According to the revenue figures of mid-to-large law firms first confirmed by Legal Times, Law Firm Haegwang, Law Firm Lin, and LKB & Partners (LKB) have shown remarkable growth. Law Firm Peter & Kim stood out in terms of revenue per lawyer.
Haegwang has distinguished itself in litigation, showing about a twofold increase in revenue each year from its establishment in 2021 through 2023. In its first year, 2021, it recorded revenue of 5.744 billion KRW, then surpassed 10 billion KRW within a year by posting 11.587 billion KRW in 2022. It recorded 19.987 billion KRW in 2023 and 21.127 billion KRW in 2024, exceeding 20 billion KRW as well. In terms of growth rate, this represents a 268% increase in revenue from 2021 to 2024.
Last year, Haegwang represented Daeyu Holdings in a lawsuit against Namyang Dairy Products seeking the return of a contract deposit of 32 billion KRW and won the case. 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 the first trial’s prison sentence and securing a not guilty verdict 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 has also been steadily growing. Its revenue increased every year from 19.22 billion KRW in 2021 to 24.482 billion KRW in 2022, 29.683 billion KRW in 2023, and 37.278 billion KRW in 2024. This represents a 94% revenue growth from 2021 to 2024.
Law Firm Kim Jang-ri (16.8%) and Law Firm Hyun (10.6%) also recorded double-digit revenue growth rates. Kim Jang-ri’s revenue increased by about 3.6 billion KRW from 21.362 billion KRW in 2023 to 24.939 billion KRW in 2024. Hyun’s revenue rose from 28.213 billion KRW in 2023 to 31.214 billion KRW in 2024. Law Firm KCL grew by 8.3%, from 26.236 billion KRW in 2023 to 28.413 billion KRW in 2024, following closely behind.
Law Firm Peter & Kim’s revenue per lawyer of 1.29 billion KRW is higher than that of Law Firm Yulchon (730 million KRW), Law Firm HwaWoo (720 million KRW), and Law Firm Bae, Kim & Lee (700 million KRW). Currently, Peter & Kim has 15 Korean lawyers and 7 foreign lawyers. Even considering the number of foreign lawyers, Peter & Kim’s revenue per lawyer surpasses that of major large law firms. The next highest revenue per lawyer is Haegwang at 620 million KRW, comparable to Law Firm Kwangjang (680 million KRW) and Sejong (650 million KRW). Following are KCL and Law Firm Robex, with revenue per lawyer around 480 million KRW. The revenue per lawyer at KCL and Robex exceeded that of law firms ranked 7th to 12th among large firms.
Revenue per lawyer was calculated by dividing the law firm’s total revenue by the number of Korean lawyers as of December 31, 2024. The count excludes advisors or non-legal professionals (such as patent attorneys, accountants, etc.). Mid-to-large law firms, which generally have few non-legal professionals or advisors, appear to have secured more substantial individual lawyer performance.
Legal Times Reporters Han Su-hyun, Lee Jin-young, and Ahn Hyun
※This article is based on content supplied by Law Times.
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