Clifford Chance woos Korean legal market

By Yi Whan-woo

Clifford Chance, the world’s third largest legal firm, has filed an application with the Ministry of Justice to set up an office to provide advisory services here, the ministry said Thursday.

The British giant is the first among international law firms to submit an application to enter the local market.

“Clifford Chance made the preliminary registration last December. Our screening process will take about two to three months,” a ministry official said.

The company will be listed on the Korean Bar Association once approved by the ministry.

A growing number of international law firms are expected to make inroads into the local market ahead of the implementation of Korea’s free trade agreement (FTA) with the United States.

The London-based firm will be accompanied by other global firms, including McDermott Will and Emery, a Chicago-based company that announced Wednesday it will open a Seoul office.

The American firm said that its move coincides with the entry into force of the historic U.S.-Korea Free Trade Agreement.

“McDermott’s office in Seoul represents a strategic alignment of opportunities for the firm,” said Jeffrey E. Stone, co-chair of the firm.

He added that the foreign offices faced legal restrictions here despite the country itself having a vibrant market.

Other U.S. firms, Clearly Gottlieb and Paul Hastings are also pushing toward launching Korean branch offices.

Europe-based companies have made similar moves, including Allen Overy and DLA Piper, after the Korea’s country’s FTA with Europe took effect.