O’Melveny & Myers has become the latest firm to publicly announce plans to open an office in Seoul, and has filed an application with the Korean Ministry of Justice to do so.
OMM, which works with clients including Samsung, SK Hynix and Asiana Airlines, has snapped up Korean lawyers partner Sungyong Kang and of counsel Jinwon Park for its new office, its seventh in Asia. Practitioners from the firm’s European and U.S. office, along with Korea practice head Joseph Kim, will work closely with Kang and Park to integrate the new office into the firm’s global network.
“We are very glad to have Sungyong and Jinwon join our team and bring their first-hand knowledge of the Korean business landscape and the U.S. legal scene to our Seoul office,” said Kim in a statement.
Kang joins the firm from Shin & Kim, while Park arrives from Idea Consultants, an engineering consulting company where he was working as an adviser. Both have previously worked with Korean and U.S. law firms, and specialise in corporate M&A, cross border investments, international trade, and litigation and arbitration.
“We are glad to join a firm with deep strength in areas that are important to Korean companies such as IP litigation, antitrust, and M&A,” said Kang. “High-quality legal support in those areas, in addition to O’Melveny’s extensive Asia practice, is invaluable for Korean companies looking to compete on a global scale.”
Foreign interest in the Korean legal market has taken off following the signing of the European Union-Korea free trade agreement (FTA) last summer, and the ratification of the U.S.-Korea FTA in November last year. The latter allows U.S. law firms to partner with Korean firms for two years, and merge with Korean firms or hire local lawyers from 2017.
About 15 international firms have already applied for a preliminary review to practice in Korea. These include U.S. firms Paul Hastings, Ropes & Gray, Sheppard Mullin Richter & Hampton, McDermott Will & Emery, Simpson Thacher & Bartlett, Cleary Gottlieb Steen & Hamilton, Squire Sanders, and UK firm Clifford Chance.
So far, lawyers from three of these firms who have received approval from the Ministry of Justice to operate as foreign legal consultants are: Brian Cassidy from Clifford Chance, William Yongkyun Kim from Ropes & Gray, and Sheppard Mullin’s Seth Byoung Soo Kim. After earning the Ministry of Justice’s consent, these lawyers will now have to be approved by the Korean Bar Association. ALB
Kanishk Verghese is North Asia journalist at ALB. Follow him on Twitter: @ALB_Magazine.
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