This article appeared yesterday in the English language edition of Chosun..
They write
Korea’s Legal Landscape Faces Global Challenges
Korean legal firms could be headed for trouble if they do not begin looking farther afield for new business.
According to American Lawyer, a trade publication for the U.S. legal industry, and Korea’s Ministry of Justice, Korea’s entire legal market posted just US$2 billion in revenue last year.
That is similar to the earnings of individual firms such as Clifford Chance of the United Kingdom and Baker & McKenzie of the United States.
Experts say Korean firms must alter course by expanding overseas. While Clifford Chance, the world’s largest legal provider, has some 30 branches in over 20 countries, Korea’s biggest law firm Kim & Chang does not have a single overseas branch.
Domestic firms such as Kim & Chang and Shin & Kim do have a strong foothold here, especially when it comes to advising on mergers and acquisitions, where they rank at the top.
Full article: http://english.chosun.com/w21data/html/news/200902/200902110034.html
Although the figures show a truth that the Korean legal market is small as does need to grow . We have noticed, here at AALE, that ever since US & UK law firms have shown that they are not immune to recession that writers, politicians and representatives of the legal profession have been forcing the issue in a number of jurisdictions in Asia that they should liberalize their legal markets. India is the biggest prize but this is the third or fourth article we’ve seen about the need for Korea to open up its legal market and only a couple of weeks ago the UK government were trying to persuade the Malaysians to do the same.
