

The council appealed, "Worldwide, there are 8,532 legal tech companies with investments totaling 14.2 billion KRW, and although this sector is rapidly growing, domestically, 'Law&Company' is the first and only company selected as a prospective unicorn," adding, "While advanced legal tech countries are sprinting ahead, Korea is crawling, blocked by regulatory walls."

They added, "The 21st National Assembly began with reflections on the 'Tada incident.' However, if it continues to be influenced only by specific professional groups, the Tada incident will repeat, and innovation will inevitably be delayed," concluding, "We hope the National Assembly will shed its stigma and be recognized as a leader in revitalizing new industries."