[Interview] Lee Suhyung, CEO of The Law Times: "K-Law Can Become a 70 Trillion Won Industry by Opening Law Firms to Innovation"

The Era of the 'Rule of Code' Dominated by Technology
Beyond the Domestic Market: The Path Toward Global Industrialization
Expanding Career Horizons for Young and Aspiring Lawyers
LES to Be Held Annually... Aiming to Become a Platform Like CES

Suh Hyung Lee, CEO of The Law Times. The Law Times

"On December 1, we celebrated the 75th anniversary of our founding and expressed our gratitude to our readers. In fact, the title of my message of commitment was 'The 75th Change of Heart.' Rather than boasting of our 75-year tradition, we aim to achieve innovation by repeatedly changing and adapting at every moment."

Lee Suhyeong, who has led remarkable changes and growth at The Law Times in just three years since taking office, said, "With its 75-year history, The Law Times is a public institution for the legal community. Our top priority is to do good and helpful work for legal professionals and our legal readership."

On the 11th, we asked CEO Lee about the motivation behind organizing this event and his future aspirations. The following is a Q&A with CEO Lee.

-How did you come to plan Asia's first and Korea's only legal expo (LES 2025)?

▲The number of lawyers registered with the Korean Bar Association has surpassed 40,000, and about 1,700 new legal professionals enter the market every year. However, the size of the legal market has remained at between 7 trillion and 10 trillion won for more than a decade, and the average annual revenue per lawyer is stuck at around 250 million won. Within this limited domestic market, competition is fierce for litigation and advisory work. As the population decreases, the market size will likely shrink even further. The situation is especially dire compared to the medical field. The healthcare sector has evolved beyond treating patients to become a massive industry encompassing pharmaceuticals, biotech, healthcare, and medical devices, thereby creating national wealth.

The Korean legal market lacks two things: 'growth' and 'globalization.' The legal market is 100% domestic. If you look at the current state of Korea's domestic industries, you can also see the future of the legal market. The legal profession attracts the most outstanding talent. It is no exaggeration to say that it has swept up the best minds for decades. Yet, the added value generated here is negligible. The legal sector must now break out of the domestic market and, like the medical field, move toward globalization and industrialization. With this awareness of the issues, we prepared this event.

-What does the theme of this expo, 'From a 7 Trillion Won Market to a 70 Trillion Won Industry' (Beyond Market Toward Industry), mean?

▲Many people, upon seeing this slogan, ask, 'Is that possible? Does it make sense?' It is impossible if you only consider a domestic market of 50 million people; it is hard enough to surpass 10 trillion won, let alone 70 trillion. But if you consider a global population of 5 billion, the picture changes. The market is 100 times larger, so is it really a problem to grow tenfold from 7 trillion to 70 trillion? This year, the combined estimated annual revenue of Korea's four largest entertainment agencies is 5.13 trillion won. The overall K-POP market has already surpassed 10 trillion won.

It makes no sense that the legal profession, which gathers the best talent, remains stagnant. After the era of the Rule of God and the Rule of King, the modern era of the Rule of Law is also passing, and now, the era of the Rule of Code, dominated by technology, is arriving. In this age of the technological republic, I believe that if law firms open their doors and form alliances with technology companies based on engineering, science, and mathematics, the industrialization of K-Law into a 70 trillion won industry is achievable.

-The lineup of speakers was truly impressive, including Lance A. Etcheverry, partner at the global law firm Skadden Arps; Youngsun Park, former Minister of SMEs and Startups; and Moonchul Han, CEO attorney of Han Moonchul Suseuro.com with 1.83 million YouTube subscribers. How did you manage to invite such speakers?

▲All of them are extremely busy, yet they generously made time to participate as speakers. I would like to express my gratitude once again. I believe the main reason they agreed to participate was their resonance with the vision of 'leaping toward a 70 trillion won industry.' Former Minister Youngsun Park, who has emphasized the importance of AI sovereignty, and attorney Moonchul Han, who has pioneered new frontiers in lawyer branding, are both innovators who have broken the mold and achieved significant progress. The role of the 'In-House Counsel Forum (IHCF),' which co-hosted the event with The Law Times, was also significant. As the largest association of in-house lawyers in Korea, IHCF visited corporate legal departments and law firms one by one, explaining and persuading them, which led to their enthusiastic participation.

On the morning of the 3rd, at the opening ceremony of the "2025 Korea Legal Industry Expo" (LES 2025) held at the 2nd Exhibition Hall of aT Center in Yangjae-dong, Seocho-gu, Seoul, Soo-Hyung Lee, CEO of Legal Times, delivered the opening address. Photo by Baek Seonghyun, Legal Times reporter

-This expo featured a variety of programs, including a career conference for practicing lawyers, a 'Mentoring Lunch' modeled after lunch with Warren Buffett, and recruitment counseling by search firms. What was the intent behind these events, and how did participating lawyers respond?

▲One of the main goals of the event was to inspire young lawyers and aspiring legal professionals to 'dream again.' As the number of lawyers has surged, many young legal professionals seemed to be losing their dreams, overwhelmed by market competition. We wanted to help them regain hope and dream again by showing them the diverse paths their seniors have pioneered. We aimed to broaden career horizons beyond simply getting a job at a law firm, including participating in corporate management, founding startups, and pursuing opportunities abroad.

The response exceeded our expectations. More than 100 participants, from law school students to practicing lawyers, gathered at the 'Mentoring Lunch' to share their concerns. One participant said, "I used to think only about getting a job at a law firm, but seeing seniors with experience in the National Assembly and non-profit organizations broadened my perspective." At the on-site recruitment booths, more than ten lawyers with five to six years of experience visited in just one day with their resumes, demonstrating a strong desire for career change and expansion. The mentors who participated also said they were inspired by the passion of their juniors, creating a positive energy exchange among all involved.

-Will the 'Legal Industry Expo' be held annually?

▲Naming the event 'LES 2025' is an expression of our intention to continue it next year and the year after. Just as CES, the world's largest consumer electronics show, is held annually in Las Vegas and defines the year's technology trends, we want to establish LES (Law Expo Seoul) as an annual event that serves as a platform for observing the trends of the Asian legal industry at a glance.

-Since you became CEO three years ago, The Law Times has undergone many changes. What are your goals going forward?

▲With its 75-year history, The Law Times is a public institution for the legal community. Our top priority is to do good and helpful work for legal professionals and our legal readership. On that foundation, we also want to help the general public become more familiar and comfortable with the law. On December 1, we celebrated our 75th anniversary and published a message of commitment to our readers. The title was 'The 75th Change of Heart.' Rather than boasting of our 75-year tradition, we aim to achieve innovation by repeatedly changing and adapting at every moment. The fact that we were able to hold the Law Expo with a business department of only about four employees is, I believe, the result of such innovation and effort.

-What direction do you think Korea's legal industry should take in the future?

▲Both Peter Thiel, founder of Palantir, and Alexander Karp, its CEO-key architects of the technological republic now leading the United States and the world-are lawyers. In his lecture, attorney Moonchul Han emphasized to junior lawyers, "Do a lot of side projects." I hope that Korean lawyers will venture further afield, take on diverse challenges, and become the main drivers of a 70 trillion won industry.