Yulchon secures its place in the ‘Outstanding’ band for competition, litigation, private equity and tax this year. It climbs up the rankings in the aviation and shipping, and insurance practice areas. Its famed dispute resolution practice has more than 250 professionals and keeps apace with an evolving market, creating new disputes practice areas that are novel and innovative. The firm welcomed 14 new joiners over the past two years. Among them, Joon Ho Kwon, the former head of the IPO service team of the Korea Exchange, joined as a partner; and four team members have solid regulatory experience in Korea’s Financial Supervisory Service. The labour and employment team welcomed Jahyeong Ku and Kwang Sun Lee from Jipyong as partners in February 2023.
Client feedback
"They were professional in legal due diligence, and their feedback was prompt and reliable." – Corporate and M&A
"They were professional and enthusiastic." – Insurance
"Firstly, Yulchon's approach to the case was admirable. Despite the challenging situation due to Smartscore's extensive preparation and lawsuit, Yulchon provided us with psychological stability by demonstrating their passion and preparedness for various scenarios. Secondly, and more importantly, their legal reasoning was solid. While proving that our applications and solutions did not copy theirs, Yulchon discovered numerous prior technologies in preparation for various claims. Building on this, they employed a strategy to refute their premise, asserting that the imitated technology itself lacked originality. To be honest, I was amazed when I received the preparation letter. I have worked on several cases with other law firms, but it's rare to find a flawless and logically sound document that considers all possible scenarios from the outset. This made a positive impression on the judge during the hearing (even though it was a provisional hearing) and instilled confidence in the case. In summary, the lawsuit strategy presented by Yulchon was creative yet well-founded, leading us in a positive direction. Additionally, they provided various examples to support their logic, demonstrating their passion for delving into even the minutest technological details. Consequently, they submitted a perfectly prepared document. Their professionalism and passionate attitude, two qualities we value in our lawyers, were evident." – Intellectual property
"Their ability to handle complex and sophisticated matters is truly commendable. They navigate intricate issues with finesse and expertise, unmatched by others. They consistently demonstrate exceptional skill, competence and strategic thinking in challenging scenarios. Their astute analysis, sharp problem-solving skills and comprehensive understanding of intricate matters are truly impressive. They exhibit a remarkable ability to unravel complex issues and propose innovative solutions. Their proficiency in handling intricate and sophisticated matters is exceptional, distinguishing them in their field. Additionally, they possess a diverse range of expertise and skills that span various areas, enabling them to approach projects from multiple angles. The team members demonstrate a profound understanding of their respective fields and showcase a broad knowledge base. Their collective capabilities and depth of knowledge enable them to effectively handle complex and multifaceted tasks. Furthermore, their seamless collaboration and leveraging of each other's strengths contribute to the team's overall effectiveness. In summary, their team's depth and breadth are truly impressive, positioning them as a formidable force in their field." – Intellectual property
Yun Heui Cho
“Lawyer Cho is a former judge, and he's good at pleading for the court to understand.”
Yong Whan Choi
“Mr. Choi is the best lawyer related to tax fields in Korea, and that is why we are now working with Yulchon. I believe that there is not any work without Mr. Choi. He is creative and knowledgeable with a professional attitude.”
Hee Woo Jo
“First, he quickly recognises what the client wants and needs and comes back unconditionally the next meeting. Thanks to this, I can proceed with the fast-paced case comfortably and entrust it. Also, he has a rare and perfect expertise in this area. In this field, the industry has changed and diversified so rapidly that it is very difficult to grasp the contents, and other lawyers only understand it by gathering and learning a lot of information, but he is already very familiar with this industry and knows all the latest technologies, laws, precedents and trends. That is why we could follow his lead, and move in the correct direction accordingly, because we could believe that he knew everything and was managing it, even if we didn't know everything.”
Jin Kook Lee
“His fast feedback and problem-solving ability made the project progress favourably for our company.”
Yong Min Lee
“He has consistently delivered exceptional legal services, demonstrating an unparalleled level of expertise. With a deep understanding of the law and an unwavering commitment to excellence, he has consistently achieved outstanding results for us. His meticulous approach to legal matters, combined with his strategic thinking and sharp analytical skills, has enabled him to navigate complex legal issues with precision and effectiveness. We can trust in his ability to provide comprehensive and tailored legal solutions that meet our specific needs.”
Hyun Hwa Shin
“Hyunhwa offers a customer-oriented service backed by a high level of understanding and expertise in the insurance industry.”
Kyung Ae Yoon
“As a former examiner at the Patent and Trademark Office, her patent analysis is accurate and fast.”
Work highlights
Acting for a group of plaintiffs composed of Hana Card, KB Kookmin Bank, Shinhan Card, Hyundai Card, Samsung Card, Citibank Korea, Lotte Card, BC Card and Nonghyup Bank in a tax litigation concerning fees paid by Korean banks and card companies to Mastercard.
Successfully represented Samsung SDS in a lawsuit seeking cancellation of a W149 billion corporate income tax assessment.
Successfully represented a global automotive semiconductor manufacturer in a tax tribunal appeal and re-audit of a transfer pricing-related tax assessment and obtained a 90% tax refund.
Key clients
Cisco, Japan Korea Joint Smelting.
Work highlights
Successfully represented SK Telecom in a case involving employee-status claims before the Supreme Court. This was a landmark case as it provided a clearer standard for distinguishing between an inter-affiliate temporary assignment and worker dispatch.
Represented LG Chemical in a lawsuit by former employees seeking payment of performance-based incentives. The decision in this case is important because it addresses a situation where lower courts have been making different rulings on whether bonuses paid by private companies should be considered as wages. This issue arose after the Supreme Court declared that bonuses given by state-run agencies to their employees, based on the agency's overall performance, should be considered as wages.
Key clients
KT Corporation
Work highlights
Represented Hyundai E&C with respect to an industrial accident where one Hyundai E&C employee and two employees of a subcontractor working on a construction site for a grand-scale underground rainwater drainage facility ordered by the Seoul Metropolitan Government, drowned in a drainage tunnel flooded by heavy rain.
Work highlights
Represented Seoul Guarantee Insurance Company in rehabilitation procedures against Myongji School Foundation, a non-profit foundation subject to special legal regulations.
Representing Korea Development Bank in rehabilitation proceedings of SsangYong Motor Company.
Representing Seoul Guarantee Insurance Company in an action to confirm the non-existence of debt brought by its counterparty Lotte Tour Development.
Key clients
Energyen, Jabez Partners, KEB Hana Bank
Work highlights
Advising Naver on its acquisition of a US-based fashion e- marketplace Poshmark for $1.6 billion. This acquisition expands and diversifies Naver’s leading e-commerce platform, strengthens its community with a global social network of younger users, and positions it to capitalise on the global online fashion e-commerce and sustainable economic opportunity.
Advised Japan Korea Joint Smelting (JKJS), a Japanese company, on capital reduction and sale of its shares in LS-Nikko Copper in Korea. This W1.03 trillion transaction was the largest Korea-Japan cross-border merger and acquisition in recent years. As a result of the transaction, JX Nippon Mining & Metals Corporation, the largest shareholder of JKJS, is now able to better manage its financial portfolio and focus its managerial resources on other important areas of its business.
Key clients
Hanwha Aerospace, Korea Investment & Securities, Zinus.
Work highlights
Acted as Korean counsel to Hana Bank in connection with Hana Bank’s placement of medium term notes.
Advised Dominus Investment on its subscription of convertible bonds issued by Ace Technology, a Korean listed company specialising in manufacturing wireless radio equipment.
Successfully advised BMW Financial Services Korea, the German headquarters of BMW Group, on the transaction of issuing asset-backed securities in the Korean public offering market with automobile instalment loans as underlying assets.
Key clients
Daishin Private Equity, GS Caltex Corporation, KDB Capital, Korea Eximbank.
Work highlights
Representing both Microsoft and Activision Blizzard as their jointly-retained Korean merger control counsel in Microsoft’s $70 billion acquisition of Activision Blizzard, a leading gaming company. The transaction will significantly grow Microsoft’s gaming business across mobile, PC, console and cloud, and also will provide building blocks for the metaverse. Upon closing, Microsoft will become the third-largest gaming company in the world, behind Tencent and Sony. This matter will test the US Federal Trade Commission and other like-minded antitrust agencies’ aggressive enforcement stance against Big Tech in vertical deals even when the target is not readily considered as a nascent technology company. It will also test the wisdom of relentless merger enforcement when the parties have already offered a viable remedy.
Key clients
Delta Air Lines, Evergreen Marine Corp (Taiwan), Qualcomm, VMware.
Work highlights
Acted as counsel for the guarantor in connection with the financing of the construction and procurement of associated equipment linked to the expansion of the H2 facility and the H3 facility each located in the manufacturing plant located in Hai Phong City, Vietnam. The borrower’s obligations under the finance documents were guaranteed by LG Display.
Advised Korea Development Bank on the project finance deal that grants a syndicate term loan facility to Korea Energy Terminal in connection with its Ulsan complex terminal port construction project, which is being carried out in Ulsan, Korea.
Advised IGIS Asset Management Company on the investment in a senior secured term loan in connection with Ulsan new container port project in Ulsan, South Korea.
Key clients
Hana Micron, Korea Trade Insurance Corporation (K-SURE), Mirae Asset Securities.
Work highlights
Successfully advised Posco Wide on its acquisition of Jack Nicklaus Golf Club Korea (JNGCK), a membership golf club business located in Songdo, Incheon, from Songdo International City Development, and on the overall operation of JNGCK, including golf club member management and profitability. This golf course acquisition deal is the largest-ever transaction, worth over W16 billion ($12 million) per hole.
Successfully represented MBC in a lawsuit filed by Hyundai Development Company seeking the payment of construction costs for the construction of MBC’s new office building by obtaining a dismissal of over 90% of the claimed amount.
Key clients
Busan Port Authority, Hanyang Corporation, Hoban Construction.
Work highlights
Advised Multi Asset Global Investments in connection with a pre-delivery junior secured term loan to part-finance the acquisition of two H-Line newbuilds.
Advised Korea Trade Insurance Corporation (K-SURE) in connection with the proposed Chapter 11 proceedings and out-of-court restructuring initiated by Altera Infrastructure and its affiliates.
Advised the senior lenders, junior lenders and Korea Ocean Business Corporation in connection with a pre-delivery financing for the acquisition of two 86,000 CBM Class dual-fuel LPG carriers to be chartered to SK Shipping.
Key clients
Curious Partners, Korea Development Bank.
Work highlights
Advising Korea Hydro & Nuclear Power on its dispute with the manufacturer of a generator in relation to an internal fire at the Kori Nuclear Power Plant.
Work highlights
Advised KB Financial Group, KB Life Insurance and Prudential Life Insurance on Prudential Life Insurance’s merger with KB Life Insurance, with Prudential Life Insurance being the surviving company.
Advised Hanwha Life Financial Service on its acquisition of People Life.
Acted as legal adviser on a transaction involving the takeover by Hanwha Group's affiliates of a controlling stake in a non-life insurance company based in Indonesia.
Key clients
KCC Corporation, Korea Fire Protection Association, Kyobo Life Insurance.
Work highlights
Advised Hyundai Motor on legal guidelines for businesses to advance into new business using the metaverse.
Represented Kakao Corporation in responding to the service disruptions of major services of Kakao and its affiliates, including KakaoTalk, Kakao T, KakaoPay, and Melon, as a result of the Pangyo internet data centre fire accident that took place on October 15, 2022.
Successfully advised on a merger transaction between Skylife TV and Media Genie, the media and content arms of KT Group, through to the completion of the transaction. The merger took place in a way that Skylife TV absorbed Media Genie, with KT SkyLife holding 62.7% of the merged corporation and KT Studio Genie 37.3%.
Key clients
Gwangju Technopark, Korea Cable TV Association, LG HelloVision, Woori Home Shopping.
