Byun Dong-geul
managing partner of
Yoon Yang Kim Shin & Yu |
This is the second and last interview with top law firms' managing partners regarding the ongoing opening of Korea's legal services market. ― ED.
By Park Si-soo
Staff Reporter
Byun Dong-geul, managing partner of the law firm Yoon Yang Kim Shin & Yu, said foreign law firms' successful entrance into the domestic legal services market will depend on their closeness to Korean lawyers.
"I don't agree with the growing concern that our legal services market will be overrun by foreign law firms after they get access to the market and Korean lawyers working for an international entity's branch here will hardly get an opportunity to participate in management affairs. The market liberalization will add more value to Korean lawyers," Byun said in an interview with The Korea Times at his office in Samseong-dong, southern Seoul.
Founded in 2003, the firm employs more than 230 specialists in law, accounting, tax, tariffs and patents.
"Korean lawyers will play a key role for foreign law firms to land in the domestic market smoothly. This is because of the unique yet indigenous culture in the industry, which is hard to explain in short," he said.
Instead, he took international retail giant Carrefour's failure in the domestic market as an example.
"When Carrefour first opened its store here, many expected a dismal future for homegrown retainers. But the result totally defied expectations," the former head of the Seoul Central District Court said.
The world's second largest retailer, which opened its first store in Bucheon, Gyeonggi Province, in 1996, withdrew its business in April 2006, showing that "size and international fame are not always a surefire ticket for success."
From September, Korea has allowed foreign lawyers to provide legal consultancy services to domestic clients ― the first move in a three-stage opening process, with full liberalization of the market set to begin in 2016. At this level, foreign lawyers cannot represent clients in court.
"To succeed, support from Korean lawyers familiar with the uniqueness of our system will be necessary," he said.
He said Korean law firms' capabilities in dealing with litigation have already reached a globally competitive level, but many are still behind foreign firms in such lucrative advisory services as finance, M&A, fair trade and intellectual property rights.
"But it's a matter of time to catch up with our foreign rivals," Byun said.
In an effort to enhance advisory services, the firm has recruited competent specialists and plans to handle as many cases as possible.
He said too much concern over liberalization is unnecessary because the Korean market is not profitable enough for foreign firms to push into it wholeheartedly. But he didn't rule out the possibility that the Korean market will become popular among foreign law firms who have their eyes on China as a new source of profit and want to acclimatize culturally.
The company, with overseas offices in Tokyo and Uzbekistan, plans to extend its business to China in the near future.
pss@koreatimes.co.kr
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