Shin & Kim

South Korea

Analysis

Overview

Shin & Kim maintains its esteemed reputation in the market across all areasPeers refer to the firm with respect and say that in recent years, the firm is furthering its visibility on matters and building on its historic strengths in capital markets and real estate. The firm boasts a 12-partner strong team dedicated purely to capital markets, one of the largest among all Korean law firms, and runs its IPO and structured finance teams separately under the capital markets wing. The banking team welcomed three senior lawyers, partner Hyun Woo Kim from Standard Chartered Securities Korea where he was its head of legal and compliance, senior foreign attorney John JungKyum Kim from Lee & Ko and senior advisor Juhyung Lee from Hana Bank. The dispute resolution group was bolstered significantly with the hiring of 11 new partners and senior advisors. This was in addition to the 10 partner promotions from March, 2021. The IP team also experienced growth with the joining of three new team members, including one partner, and the promotion of three to partnership. Corporate specialist and partner Chang-Weon Rhee was welcomed back to the firm from his role as GC of Citibank. Finally, the tax team welcomed a spate of six new joiners, ranging from an international tax partner to transfer pricing specialists.

Tax

Work highlights 

Advised Seoul Metropolitan Government in multiple litigations over the cancellation of tobacco consumption tax assessments. 

 
Labour and employment

Work highlights 

Represented Hyundai Motor in an illegal dispatch claim by workers from a supplier company that performs facility management work. The team successfully defended against the claims in the court of first instance and are now representing the company in the appellate court.  

Advised Korean Broadcasting System against claims from staff alleging the client had underpaid allowances for overtime, night time and holiday work. At the first trial, the legal team successfully defended the client by proving that the employees were fully paid by valid agreement under the comprehensive wage scheme. 

Defended Korea Railroad Corporation against a challenge made by a labour union to the constitutionality of the use of military personnel as substitute workers during a strike period.  

Key clients 

Hanwha Life Insurance, Lotte Asahi Liquor, PK Pork Cooperative

 
Intellectual property

Work highlights 

Represented Hanmi Pharm in successfully showing that the act of filing for a drug price after the patent was initially invalidated was not an illegal conduct, and the reduction in drug price of Zyprexa was due to the notification of the Minister of Health and Welfare (MOHW). 

Acted for Chong Kun Dang Pharmaceutical, 38 other pharma companies and eight patients in successfully convincing the court to suspend the effect of the MOHW’s disqualification of choline alfoscerate from the status of insurance benefits. The legal team highlighted the detriment to the economic sustainability of the treatment and the irreparable damage to the mental health of the patients. 

Shin & Kim successfully represented Hankook Technology in obtaining a preliminary injunction against Hankook Tire from using the name “Hankook Technology Group” by arguing that damages caused by the theory of reverse confusion between the parties should be acknowledged. 

Key clients 

AmosenseDaiso AsungHelixsmithPOSCO, Samsung Display, Samsung SDI

 
Dispute resolution

Work highlights 

Representing FuelCell Energy in a $1 billion ICC arbitration against POSCO Energy over a series of clean fuel cell technology agreements.  

Acting for Korea Western Power in an investor-state dispute filed against the government of India. The client alleges that India’s change in gas allocation policy and its implementation breached the Korea-India bilateral investment treaty and caused $400 million in damages. 

Representing claimant Wemade Entertainment in a Singapore-seated ICC arbitration related to its dispute with Zhejiang Huan You Network Technology over the respondent’s failure to pay minimum guarantee amounts from two game licensing agreements.   

Key clients 

Asiana Airlines, KT& G, POSCO International, SK Broadband

 
Restructuring and insolvency

Work highlights 

Representing SsangYong Motor Corporation on its sale of control while undergoing rehabilitation proceedings.   

Acting for STX Marine Service on acquiring new shares issued by a distressed company as part of the company’s workout process.  

Key clients 

Amuty2, Dongbu Construction, Jindoo-is, Nifco KoreaTongyang InternationalYoosung TNS

 
Corporate and M&A

Work highlights 

Represented Asiana Airlines on its merger with Korean AirlinesUnder this deal, Korean Air Lines will take control of Asiana by acquiring new shares worth KRW1.5 trillion and perpetual convertible bonds worth KRW300 billion to be issued by the client. 

Acted for Baring PE Asia on its acquisition of newly-issued shares of Shinhan Financial Group 

Advised KCC Corporation, a domestic construction materials manufacturer, on the $1 billion sale of its silicones business in Korea, the UK and China to US-based Momentive Performance Materials.  

Key clients 

Kakao Page, MBK Partners, Shinhan Capital, SK Siltron,  SK Telecom, T-Map Mobility, Well to Sea PE

 
Capital markets

Work highlights 

Acted for ESR Kendall Squire REIT on its IPO on the KOSPI Market of the Korea Exchange.  

Advised VAIV Company on its successful IPO and listing on the Korea Stock Exchange.  

Represented SK Bioscience on its IPO and listing on the Korea Stock Exchange. The issuer is the world’s largest production base of the AstraZeneca Covid-19 vaccine.  

Key clients 

KB Securities, Macquarie Korea Asset Management, Shinhan Financial Group, SK HynicTongyang Life Insurance

 
Competition/antitrust

Work highlights 

Handled the KFTC merger filing on behalf of SK Broadband in relation to its merger with TBroad 

Acted for KEB Hana Bank in the KFTC's investigation into unfair trade practices during the process of purchasing ATMs. 

Represented CJ OliveNetworks in connection to its investigation by the KFTC. This was the regulator’s first investigation into a category killer for the alleged violation of the Act on Fair Transactions in the Large Retail Business Act.  

Key clients 

Fiat Chrysler Automobiles, Hyundai Heavy Industries, Lotte GRS, SK Global Chemical, Qualcomm

 
Banking and finance

Work highlights 

Advised Doosan Heavy Industries & Construction in the $2.7 million project financing and construction of a power generator in Indonesia. 

Represented Banco Santander in relation to a $3 billion K-SURE covered facility agreement with Abu Dhabi National Oil Corporation 

Acted for the mandated lead arrangers and financial institutions arranged by the mandated lead arranger in the refinancing of existing financing for IMM PE in relation to its acquisition of Korea Industrial Holding 1 and Airfirst 

Key clients 

Hanwha Asset Management, KB Securities, Kookmin Bank, Korea Export-Import Bank, Korea Investment Securities, Nonghyup Bank, Shinhan Bank, Tiger Alternative Investors, RG Asset Management  

 
Insurance

Work highlights 

Acted for Heungkuk Fire & Marine Insurance in a dispute against the FSC over entering into an outsourcing agreement. The client had filed an administrative lawsuit requesting the cancellation and imposition of fines, and the first instance court ruled in favour of the client. 

Assisted JC Partners in obtaining approval for the change of a major shareholder in MG Non-Life Insurance.    

Key clients 

Carrot General Insurance, KB Insurance, General Insurance Associationof Korea, Nonghyup Life Insurance, Tongyang Life Insurance 

 
Real estate

Work highlights 

Advised JR AMC on engagement in the JR REIT IPO and on its acquisition of the Finance Tower Complex located in Belgium by acquiring the shares in investment vehicles established offshore.  

Acted for Meritz Alternative Investment Asset Management on its 39 pan-European warehouse assets portfolio investment. 

Represented National Pension Service on its investment in One Madison Avenue in New York via an investment vehicle that has a 49% indirect interest in the target property.  

Key clients 

Daelim Industrial, Korea Investment Management, KOREIT, Mastern Investment Management, NH Investment Securities 

 
Technology and telecommunications

Work highlights 

Acted for SK Broadband in a litigation related to the absence of debt concerning network usage fees against a content provider company. The litigation is unprecedented and it is the world’s first lawsuit to determine the existence of liabilities to pay network usage fees between ISP and CPs.   

Advising the top three mobile carriers, SKT, KT and LGU+ to reduce radio station license tax, establish reasonable installation criteria for standby power, and to reallocate frequency. 

Advised Immarsat Global on obtaining a Korean maritime licence and satellite spectrum licence.  

Key clients 

CJ E&M, Hyundai Home Shopping, Ministry of Science and ICT, Personal Information Protection Commission