[Invest&Law] Rapid Revenue Growth of Mid-to-Large Law Firms

Analysis of Revenue at Ten Medium to Large Law Firms
Lin 26%, LKB 27%, Jungse 27%
Significant Year-on-Year Revenue Growth Last Year

Law firms Lin and LKB & Partners (LKB), and Jungse Law Firm achieved remarkable revenue growth in 2024. Medium to large law firms ranked 13th to 50th in the industry either surpassed or matched the top 12 firms in revenue per lawyer.

According to an analysis by Legal News of the revenues of 10 medium to large law firms including Lin, Hyun, LKB, KCL, Jungse, Robax, Baeksong, Haegwang, Peter & Kim, and Kim Jang-ri, Lin recorded revenue of 37.278 billion KRW in 2024. This represents a 25.6% (7.59 billion KRW) increase compared to the previous year. LKB also saw its revenue rise by 27% (5.93 billion KRW) from 21.976 billion KRW in 2023 to 27.097 billion KRW in 2024. Jungse similarly increased its revenue by 27% (2.79 billion KRW) to 13.121 billion KRW in 2024 compared to 2023.

KCL and Kim Jang-ri maintained revenues in the 20 billion KRW range. KCL’s revenue grew by 8.3% (2.18 billion KRW) from 26.236 billion KRW in 2023 to 28.413 billion KRW in 2024. Kim Jang-ri showed a 16.8% (3.58 billion KRW) increase from 21.362 billion KRW in 2023 to 24.939 billion KRW in 2024. Haegwang Law Firm, which expanded and reorganized into a limited liability law firm in 2022, surpassed 20 billion KRW for the first time by recording 21.127 billion KRW in revenue in 2024.

Legal News surveyed the revenues of 38 medium to large law firms ranked 13th to 50th based on the number of Korean lawyers as of December 31, 2024. Ten firms responded to the survey, while the remaining 28 did not. The number of lawyers is based on figures disclosed by each firm, and revenue figures are based on National Tax Service VAT filings.

Haegwang Law Firm stood out the most in terms of revenue growth rate. Based on its strength in litigation, it showed nearly double revenue growth each year from its establishment in 2021 through 2023. It recorded 5.744 billion KRW in revenue in its first year, 2021, then surpassed 10 billion KRW in 2022 with 11.587 billion KRW. It reached 19.987 billion KRW in 2023 and 21.127 billion KRW in 2024, exceeding 20 billion KRW. This represents a 268% revenue increase from 2021 to 2024.

Last year, Haegwang represented Daewoo Holdings in a lawsuit against Namyang Dairy Products demanding the return of a 32 billion KRW contract deposit and won. In the so-called ‘accusation instigation’ case, it defended Son Joon-sung (51, Judicial Research and Training Institute class 29), Deputy Chief Prosecutor of Daegu High Prosecutors’ Office, overturning a first-instance guilty verdict and securing an acquittal in the appellate court. Additionally, it won a plaintiff’s victory in an administrative lawsuit seeking to cancel financial regulatory sanctions against the chairman of a financial group holding company.

Lin Law Firm achieved a 94% revenue increase from 2021 to 2024. Hyun Law Firm’s revenue rose from 28.213 billion KRW in 2023 to 31.214 billion KRW in 2024.

Peter & Kim stood out in revenue per lawyer. Its revenue per lawyer was 1.29 billion KRW, higher than the top 12 firms by revenue excluding Kim & Jang Law Office. Haegwang (620 million KRW), KCL (480 million KRW), Robax (480 million KRW), Kim Jang-ri (470 million KRW), Baeksong (440 million KRW), LKB (440 million KRW), and Hyun (400 million KRW) all showed revenue per lawyer in the 400 to 600 million KRW range, comparable to firms like Kwangjang Law Firm (680 million KRW), Sejong (650 million KRW), Jipyung (460 million KRW), Daeryun (440 million KRW), YK (420 million KRW), and Bareun (420 million KRW).

Revenue per lawyer was calculated by dividing the law firm’s revenue by the number of Korean lawyers as of December 31, 2024. The count excludes advisors and non-legal professionals (such as patent attorneys and accountants). Medium to large law firms with relatively few non-legal professionals or advisors appear to have secured more substantial individual lawyer performance.

Legal News Reporters Han Su-hyun, Ahn Hyun, and Lee Jin-young

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