Under the KORUS FTA, Korea has agreed to phased-opening of the domestic legal services market to international firms. In preparation for the opening, local firms are working to stay competitive and build their practices. The law market opening will occur in three phases, over a span of at about five years. In the first phase after FTA implementation, U.S. lawyers can establish offices and work as “consultants” on issues related to U.S. and international law. In the second phase, two years after implementation, U.S. firms can affiliate with Korean firms and split revenue on cases. In the final phase, five years after implementation, U.S. firms can establish joint ventures with Korean firms and U.S. firms can hire Korean lawyers. In this new market, leading U.S. firms will have an edge in M&A work, capital markets and cross-border business deals.
Source: www.times.hankooki.com