An undisputed premier firm, Lee & Ko holds steady in the rankings as a fool-proof choice for its impressive roster of offshore and onshore clients. Its renowned finance practice wins plaudits from peers and clients that acknowledge its frequent role in representing lenders. The firm was elevated this year into the ‘Oustanding’ tiers for labour and employment and real estate. Despite a slowdown in the capital markets, Lee & Ko’s traditional dominance in debt capital markets helped it maintain a steady flow of debt deals. Managing partner Yong Seok Ahn is recognised for his corporate and competition expertise. The firm experienced the usual inflow and outflow of talent. Notable developments in the last 12 months include the departure of banking and finance partner HK (Helen) Sohn to Yoon & Yang. On the other hand, the firm’s capital markets practice welcomed Taekyoung Kwon and Dajeong Kim as partners. Furthermore, Sujin Jun joined the firm’s antitrust/competition team from the Seoul High Court, while Young Jin Kim joined the labour and employment practice after serving as a judge in the Seoul District Court, Seoul High Court, and ultimately the Korean Supreme Court. The firm’s corporate and M&A team has also been expanding over the past year, with five new partners on board. Its dispute resolution team also welcomed 11 new partners.
Client feedback
“Lee & Ko is able to understand the intricacies of air mileage system. There was little precedent for examination of air mileage, but Lee & Ko was able to develop a comprehensive argument using similar cases as the basis.” – Aviation
“Lee & Ko’s client service is unsurpassed. Considering the stakes, I make frequent requests, require detailed explanations to questions and at times probably ask more of Lee & Ko than other clients, but Lee & Ko always responds promptly and provides detailed answers that not only take into account our commercial interests, but our legal fees as well. If you are looking for the highest quality service with the best value, I could not recommend any other firm.” – Competition/antitrust
“The attorneys at Lee & Ko are very professional and devoted. Their fee charge is reasonable.” – Competition/antitrust
"They are professional and dedicated to their clients. They have demonstrated excellent practice." – Competition/antitrust
“They are loyal to our company and do the best for the client's needs.” – Corporate and M&A
“Dedicated team with the most professional and in-depth legal service.” – Corporate and M&A
“Lee & Ko provides excellent service in an efficient manner.” – Corporate and M&A
"Lee & Ko provided timely and necessary advisory opinions based on extensive legal knowledge and experience.” – Corporate and M&A
"The firm demonstrates a careful and serious approach to their work. They have a strong ability to identify and address issues, while also excelling in interpreting the specific needs of their clients.” – Corporate and M&A
“Provides timely and accurate information needed for decision-making.” – Corporate and M&A
“Very effective arbitration counsel. They are thorough, tenacious and collegial. One of the best in South Korea by far.” – Dispute resolution
“Lee & Ko has separate teams for each problem field, so it is always possible to respond in all directions as it reacts quickly to advice and shares intellectual experience in each field.” – Dispute resolution
“They are loyal to the client, experienced and cost-efficient.” – Insurance
“They try to provide specific answers on the client's question.” – Insurance
“Lee & Ko in South Korea has been faithfully responding to lawsuits by understanding the issues that customers need to respond to and supporting them with sufficient evidence.” – Labour and employment
“Professional in both jurisdictions in South Korea, the US and Europe. We had local law firms in the target countries but Lee & Ko have had good communication and cooperation with the firms and their professionals.” – Real estate
“They provide detailed and helpful advice.” – Shipping
“The provision of useful information and active customer care.” – Tax
Seungwan Hahm
“Based on our professional legal knowledge, he presents a feasible plan along with detailed explanations.”
Jong Youn Han
“Her leadership, strategy and thoughtful approach to each step of this case, from the investigation to the consent order, is one of the biggest factors in our successful thus far. She provides us with a variety of strategies and alternative courses of action, which is crucial as we have experienced a number of hurdles to overcome in reaching the consent order. Her oversight and strategic insight is unmatched. If you are looking for an answer to a question, you could consult a number of lawyers from top firms, but if you are looking for multiple strategic solutions to an issue based on your specific needs, I can recommend Jong Youn Han.”
Joo Hye Hong
“She has a high level of analysis and understanding of her case. Her oral arguments are always convincing and systematic.”
Jinyoung Jung
“Very knowledgeable and hard-working.”
Jang Hyun Ka
“He has deep knowledge and experience in antitrust law. He is exceptional at responding to government investigations and litigation.”
Sang Gon Kim
“Sang Gon possesses professional knowledge, a strong network, and effective customer management skills."
Miji Lee
“She explains very specifically and clearly to clients.”
“She enthusiastically answers everything.”
Ho Joon Moon
“The best lawyer I can rely on in the field of corporate M&A. He demonstrates deep knowledge and experience. He is extremely thoughtful and insightful. No other lawyer in Korea can match.”
“He is one of the most experienced corporate M&A lawyers in South Korea. He has deep understanding of complex legal issues, is very responsive and has a high commercial awareness with a client-service mindset.”
Jae Heon Park
“Very experienced.”
Ji Young Tae
“She is very responsive to the client’s needs. She provides practical and in-depth advice.”
Robert Wachter
“One of the best cross-examiners in Asia. He is also very good at framing his case in a simple and straightforward way.”
Dong Seok Woo
“Dongseok prioritises client responsibility, effective communication, and employs professionals with expertise in the real estate sector.”
Yang Ho Yoon
"He is highly experienced and focused when it comes to providing professional services. He also demonstrates a keen understanding of commercial aspects."
Work highlights
Advised individual shareholders of Kwangjin Chemical and The K Logitech in their sales of shares to the Spac incorporated by Affirma Capital Managers Korea and The Ham Partners.
Advised Tonic Private Equity in its subscription of newly issued Series G shares of Viva Republica, the developer and operator of fintech platform Toss.
Advised Greenwich ESG No.1 on its execution of the share purchase agreement to purchase a 100% stake in Sunjin Transportation held by individual shareholders.
Key clients
Affirma Capital Managers Korea, IBKTS Exit Private Equity Fund, Pactum-Bailey Mondo Private Equity Fund.
Work highlights
Defending Samsung Electronics against former employees’ underpaid severance claim disputing the scope of ‘wage’. This landmark case in Korea's private sector involves the recognition of discretionary bonuses as part of wages. The Supreme Court's ruling is expected to have significant implications for businesses and may result in payment obligations and changes in wage structures.
Supported Stanford University in an internal investigation of a suspected workplace harassment situation while managing the government audit of the Korean office for alleged accounting fraud and miscalculations.
Key clients
Cloudflare, Delivery Hero, Dentsu
Work highlights
Representing Boryung Pharmaceutical, a Korean pharmaceutical innovator, in negative scope confirmation actions initiated by dozens of generic companies. This case is significant because generally in South Korea, the original drug company’s chance of successfully defending itself against generic companies in negative scope confirmation actions is extremely low.
Representing Coway, a water purifier company, in a patent infringement dispute against the market competitor. This case is one of the high-stakes cases in the purifier industry involving a compensation of damages totalling over W40 billion ($30 million). The amount of compensation damages alone led to wide media coverage characterising the battle between the two water purifier titans as the ‘water purifier war’.
Key clients
KT Corporation, Novartis International, Samsung SDS, SK Telecom.
Work highlights
Represented the domestic cryptocurrency exchanges, including Dunamu, Coinone and Korbit, in a lawsuit filed by Wemix seeking a provisional injunction for the suspension of effect of delisting. The firm secured a winning award in December 2022. The court made a historic ruling, recognising that Digital Asset eXchange Alliance's autonomous monitoring and penalties on cryptocurrencies are legally valid. This ruling is seen as a crucial precedent for ensuring the stability of the virtual currency market going forward.
Acted for Jeju Air in a litigation case seeking a $21million refund due to the M&A collapse between airlines. This case deals with the interpretation of witness statements and guarantee provisions, as well as liability for a failed transaction. It is also the first case to assess the legal impact of Covid-19 on M&A transactions, and has attracted attention from carriers and other industries.
Key clients
Jeju Special Self-Governing Province, Samsung Heavy Industries, Wesang.
Work highlights
Advised IGIS Asset Management on the purchase of Illini Tower, a student housing facility, located near the campus of the Illinois State University. The firm advised on a transaction whereby an ordinary private real estate investment trust established by IGIS Asset Management acquired a certain student housing property located in Illinois, USA and successfully completed and closed the said transaction in April 2022.
Key clients
Mastern Investment Management, Samsung SRA Asset Management, Tiger Alternative Investors
Work highlights
Advised Daeyang Construction on its rehabilitation proceedings.
Successfully represented a doctor of Korean medicine who operated Chung-Yeon Korean Medicine Hospital in Gwangju, Korea whose debt size exceeded W200 billion, in his rehabilitation proceeding.
Represented Gwangsan Tour against the creditors’ application for bankruptcy.
Key clients
Korea Development Bank, Mesh Korea, NH Bank, Vespa.
Work highlights
Advised Dentistry Investment, an investment company formed by MBK Partners and UCK Partners, in their acquisition of Ostem Implant through public offering, convertible bonds, and existing shares.
Represented LG Energy Solution in connection with the establishment of a joint venture company, NextStar Energy, with Stellantis for the purposes of engaging in the business of manufacturing electric vehicle battery cells and modules and for the construction and operation of electric vehicle battery cells and modules manufacturing facilities in Ontario, Canada.
Key clients
Glenwood Credit, Megazone Cloud, SK Holdings, Skylake Equity Partners.
Work highlights
Advised Korea Development Bank on its issuance of approximately $2 billion global bonds.
Advised Meritz Securities on its execution of the investment agreement with Lotte E&C. This transaction involved a special purpose company (SPC) set up by various financial institutions injecting loans towards the SPC, which would then utilise the funds to purchase real estate project finance asset-backed commercial papers on favourable terms.
Key clients
Citigroup Global Markets, Kookmin Bank, POSCO.
Work highlights
Represented Alvogen after the Korea Financial Telecommunications & Clearings Institute (KFTC) commenced an investigation on the collusion between Alvogen and AstraZeneca Korea, alleging that Alvogen delayed the development of the generic versions of AstraZeneca’s original drugs in exchange for the exclusive distribution rights to DEX drugs in South Korea. The KFTC seldom investigates potential reverse payment agreements since a 2014 Supreme Court ruling. The Alvogen-AstraZeneca case is an rare exception where the KFTC imposed sanctions for an agreement similar to a reverse payment deal. An administrative lawsuit is expected which, if accepted by the Seoul High Court and Supreme Court, would set a precedent.
Key clients
Naver Corporation, Samsung Electronics, Saudi Aramco Development.
Work highlights
Advised Woori Bank, Samsung Securities, Kiwoom Securities and domestic financial institutions on financing for the acquisition Medit Corp by MBK Partners. This deal represents one of the largest private equity transactions in South Korea in 2022 and 2023.
Advised Kookmin Bank and domestic financial institutions on financing for Jeju Hanlim Offshore Wind Farm project. This project was meaningful as it financed Korea's largest offshore wind farm to date (100 MW) off Jeju Island. It was important as Korea Electric Power Corporation and its subsidiaries participated as majority shareholders, operations and maintenance contractor and power purchaser. The financing included multiple loan tranches to attract various financial institutions and accommodate residents potentially affected by the wind farm.
Key clients
BFCL, Hanwha Asset Management, NH Investment & Securities.
Work highlights
Advised the mandated arranger, Kookmin Bank, and syndicated lenders in connection with Ulsan GPS LNG/LPG 1,227MW Combined Power Plant and Terminal Project. This project holds several notable distinctions in Korea: it is the first liquefied natural gas (LNG) and liquefied petroleum gas (LPG) dual-purpose plant; the first gas power plant to receive ESG certification, with the issuance of a G1 rated ESG bond; the first power plant to transition from coal to LNG/LPG;, and the first power plant to have an accompanying fuel terminal.
Advised the mandated arrangers, Kookmin Bank and other lenders, in connection with the borrower’s financing in connection with a photovoltaic power plant project, involving the 200MW Photovoltaic power plant in Bigeum, Shinan, Jeollanamdo, the size of which made it one of the largest solar projects ever in Korea in 2022.
Key clients
KCH Energy, Ulsan GPS, SK Gas.
Work highlights
Representing Kyobo Life Insurance in appeal proceedings regarding an insurance claim dispute involving immediate annuities lodged by a group of policyholders. This is a seminal case where the firm steered the appellate court’s reversal of not only the lower court’s decision but also the position taken by the Financial Supervisory Service, and the appellate court’s decision will be highly influential for the ongoing litigation and its progeny.
Key clients
Corstone Growth Strategy M&A Private Equity Fund, Hannover RE, Institute of Actuaries of Korea.
Work highlights
Representing the nation’s top management company of global K-pop boy band BTS in a criminal lawsuit against the entity infringing upon BTS’s trademark. This ruling can be actively referenced to draw a ruling to the same effect in overseas countries.
Representing the management company of a global K-pop girl group in a criminal lawsuit involving trademark and copyright infringement against the licensee.
Key clients
Motion Pictures Association, SBS Contents Hub, The Black Label.
Work highlights
Advised a global asset management company on the purchase of a distribution facility with office and warehouse in Omaha, Nebraska. This was a transaction involving a highly regarded logistics asset in Nebraska whereby two Korean investment trusts purchased the asset from the seller upon its construction completion and the commencement of lease by FedEx.
Advised DAOL Asset Management on the sale of its stake in a corporation which owns Congress Square based in Boston, USA.
Key clients
IGIS Asset Management, Property K, Samsung SRA Asset Management, Tiger Alternative Investors.
Work highlights
Represented Naver Corporation and Gmarket Global in an administrative appeal case, requesting the cancellation of the corrective orders relating to penalties imposed. In July 2022, the Administrative Court ruled in favour of the firm’s clients, overturning the Personal Information Protection Commission’s decision. The outcome in this case is the first court decision in Korea which sets the standard for delineating the scope of personal data processors, and it is expected to carry a sweeping precedential value in defining data controllers’ obligations in the e-commerce context.
Key clients
Google, Kakao Page, LG Electronics, T Map Mobility.
