By Kim Jae-won
U.S.-based global law firm Paul Hastings is expanding its presence here by striking key deals with local corporations.
Paul Hastings said it advised Japanese telecommunication giant SoftBank to invest $1 billion into Coupang, Korea’s largest online retailer, a deal that is anticipated to solidify its footing in the local e-commerce market and fuel global expansion plans. The law firm’s mergers and acquisitions (M&A) partners David Wang in China and Daniel Sae-chin Kim in Seoul spearheaded the deal.
The announcement came a few days after Paul Hastings represented the Lotte Group in acquiring the iconic New York Palace Hotel for $805 million. The hotel is located on Madison Avenue, featuring 909 rooms and suites. It has been used as a filming venue for popular TV shows such as “Gossip Girl” and “30 Rock.”
Market watchers said that Paul Hastings has successfully settled down in the local market since its launch of a Seoul office in 2012, a rare case among foreign law firms which are doing business here.
Paul Hastings said this is largely due to its specialties in intellectual property (IP) litigation and real estate M&A deals.
“We are specialized in IP litigations. Particularly, we are helping Korean companies sued by American companies in the U.S. courts,” said Kim Jong-han, the chair of Paul Hastings’ Seoul office.
Kim said that the law firm also helped local textile company Kolon Industries settle with U.S. chemical company DuPont over conspiring to steal its trade secrets. Kolon was sentenced to pay $360 million in restitution and fines in April by a U.S. federal court, far lower than the initial $919.9 million imposed by a lower court in December 2011.
The chief of Paul Hastings’ Seoul office said that the law firm’s M&A team, led by partner Daniel Sae-chin Kim, is representing local companies seeking to acquire firms and real estate in overseas markets. In particular, Paul Hastings has abundant experience in the real estate market as it helped many Japanese companies buy and sell hotels and other key buildings in the U.S. in the 1980s and 1990s.