[Invest&Law] Kim & Chang Launches Commercial Act Amendment Task Force... Providing One-Stop Integrated Services

Over 50 Experts from Corporate Law and M&A Teams
High Satisfaction Among Corporate Clients for Comprehensive Consulting

Lawyer Lee Youngmin, foreign lawyer Kim Jaemyung, lawyers Lee Woojoo, Kim Seungjun, Bae Kwangyeol, foreign lawyer Ahn Seyoung, Kim Minsu, Jin Sangbeom, Ahn Chaeyeon, Kim Jino, and lawyer Choi Heejun (clockwise from top left). Provided by Kim & Chang

As interest grows in issues that could be subject to further amendments, such as the duty of loyalty of directors to shareholders introduced in the recently revised Commercial Act and the mandatory cumulative voting system, there has been a sharp increase in companies seeking legal advice regarding the legal risks associated with the introduction of these systems.

According to the legal community on July 30, Kim & Chang has launched a "Commercial Act Amendment Task Force" to provide more specialized and integrated services in response to companies' requests for advice related to the amendments of the Commercial Act. The task force consists of around 50 experts from the corporate law team, M&A team, industry team, and fair trade team.

Companies are increasingly requesting not only legal advice but also comprehensive consulting on how to improve their existing governance structures and decision-making procedures in line with the recent developments in the Commercial Act amendments.

Accordingly, Kim & Chang is known for providing practical guidelines and procedures that can be applied in real-world practice to protect companies and directors, tailored to various transaction types and risk levels, by leveraging its formidable manpower of top experts in each field and consolidating the best domestic resources in both practical and theoretical aspects related to domestic and international matters.

In particular, Kim & Chang is recognized for offering customized consulting that takes into account the specific circumstances of each group or company, rather than conducting a one-size-fits-all analysis based on a single standard. As a result, it provides broad advisory opinions not only to a significant number of listed companies in Korea but also to foreign companies with subsidiaries in Korea, joint venture corporations, and domestic and international PEFs with portfolios.

Unlike other advisory institutions, Kim & Chang is known for its highest and largest level of litigation, governance and management rights, shareholder response, industry sector, and government agency experts directly participating in the task force, offering clients effective and realistic solutions from a comprehensive perspective for matters requiring improvement, which has led to high client satisfaction.

The task force is led by attorneys Jin Sangbeom and Kim Jino, with attorney Kim Minsu, an expert in commercial disputes; attorney Lee Youngmin, an M&A expert; foreign attorney Kim Jaemyung; and attorney Kim Jipyung, a corporate law expert, serving as overall managers and advisors. They are responsible for reviewing and supervising to ensure high-quality and consistent advisory services. In particular, attorney Jin, who joined last year, is a former chief research judge at the Supreme Court's commercial division and is recognized as the top expert in the domestic commercial law field.

In addition, so-called "mid-level" attorneys such as Kim Seungjun, Oh Minyoung, and Lee Uju are actively leading the task force and engaging directly with clients, bringing energy to the team. Attorney Lee Uju, as the chief secretary of the Commercial Act Amendment Task Force, oversees related advisory and research, handles shareholder response and governance improvement consulting for major domestic clients, and provides customized solutions that fit clients' actual needs.

The legal principles for resolving conflicts of interest between controlling and minority shareholders, which have become the most problematic issue following this Commercial Act amendment, have so far been developed mainly overseas. The group of foreign attorneys, led by Kim Jaemyung and Ahn Seyoung?both foreign attorneys and experts in international corporate law, including those with experience at major U.S. law firms?are also making significant contributions by providing high-quality advisory opinions unique to Kim & Chang, setting it apart from other law firms.

Attorney Kim Jino, who heads the task force, stated, "Our unrivaled strength lies in providing a one-stop integrated solution through perfect teamwork, achieved by the top experts in each field?corporate law, M&A, fair trade, and individual industry specialists?working together in a tight-knit network."