Woo Chang-rok
managing partner,
law firm Yulchon |
This is the first of two additional interviews with top law firms’ managing partners regarding the ongoing opening of Korea’s legal services market. ― ED.
By Park Si-soo
Staff Reporter
Woo Chang-rok, managing partner of the law firm Yulchon, says the liberalization of the domestic legal service market will help clients choose better legal advisors by pitting domestic law firms against international entities.
“Frankly, the ties a law firm has with judges and prosecutors has affected the results of trials. But such a practice will fade away when and if foreign firms and lawyers have free access to the domestic market. In other words, competence will become the sole factor for deciding which law firm a client chooses, and it will have a direct bearing on a law firm’s survival,” Woo said in an interview with The Korea Times at his office in Daechi-dong in southern Seoul.
Founded in 1997, Yulchon is one of the leading firms in Korea with around 240 specialists dealing with law, accounting, tariffs and patents.
From September, Seoul has allowed foreign lawyers to provide legal consultancy services to domestic clients ― the first step in a three-stage opening process. The full liberalization of the market is expected in 2016. At present, foreign lawyers cannot represent clients in court.
The senior lawyer expects the removal of the entry barrier will trigger a “new demand for new services.”
At present, the most sought-after fields for consultation are litigation, corporate finance, tax and intellectual property, he said.
“But the opening will widen the scope, meaning new demand for new fields will increase,” Woo said. He cited defense and entertainment as some of those that will open up as a result.
In preparation for the change, Yulchon recently launched a task force specializing in the defense industry.
“It will become lucrative,” said the graduate of the University of Washington School of Law. “We also believe the Korean wave, or hallyu, and other cultural, musical and sporting industries will become emerging markets for law firms.”
Woo said the liberalization of the market should be taken as an opportunity for Korean lawyers, not a source of concern.
“The Korean market is small and less profitable, so the top talent of foreign law firms will not come to Korea. At this stage, Korean lawyers are well trained enough to compete on an equal footing with foreign lawyers,” he said, adding, however, that Korean lawyers need to get themselves prepared for full battles with top foreign lawyers for years to come.
Yulchon, meanwhile, is eyeing countries in Southeast Asia and Eastern Europe as new markets. It recently opened a branch office in Ho Chi Minh City, Vietnam, and plans forays in other cities.
“The Vietnamese office is our strategic post with the aim of raising our exposure in Southeast Asian countries,” Woo said. “We also seek partnership with law firms there.”
pss@koreatimes.co.kr
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