http://www.koreaherald.com/view.php?ud=20150817000996
The Korea Herald reports….( Read full story at link above)
As South Korea is set to enter the third stage of its opening of the local legal industry, the legal circle here remains split over the impact, with some viewing it as a chance to hone local players’ competence, while others cite rigid regulations that would hem in any drastic change.
In early August, the Ministry of Justice submitted a revised draft of the Foreign Legal Consultant Act to implement what would be the final stage of the legal market liberalization under the free trade agreements.
Under the revised bill, Korea will be fully open to European and American law firms in July 2016 and March 2017, respectively, allowing them to set up joint ventures with Korean counterparts, hire Korean lawyers and partially practice domestic law as the final step.
The plan will also allow “fly-in fly-out” work practices, enabling foreign
lawyers to temporarily stay in Korea to handle cases requiring international mediation.
The gradual opening of the legal sector has come since Korea signed a free trade agreement with the EU in July 2011 and with the U.S. in March 2012.
