A 20 Trillion Won Mega-Deal Awakens Next Year's M&A Market... All-Out 'Manpower' Battle Among Top 7 Law Firms [Invest&Law]

Naver Financial and Dunamu Sign Comprehensive Share Swap
Opening the Era of 20 Trillion Won M&A Deals
Global Strategic Investors and Private Equity Join In:
Deal Structures and Risks Grow More Complex
Law Firms Expand Roles Beyond Advisory to Disputes and Regulatory Response
Kim & Chang Leads as Law Firm Competition Intensifies
Manpower Will Be the Decisive Factor in Next Year’s M&A Market

Naver Financial has successfully closed a mega-deal worth 20 trillion won with Dunamu, causing a stir in the domestic mergers and acquisitions (M&A) market. The merger between the leading domestic simple payment provider and Upbit, the operator of the world’s fourth-largest virtual asset exchange, is expected to serve as a catalyst for the future M&A market. With large-scale transactions worth trillions of won appearing one after another, the participation of foreign strategic investors and private equity funds (PE) is increasing, making deal structures more complex. In this process, the role of law firms is expanding from simple advisory to full-process responsibility, encompassing management rights disputes, injunctions, litigation risks, and regulatory response. This is why the lineup of leading attorneys at law firms, who have handled complex deals with global PEs and large corporations known for their rigorous standards, is once again in the spotlight. The “manpower” behind M&A deals has become more important than ever.

According to the law firm industry on the 31st, Kim & Chang has handled the largest number of mega-deals worth over 1 trillion won this year. Its M&A team, consisting of about 250 members, includes attorneys Jin-O Kim (26th class), Youngmin Lee (33rd class), Wansuk Kim (35th class), Heejun Choi (34th class), and Taeo Kim (39th class). Kim & Chang participated in a series of major deals, including Macquarie Asset Management’s sale of DIG Airgas (about 4.7 trillion won), the comprehensive share swap between Naver Financial and Dunamu (about 15 trillion won), which emerged as the biggest issue in the second half of the year, and Korean Air’s acquisition of Asiana Airlines and the sale of its global cargo business (about 2.2 trillion won). The firm is regarded as a benchmark in the mega-deal market, having handled more than 20 M&A transactions worth over 1 trillion won just this year.

Lee & Ko, with its 120-member M&A group, demonstrates strengths in cross-border deals and PE transactions. Its core lies in the cross-border team led by attorney Kiuk Kang and the PE line headed by attorney Daehun Koo (35th class). Attorneys Kyungcheon Kim (35th class), Sungmin Kim (36th class), and Taejung Kim (37th class) have expanded the portfolio from large corporation M&A to tech and startup deals. This year alone, Koo successfully closed high-profile deals such as the acquisition of DIG Airgas by French company Air Liquide (4.06 trillion won), the sale of LG Chem’s Walker Solution business, and Hanwha Hotels & Resorts’ acquisition of Ourhome.

Bae, Kim & Lee (BKL) has a dedicated M&A team within its 200-member corporate legal group. Led by attorney Sungjo Yoon (27th class), who has overseen M&As across manufacturing, distribution, IT, and energy sectors, and attorney Mokhong Kim (33rd class), who managed the Tesco Homeplus sale and Affinity’s acquisition deal, the team is anchored by attorney Hokyung Jang (38th class), who, along with attorneys Hyuncheol Ahn (35th class) and Myungseok Oh (36th class), has represented major domestic and international PEs such as KKR. BKL has stood out in major transactions, including KKR’s advisory on SK Ecoplant’s environmental subsidiary and Samhwa acquisition, as well as the sales of eBay Korea (about 3.4 trillion won), Baedal Minjok (about 4 trillion won), Daewoo Shipbuilding & Marine Engineering (about 2 trillion won), and Iljin Materials (about 2.7 trillion won).

Yulchon operates a corporate and M&A advisory division with about 100 members. Attorney Jaehyun Park (30th class), head of the corporate legal and finance group, oversees M&A, capital markets, funds, and PE, while the management rights dispute and corporate succession advisory center is led by attorney Sungwook Eun (26th class). The M&A team, led by attorney Kyusang Hwang (33rd class), with attorneys Hosung Song (40th class) and Byeonghun Hwang (Bar Exam 1st class), handles restructuring and investment transactions. Yulchon set a meaningful precedent by advising Woori Financial Group on the acquisition of Tongyang Life Insurance and ABL Life Insurance, managing everything from legal due diligence to negotiations with China’s Dajia Group and merger filing procedures, all the way through to deal closure.

Shin & Kim’s strength lies in its “solid middle” based on a 100-member M&A group. Attorney Jaeyoung Jang (29th class) leads the group, overseeing M&A and joint ventures, while attorney Donggeon Lee (29th class) handles inbound and outbound M&A and PE transactions. Attorney Hyesung Jeong (35th class), who advised on the establishment of the Alibaba-Gmarket joint venture and MBK Partners and Youngpoong’s public tender offer for Korea Zinc, and attorney Jungil Jo (36th class), who handled the Musinsa-Anta Sports JV and the sale of London Bagel Museum, are also key members. The next-generation lineup, including attorney Sugyun Lee (36th class), an expert in aviation and logistics such as the Korean Air-Asiana Airlines integration, is at the forefront, covering everything from large-scale deals to startup M&A.

HwaWoo, which has aggressively strengthened its talent pool by recruiting Managing Partner Heeung Yoon, known as an “M&A big shot,” operates an 80-member M&A team centered on attorneys Jinguk Lee (30th class), Hwangrim Jang (32nd class), senior foreign attorney Myunghyun Ryu (New York), Sangman Kim (34th class), and Youngjoo Kim (35th class). Attorney Ryu is an expert who has led major and complex overseas deals, such as Singapore’s sovereign wealth fund’s acquisition of a stake in Starbucks Korea. HwaWoo excels in strategies that combine “offense and defense” in situations where deals and disputes intersect, as seen in its responses to management rights disputes over Hanjin KAL’s paid-in capital increase during Korean Air’s acquisition of Asiana Airlines, injunctions on new shares and convertible bonds of SM Entertainment, and advisory on management rights disputes involving Hanmi Science and Kumho Petrochemical.

Jipyong takes great pride in its “core M&A specialist organization,” consisting of more than 50 dedicated M&A attorneys. Depending on the nature of the deal, it organically combines experts from corporate law, finance, tax, and fair trade groups to form an integrated deal team of about 100 members. In the core M&A and PE group, leading roles are played by Managing Partner Youngtae Yang (24th class), as well as attorneys Min Shin (30th class), Cheol Jeong (31st class), Hyejeong Ryu (34th class), and Taehyun Lee (36th class). Recently, Jipyong demonstrated its execution capabilities in restructuring-type PE deals by successfully closing the challenging sale of Motrol’s civilian business division to Doosan Bobcat.