Have to say this would be the most interesting article we’ve read in ALB this year. Good to see that the Asian legal market isn’t going to be entirely taken over by US & UK firms.
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ALB reports.. that Vietnamese law firms are looking to establish a presence in the previously restricted legal market of South Korea, according to a spokesman at the Korean Ministry of Justice.
The spokesman told ALB that around four Vietnamese firms have sought to apply for a licence to practice on a consultant basis. In September, laws allowing foreign law firms to practice as consultants came into effect. In its commitment to free-trade agreements, Korea will open its legal market to foreign firms in a three-step process, with full liberalisation planned for 2016.
Although no firms have officially applied, firms hailing from the ASEAN region ? a substantial number from Vietnam ? have ?shown interest? in opening there, said the spokesman. To be eligible to practice as consultants, foreign lawyers must have worked in Korea for at least three years and also have lived locally for at least 180 days of the year.
The managing partner of one of Vietnam?s largest firms said that it?s likely that Vietnamese firms with established alliances or ties to a Korean firm would look to apply.
Korea is one of the biggest investors in Vietnam, with investment estimated to have reached US$16bn according to official figures.
Full article at? http://asia.legalbusinessonline.com/news/breaking-news/vietnam-law-firms-make-inroads-to-korea/37740
