After Monday’s announcement of the free trade agreement between the U.S. and South Korea, several U.S. firms have set their sights on Seoul, South Korea. If the agreement becomes law, American firms could have offices in South Korea next year, though the legal market would not completely open for another five years. With the 10th largest economy in the world, South Korea is an attractive prospect for some large firms like Paul Hastings, Akin Gump Strauss Hauer & Feld, and DLA Piper, all of which would like to open there as soon as possible. Other firms like Orrick, Herrington & Sutcliffe and O’Melveny & Myers have no immediate plans to open in South Korea. Approval of the pact is not yet certain, however, as it now must gain approval from American and South Korean politicians.
Source: www.law.com