All "Big Four" Law Firms Except Kim & Chang Surpass 400 Billion Won in Annual Revenue

All Big 4 Law Firms See Revenue Growth...
The Role of M&A Specialists Expands
Shifting Focus from Litigation to Corporate Advisory
Shin & Kim Grows 18%, Jumps from 5th to 3rd Place

All of the so-called "Big 4" law firms, except for Kim & Chang, which has recorded annual revenue in the 1 trillion won range, have surpassed 400 billion won in annual revenue. As the role of law firms in areas such as mergers and acquisitions (M&A) grows, the Big 4 continue to show annual growth.

According to the legal community on January 15, Kim & Chang is estimated to have recorded revenue of approximately 1.7 trillion won last year. Kim & Chang's revenue for 2024 is estimated to be around 1.5 trillion won. Bae, Kim & Lee posted 440.2 billion won, Shin & Kim 436.3 billion won, Lee & Ko 430.9 billion won, and Yulchon 408 billion won in revenue last year. The revenue figures for the four major law firms, excluding Kim & Chang, are based on National Tax Service filings.

Shin & Kim's rapid growth is particularly notable. Having remained in the fifth position until 2024, Shin & Kim jumped to third place last year, growing 18% year-on-year. Shin & Kim recorded balanced revenue growth across all practice areas, with especially significant increases in M&A, ICT (cybersecurity), corporate litigation (civil and criminal), tax, and fair trade.

In the M&A sector, the firm saw a sharp increase in high-value, complex deal advisory work, including the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo (transaction size: 8.627 trillion won), the establishment of a joint online platform venture between Aliexpress and Shinsegae Group (6 trillion won), and the sale of K-Eco Plant’s environmental subsidiaries such as Renewus (1.78 trillion won), which drove overall growth.

In corporate litigation, the firm represented the Youngpoong-MBK alliance in the Korea Zinc management dispute and won major civil and criminal cases, such as the 250 billion won deposit lawsuit between Asiana Airlines and HDC Hyundai Development Company. These victories are seen as key contributors to revenue growth.

Bae, Kim & Lee reclaimed the second position after remaining in third place, driven by its leading role in complex, multi-issue cases such as the 13-year-long Lone Star international arbitration (ISDS) case, the Samsung Bioepis Eylea patent invalidation suit, the Korea Zinc management dispute, and Korea Electric Power Service (KEPS) industrial accident cases.

In M&A, the firm successfully advised on large-scale transactions involving global private equity funds and major conglomerates. Notable deals included KKR’s acquisition of SK Ecoplant’s environmental subsidiaries, Affinity’s rental car company acquisition, and the sale of SK Siltron. Other significant contributors to revenue growth included POSCO International’s large-scale palm acquisition in Indonesia, LG Display’s sale of its Guangzhou plant in China, and Korean Air’s investment in a Canadian airline.

Lee & Ko fell to fourth place, but its revenue still increased by about 5% year-on-year. Analysts note that, unlike the other Big 4 firms, Lee & Ko focused on restructuring to enhance specialization within groups rather than increasing the number of attorneys, which explains its relatively slower growth.

Lee & Ko posted over 30% revenue growth in M&A and, after significantly strengthening its criminal trial team, achieved acquittals in major criminal cases involving Hanssem, SPC, and Kakao, demonstrating a strategy of selective focus. The acquittal of Kakao Chairman Kim Beomsoo in the first trial was one of Lee & Ko’s major achievements last year.

Yulchon recorded approximately 10% revenue growth last year, with the highest revenue per Korean attorney among the Big 4. Yulchon provided proactive advisory services in emerging sectors such as artificial intelligence (AI) and defense, and saw an increase in overseas work, including regulatory compliance. The firm also achieved balanced growth in traditional areas such as tax, litigation, and fair trade, contributing to its revenue increase.

Additionally, Yulchon stood out in M&A by representing Naver Financial in the successful merger with Dunamu and participating in major M&A deals such as Woori Financial Group’s acquisition of Tongyang Life Insurance and ABL Life Insurance. The firm also achieved significant results by representing SK Group Chairman Chey Tae-won in a property division lawsuit, securing a remand verdict in the Supreme Court.

An attorney at a major law firm commented, "Recently, companies are increasingly appointing law firms for proactive legal advice before issues arise. While there are limits to revenue growth from traditional civil and criminal litigation, the demand for advisory work targeting corporate clients is expected to continue rising in the future."