K-Law Firms' Global Expansion Also Reaches Yangon

Law Firms Seeking New Market Development and Innovation

Korean law firms are turning their attention overseas. Beyond supporting Korean companies through local offices and desks in foreign countries via business agreements (MOUs) with overseas law firms, some firms are now responding to advisory demands from local companies. Legal circles analyze that ‘K-law firms’ are solidifying their presence in the global market. A law firm official emphasized, “Global expansion is no longer an option but a necessity.”

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Overseas Expansion Essential for Enhancing Competitiveness

Since the law firm Taepyungyang (CEO Lee Jun-gi) opened its first overseas office in Beijing, China in 2004, the top nine law firms (based on the number of Korean lawyers in 2023) now have a total of 43 overseas offices. This is an increase of 10 offices compared to six years ago, demonstrating that law firms are swiftly moving into overseas markets to seek new revenue sources amid stagnation in the domestic legal market.

A representative lawyer of one firm said, “Opening local offices allows us to cooperate with global law firms in the area, build international networks, and enhance brand trustworthiness globally.”

Some mid-sized law firms are pursuing innovation through overseas expansion. Sugar Square currently operates offices in Cambodia and Laos. Recently, it provided advisory services related to the carbon emissions trading system for a Laotian company and is planning to open an office in Dallas, Texas. Daeryun is preparing to enter the Japanese market and is seeking cooperation with local law firms aiming to expand into New York, USA.

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Localization Strategy... Extending to Local Company Advisory

In the early stages of overseas expansion, most law firms primarily served Korean companies, focusing especially on ‘out-bound’ cases. Now, the scope has broadened to include advisory demands from local companies.

Kim Cheol-woong, a lawyer at Sugar Square, said, “Through localization strategies, we are attracting not only Korean clients but also local companies. Compared to before, advisory requests from local companies are steadily increasing.”

Jipyung, which operates nine offices in eight countries and holds the most overseas offices among domestic law firms, is actively responding to local companies as well. Jipyung lawyer Jung Cheol (age 49, 31st bar exam) said, “Currently, the main clients of our overseas offices are Korean companies, but in China, there is a growing demand from local companies and clients.”

Focus on Indonesia, Central and Eastern Europe

Recently, Indonesia and Central and Eastern Europe have been attracting attention as new strategic hubs.

Indonesia, the largest consumer market in ASEAN, is accelerating the entry of small and medium enterprises (SMEs) as the Ministry of SMEs opened a Global Business Center in Jakarta this month. Due to abundant natural resources and a high proportion of the working-age population, domestic law firms are actively working to resolve legal and regulatory challenges faced by SMEs and startups.

Kim & Chang (CEO Jung Kye-sung), Bae, Kim & Lee (CEO Kim Sang-gon), Taepyungyang, and Sejong (CEO Oh Jong-han) have signed MOUs with the Ministry of SMEs to provide customized legal support free of charge to nine countries where startups are actively expanding overseas, including Indonesia, Vietnam, and Singapore.

Central and Eastern Europe is also rapidly emerging as a production base for global companies. The Visegrad Group (Czech Republic, Slovakia, Poland, Hungary), centered on Hungary, is actively attracting global corporate investments by promoting low corporate taxes and skilled labor. Major Korean conglomerates such as Samsung and SK are investing in Hungary as a key European production base, and law firms are preparing to enter the market. Jipyung opened an office in Hungary in October to target the Central and Eastern European market.

Yulchon is the only firm operating an overseas office in Russia. It is currently reviewing plans to open offices in India and Singapore. HwaWoo has uniquely entered Uzbekistan, supporting Korean companies’ entry into Central Asia through its Tashkent office. HwaWoo is also considering opening a Singapore office to strengthen legal services in Southeast Asia and the Middle East.

Daeryuk Aju opened an office in Washington DC, USA, in 2022 and is considering opening additional overseas offices.

Bae, Kim & Lee opened the Eurasia Strategy Research Center last year to provide investment consulting for CIS (Commonwealth of Independent States) countries. It is also pursuing the establishment of a liaison office in Kazakhstan, opening a Singapore office, and setting up a local desk in Indonesia.

Taepyungyang operates eight offices in five countries (Beijing, Shanghai, Hong Kong, Ho Chi Minh City, Hanoi, Yangon, Singapore, Jakarta) and, keeping in mind the growth potential of the Indian market, expanded and reorganized its India Task Force this year. It is also pioneering new markets by launching a MENA (Middle East and North Africa) Task Force in cooperation with law firms in the Middle East.

Sejong operates a Ukraine Task Force to support Korean companies wishing to enter Ukraine. Advisory demands are also increasing in India, Taiwan, and Malaysia, and the firm is exploring ways to respond.

Barun plans to accelerate operations at its Singapore office. Oh Hee-jung, head of Barun’s Singapore representative office and a foreign lawyer, said, “Advisory demands from startups wishing to enter the ASEAN market are increasing. Since recent changes in investment immigration criteria in Singapore, advisory demands related to asset owners’ investments and migration to Singapore have significantly increased,” sharing the local atmosphere.

Kim & Chang Law Office operates five overseas offices and local desks (Hong Kong, Ho Chi Minh City, Hanoi, Singapore, Jakarta) and is considering further overseas expansion based on market conditions.

Reporter An Hyun, Legal Times

※This article is based on content supplied by Law Times.