South Korea

Jipyong’s capital markets practice is headed by Haeng Gyu Lee. Lee, Young Kyu Yun and Eun Young Lee advised Korea Investment & Securities on the IPO of LS Cable & System Asia and also the Vietnamese affiliate of Hwaseung Enterprise on its listing on the KRX. This was the first Vietnamese corporation making an IPO on the KRX, where the overseas affiliate of a Korean corporation was listed on the Korean stock market.

Yoon & Yang advised Posco Energy on the preparing the contract for the issuance of W245 billion redeemable convertible preferred shares (RCPS). Bo Hyun Lee advised Mirae Asset Daewoo, the underwriter of Yongpyong Resort’s IPO, to ensure a successful IPO by conducting preliminary review and analysis of legal issues that could impede it.

Ke Jun Son and Byung Joo Lee are the leading partners in Jipyong’s competition and antitrust practice. Son represented YG Entertainment, one of the most famous entertainment groups in Korea, in an alleged abuse of market dominant position by KFTC. Lee and Gee Hong Kim is defending Hyundai E&C against construction companies for alleged collusion on bidding. For this case, KFTC imposed a W435.5 billion surcharge, the largest penalty in its history.

“Kim & Chang has the most experienced and high quality lawyers, it provides the best solution,” says a client. YoungJin Jung, Gene Oh Kim and Jae Hoon Cheong assisted Samsung Electronics on merger clearance in its acquisition of Harman International Industries, a US car infotainment and audio company. This transaction was the largest deal ($8 billion) in Samsung’s history. Due to its significance, the Korea Fair Trade Commission (KFTC) carefully examined the transaction and the team successfully analysed and demonstrated that the transaction would not raise anti-competitive effects but more competition. A client praised Han Kyu Kim: “Mr. Kim’s prompt and effective advice has always impressed. He has also shown effectiveness in dealing with complicated and far-reaching internal investigation issues and related issues.”

Shin & Kim has one of the largest dedicated competition and antitrust specialist team. Young Chul Yim, Jooyoung Park and John Choi were leading advisers for Qualcomm in the KFTC investigation concerning the company’s dominance abuse in Korea. The team continues to represent Qualcomm in the appeal against KFTC as the lead counsel.

Yoon & Yang’s head of competition and antitrust practice, Hoil Yoon, is highly respected by peers and clients. One client notes: “Hoil Yoon is the most senior attorney who is actively practicing anti-trust law in Korea.” Its practice is appreciated by clients. “I chose to work with Yoon & Yang since it has the best competition & antitrust practice in South Korea and their legal service was very reliable and trustworthy.” Yoon, Jae Young Kim, Sinsung Yun and Song Ryu represented MAN Truck & Bus Korea and Hyundai Motor Company in cartel investigation and litigation before KFTC.

Cecil Saehoon Chung is one of the leading competition and antitrust partners at Yulchon. Chung, Seuk Joon Lee and Sung Bom Park secured merger clearance from the KTFC for Boehringer Ingelheim (BI) in its $25 billion business swap with Sanofi. Park, Jeong Yeol Choe, Kyoung Yeon Kim are acting for Qualcomm before the KFTC after the KTFC imposed an $850 million administrative fine for abuse of IP rights. This case is one of the high profile antitrust IP cases in Korea. Chung and the team handled the Korean merger control aspect of Marriott International’s $12.4 billion acquisition of Starwood. This M&A created the largest hotel management company in the world.

Bae Kim & Lee is advising Korea Land & Housing Corporation (LH) in the cooperation with the governments of Korea and Kuwait to develop a new smart city, the South Saad Al Abdullah New Town Development Project (SSAC). The team led by Gun Chul Do, Chiyoung Song and Michael Lee is providing legal advice to LH in establishing a Kuwait branch by obtaining investment license, participating in thebidding process, and drafting and reviewing agreements. Hyeon Kang is advising Phoenix JoongAng in a project to develop an integrated marine tourism in Jeju Island comprising hotels, condominiums and galleries.

Jipyong advised Gimpo Singok District 6 Urban Development Project Association in a lawsuit filed by Eleven Development & Construction pursuing confirmation of invalidity of authorisation on establishment of association. Won Jeong and Seung Hyeon Lee secured victories in both the trial of first instance and its appeal despite in being an unprecedented case.

Keun Ah Cho at Kim & Chang represented Brookfield Asset Management in its acquisition of the IFC in Yeouido as a lead partner. The client purchased all shares of the owner entities from AIG. This deal was the largest transaction in the Korean real estate market in 2016 with a value of W2 trillion. Cho also advised Samsung SRA Asset Management on acquisition of the landmark Commerzbank Tower in Frankfurt am Main via Luxembourg special purpose entities. Seung Hoon Yeom represented three Singapore funds managed by Blackstone in its acquisition of the Capital Tower building in Seoul. This transaction was the first investment made by Blackstone in the Korean real estate market.

Lee & Ko was involved in the largest commercial real estate transaction in Korea in the past 12 months, advising major asset managers in Korea including IGIS Asset Management, Yu Kyung PSG Asset Management, and Mirae Asset Global Investments in their purchases and sales. Junghwan Lee, Dong Eun Kim, and Hun Ko co-head the construction and real estate practice. Keon Woo Yi, Jae Hoon Lee, and Ju Young Susie Im are the rising stars to note.

Shin & Kim is heavily involved in Korea’s landmark deals and growing number of outbound investments. The firm advised AIF Global (unitholders of five limited liability companies owning IFC Seoul) in the sale of all interests in IFC Seoul to Brookfield. Suk Lee and Daniel Yoo advised Hana Asset Management in the purchase of the NASA headquarters building in Washington. Lee also advised Mirae Asset Global Investments in the $793 million acquisition of four buildings in Texas.   

Led by Young Woo Park, Yoon & Yang is advising Jeonnam Development Corporation on the massive investment for construction of resort facility by Mirae Asset Consortium. Park is also advising Korea Midland Power in negotiating and finalising the joint development agreement for the Siborpa Hydroelectric Power Plant in Jakarta.

Yulchon is appreciated by clients for their “great level of knowledge, experience and responsiveness in delivering best solutions”. Jae Hyun Park, Seung Hyuck Han and Jin Seok Choi advised Mirae Asset Financial Group on its purchase of Gyungdo Golf & Resort for W343.3 billion. Tae Jin Cha and Jin Seok Choi provided legal advice to GS Retail, KOCREF G Square throughout a public tender bidding transaction including due diligence, deal structure and drafting sales agreement.

“Bae Kim & Lee’s M&A and finance team are top notch. Particularly, their work quality is consistent throughout the practice group and internal coordination and quality control seem seamless,” says a client. Ri Bong Han and Mok Hong Kim advised Samsung Electronics in the sale of its printer business to HP for $1.05 billion. Eric Eunyong Yang, Han Kang and Cheolhyo Ahn assisted CJ Korea Express in acquiring nearly 31% shares in Century Logistics at a price of W47 billion from individual major shareholders.

Jipyong has been particularly active in domestic and ASEAN M&A deals in recent years. Yong Sook Kwon advised a leading Indonesian developer of high-end hotels and resorts PT Bukit Uluwatu Villa on the sale of shares and the subscription of new shares for $23 million.

“Kim & Chang is No. 1 in Korea in working to come up with solutions beyond interpreting regulations,” a client remarks. Young Man Huh and Yun Bak Chung advised KB Financial Group in its acquisition of 22.26% of the issued and outstanding shares of Hyundai Securities for W1.25 trillion. Chung and Jae Myung Kim represented CJ CGV, the largest multiplex cinema chain in Korea, in its acquisition of 100% shares of Mars Entertainment Group from a Turkey-based private equity fund Actera Group. A client described Kim as a “problem solver” with deep knowledge about regulation.

Lee & Ko is highly appreciated by clients with their profound industry knowledge and high quality work. “Lawyers at Lee & Ko have always been on top of their game,” a client notes. Ho Joon Moon, Sung Min Kim and Jang Hyuk Yeo advised Daesung Group Partners and other shareholders of Daesung Industrial Gases (DIG) in selling their entire share in DIG for W1.2 trillion to Korea Industrial Holdings, a special purpose company established by MBK Partners. Yu Seok Kim, Ki Wook Kang and John Pool represented LG Hausys in acquiring 50.1% of new and existing shares of c2i s.r.o, a Slovakian automobile parts manufacturing company for $46.5 million.

Shin & Kim is one of the market leaders in domestic and cross-border M&A transactions. Jae Young Chang and Sang Hyun Lee acted for Korea Deposit Insurance Corporation in its W2.4 trillion sale of Woori Bank Shares. Chang Hyun Song and Joon Hyug Chung advised Kakao Corp. as sole legal counsel in its acquisition of 76.4% shares in Loen Entertainment from Star Invest Holdings and SK Planet. Chung also advised on Hahn & Co’s acquisition of 46.1% shares in Ssangyong Cement Industrial, the largest cement manufacturer in Korea. This W0.9 trillion transaction is the largest M&A deal in the Korean cement industry’s history.

Sung Jin Kim, head of corporate and M&A, at Yoon & Yang advised Hyundai Materials Corporation on its acquisition of 61.8% of the shares of Mando Advanced Materials. Kim also acted for Happycall, the largest cookware supplier in Korea, in the sale of 90% shares and managerial rights to Goldman Sachs and EastBridge Partners.

Yulchon is a “reputational, experienced and commercially keen” team according to a client. Jae Hyun Park and Yoon Young Hwang advised Hanwha Techwin in its acquisition of 100% of shares in Doosan DST, a defence product manufacturer, from DIP Holdings and ODIN Holdings for approximately W695 billion. Jin Kook Lee advised IMM Private Equity on purchasing 6% equity stake of Woori Bank to become the top major shareholder. This acquisition was the first case that a private equity firm acquired more than a 4% threshold in a Korean commercial bank.

Bae Kim & Lee is praised by clients for “providing effective legal advice in relation to the pending matters”. Wu Cheol Song, Kang Bae Moon, Jung Ho Lee, Soon Ik Kwon and Tae Ho Yoon were involved in one of the most high-profile criminal prosecutions in Korean history, defending Samsung heir and Samsung Electronics vice chairman and other senior executives against bribery charges for allegedly funnelling funds to former president Geun-hye Park to establish Mir Foundation and K-Sports Foundation and support the daughter of Park’s confidante Choi Soon-sil.

Jipyong represented Mirae Asset Daewoo, the selling agent of a vessel fund, in a damage compensation action brought by an investor in the vessel fund Korea Scientists and Engineers Mutual-Aid Association for loss on investment. Kwang Sun Lee advised Samsung Electronics Service against 1,300 service technicians at partners of Samsung Electronics Service seeking confirmation of worker status. Lee successfully won in the first instance trial for the client.

Kim & Chang, the biggest commercial law firm in Korea, is described as “the best law firm in Korea” by clients. Dong Seok Oh, Chul Won Lee and Sungjean Seo represented a Korean shipyard in a London Maritime Arbitrators Association (LMAA) arbitration proceedings governed by English law together with a UK law firm against an international oil rig operator and buyer of a semi-submersible drilling rig. Sang Ho Han and Hye Kwang Lee are representing Philip Morris Korea in a pending lawsuit brought by the National Health Insurance Service seeking compensation for damages equivalent to insurance benefits paid out to nearly 3500 policyholders.

Lee & Ko secured a landmark victory for Lotte Shopping against tax authorities, the first Supreme Court Full Bench decision on the application of the VAT rules on mileage purchases. Byeong Jun Son, Kyung Tae Kim, Soo Hyuk Yim and Jeong Kyoo Han were lead partners. The team led by Pyoung Keun Song, Eul Hwan Kang and Jung Won Park is representing Samsung Electronics and Huawei against Qualcomm as third party interveners supporting KFTC. 

Shin & Kim has six core specialised litigation practice groups, delivering focused and efficient litigation support to clients. Yong Ho Moon, Sang Hyeok Im and Woo Gyun Kim acted for Seoul Broadcasting System (SBS) against cable television system operators, seeking compensation for damages of unauthorised retransmission of terrestrial broadcasting channels. Cho Yong Joon, Cho Choon and Jung Jong Chae advised Korea Railroad Corporation (Korail) concerning reassessment of W900 billion in paid corporate taxes, the largest amount of corporate taxes in the history of Korea.

Yoon & Yang is known for its strength in domestic litigation. Nam Geun Kim, Kyung In Jung and Seok Won Ha were involved in a civil damages lawsuit against powerline suppliers for their multi-year bid rigging.

Yong Sup Yoon and Hyun Chul Byun at Yulchon are defending Hyundai Motor in the lawsuit filed by the consumers of Santafe 2.0 Diesel alleging the actual gas mileage differs from that provided by Hyundai Motor. The firm also acted for Hanwha Chemical in a lawsuit against Daewoo Shipbuilding and Marine Engineering (DSME), seeking return of the W315 billion performance bond paid after failure of acquisition due to strong resistance from DSME’s labour reunion.

Bae Kim & Lee is well-known for being a consistent performer for energy and utilities advice. Joonki Yi, Junghwan Bae, Chinpyo Park, Seungkyo Lee and Hyunchul An advised Korea Electric Power Corporation (KEPCO) in selling its nine overseas resource assets to its wholly owned subsidiaries including Korea Hydro & Nuclear Power, Korea South East Power and Korea Southern Power. The firm also advised Korea East-West Power on project financing for the Old Harbour gas-fired power station project in Jamaica. - JMMB Merchant Bank and other financial institutions extended a $215.4 million project finance facility for this project which is regarded as the largest construction project for new generating capacity in Jamaica’s history.

Kim & Chang regularly advises leading energy corporations and related regulatory bodies in Korea. Young Kyun Cho advised on the overall development of Goseong Green Power which was established by investors including Korea South-East Power, SK E&C and SK Gas for the purpose of constructing and operating Korea’s biggest coal-fired power plant. This project was the biggest independent power producer (IPP) business in Korea with an investment of W5.2 trillion. Ick Ryol Huh and Chang Hee Shin represented Korea East-West Power, a state-owned power generation company in the Kalsel-1 2x100 MW coal-fired power project in Indonesia.

Lee & Ko is renowned for its strength in project finance. “Lee & Ko does most of the project finance deals in Korea, in terms of volume and size,” says a rival. Dong Eun Kim, Hyun Chan Pyun and Kwang Yul Kim represented the lenders and financial investor on the 200MW Kunsan Biomass Energy General Facility Project, which was the largest biomass project in Korea in 2016.

Shin & Kim is at the forefront of the renewable energy industry. Byung Il Im, Michael Chang, SangHyun Lee advised KEPCO on its first overseas project in the North America, acquiring a 30MW solar power facilityin Colorado by purchasing 100% of Cogentrix Solar Holdings. The firm also advised GS Energy and Korea Western Power, the sponsors, on the construction and operation of the 3rd LNG Combined Cycle Power Plant in Pyoung Taek.

Yulchon is highly recognised for its expertise and knowledge in IPP business, power purchase agreements (PPA) and engineering, procurement and construction (EPC) contracts. “Yulchon’s energy practice is at the top because the members not only have expertise in legal issues but have very good understanding about the industry which is very important to understand what is important to us as a developer,” says a satisfied client. Clients praises the head of energy practice Raymond Kang for his deep knowledge on IPP projects and practical advice. “I often feel like Raymond is not just our lawyer but is more like our business partner because of the devotion he has shown for our project,” says a client. Kang is advising a consortium led by BKB Co. on a Mozambique gas-fired combined cycle power plant which is a greenfield power project. Kang and his team handle all aspects of the feasibility study phase as well as investment, financing documents and regulatory control.

The financial regulation team at Bae Kim & Lee boasts former senior officials at financial regulatory authorities and former members of the financial Supervisory Service (FSS). In the past 12 months, the firm expanded by hiring/promoting five new partners. Jeong Rai Cho, Eun Joo Kang, Jae In Lee and Mann Pung Jeon advised Kakao Bank Consortium on various aspects of the regulatory approval process and preparation for the FSC’s final approval for its internet banking operations as sole legal adviser. Kakao Bank is the second online bank that launched its operation in Korea. One client highlights: “They [BKL] have a lot of experience with financial institutions and they have a good reputation as a leading law firm in South Korea.”

Jipyong successfully advised Shinhan Bank as the first Korean Bank to acquire a banking license in Myanmar. Hee Jung Shim assisted Mirae Asset Management in setting up its governance structure in light of the Act on governance of financial companies which requires financial companies to establish its own internal policies, governance and system in compliance with the new legislation.

Kim & Chang is a dominant actor in the financial services regulatory practice and is involved in many critical contentious matters. “No law firm is capable of providing the best quality of legal advisory services other than Kim & Chang,” says a client. Sung Gwan Chun and Jin Yeong Chung defended Hanmi Pharmaceutical against regulatory investigation for alleged insider trading of material non-public information. Jin Seok Lim and Jung Min Lee conducted comprehensive due diligence of its cybersecurity and data protection system for Woori Bank, one of the major commercial banks in Korea. The firm also acted for K Bank to obtain final approval from the Financial Services Commission (FSC) to establish the nation’s first internet-only bank.

Woo Young Jung, Seung Hoon Choi and Yun Jeung Seo co-head the financial regulation practice at Lee & Ko. “Lee & Ko has provided solid legal advice and acted on behalf of our firm for over nine years. We are very happy with their depth of knowledge and breadth of professionals at our disposal,” says one client. Wonsik Choo advised China Crystal New Material Holdings on its IPO on the KRX raising about $24 million. This listing was the first IPO of a foreign company on the KRX in five years since KRX had ceased to accept IPOs of foreign enterprises. 

Yoon & Yang’s financial regulatory team has “hands-on experience”, “a wide range of knowledge” and “good communication with regulators”. Hyun Suk Jung advised Borneo International Furniture on improving its corporate sustainability, financial stability, and transparency in management due to a listing eligibility review commenced for alleged embezzlement and dereliction of duty.

Yulchon is positioned at the forefront of advising clients on fintech-related policy measures which Korean financial regulators have focused on recently. Beom Sang Lim and Myung Jong Hong advised KT, a major shareholder of K Bank which has been licensed as an internet-only bank, on the organisation of a consortium for establishing K Bank and the deregulation of separation of banking and commerce. Lim, Hong and Kyu Sik Kim also represented Kakao Bank in general legal issues arising from its online bank operation including establishment, future directions, and resolutions for amending applicable laws and regulations.

Led by Jaiyoung Kim, Bae Kim & Lee effectively completed proposed revisions and amendments on the Insurance Business Act with the General Insurance Association of Korea and Korea Life Insurance Association. Jong Ku Kang represents several major life insurance companies including Hanhwa Life Insurance and KDB Life Insurance concerning insurance proceeds claimed under the suicide rider on a life insurance policy based on the financial supervisory authorities’ recent recommendation which brought significant controversies across the nation. 

The insurance practice at Kim & Chang is led by Jae Hong Ahn. “JaeHong has in-depth knowledge on industry and regulatory history, along with top-notch legal analysis,” says a client. Bo Yong Ahn, Won Kyu Choi and Bang Hyun Kim acted for Anbang Group Holdings, a leading insurance company based in China, as a transaction counsel in its acquisition of 100% equity stake of Allianz Life Insurance Korea. This transaction is the second investment in the Korean life insurance industry by Anbang Life Insurance Group.

Lee & Ko has been appointed by General Insurance Association of Korea to participate in the preparation of Korean Introduction Guide to International Financial Reporting Standards 17 (IFRS17) which concerns the fair value assessment of insurance liabilities and will take effect from 2021. Lee & Ko is the only domestic law firm involved in the preparatory work for this guide. Jin Hong Kwon, the head of practice, is the lead partner for this guide. 

Shin & Kim maintained strong relationships with major clients including Hanwha Life Insurance, Meritz Fire & Marine Insurance and KDB Life Insurance. Soo Hyun Lee and Kyung Ho Kim acted for SK Telecom, a market leading mobile communication service in Korea, in litigation on mobile phone loss insurance against Hanwha Non-Life Insurance. Soo Hyun Lee and Young Min Kil advised RGA Reinsurance Korea on the proposed amendment to Korea’s insurance business regulations to expand the options available to insurance companies to comply with the risk-based capital (RBC) scheme.

Yulchon defended KB Insurance on demanding payment of defence costs incurred/to be incurred, as well as potential liability to be recognised, in various lawsuits filed/to be filed against former and current directors and officers of Daewoo Shipbuilding & Marine Engineering (DSME) who were sued for compensation by the shareholders for accounting fraud. DSME’s fraudulent accounting became a huge scandal given that several trillion Korean won was involved. 

“Bae Kim & Lee is superb in its services, very professional and helpful” a client praises. The firm defended KT Corporation, one of the biggest telecommunication carrier companies in Korea, against a venture firm ENB Soft in a trade mark infringement matter. Hoodong Lee, Mun Ki Nam, Susan Park, and Tae Guen Kim advised Kolon Life Science in its license agreement with Mitsubishi Tanabe Pharma. They advised the client on negotiation strategy, contract review and analysis in the negotiation with Mitsubishi Tanabe Pharma.

Cho & Partners is renowned for its trade mark contentious work. “They are one of the best in trade mark litigation in Korea,” says a peer. Tae Yeon Cho and Ik Hyun Seo advised Louis Vuitton in a litigation against The Face Shop, one of the biggest Korean cosmetic manufacturers and retailers, for trade mark infringement of one of its products.

Kim & Chang has a balanced IP practice with strong prosecution and litigation teams that are well prepared for IP matters arising from trade mark, patent and copyright. “They [Kim & Chang’s IP team] are very professional in this area and analysed issues in timely manner and with perfectionism,” says a client. Bo Hyun Park, Duck Soon Chang and Chang Su Park successfully defended Astellas Pharma in the validity of patent term extension (PTE) based on drug approval for Betmiga from the first instance IPTAB (Intellectual Property Trial and Appeal Board) to the Korean Patent Court. This was the first case in Korean history where the Korean court issued specific guidance and legal principles on how PTE terms should be calculated.

“Lee & Ko has a strategic approach of litigation matters and knows very well what arguments can work and the others that should be kept aside / for oral pleadings,” a client notes. Choong Jin Oh and Keum Nang Park assisted Sandoz Pharmaceuticals in lawsuit filed by GSK concerning unfair competition in the production and sale of a generic version of GSK’s flagship product, the inhaler “Seretide Diskus” for asthma and COPD. A client describes Park as “smart, practical, efficient and knowledgeable”. “Choong Jin adds tremendous value in litigation and oral pleadings,” the client adds. Doo Hyung Do and Eunwoo Vera Lee advised MANDA Fermentation, a Japanese fermentation manufacturer, on a trade mark cancellation against MANDA Korea.

Shin & Kim’s IP practice is growing rapidly in both prosecution and contentious sides of patent and trade mark as well as copyright. Bo Kyung Lim assisted Cosmax on filing patent nullity applications against Amore Pacific, a Korean cosmetics original design manufacturer (ODM) company which filed compensation for damages and prohibition of patent infringement.

Yoon & Yang represented Salvatore Ferragamo in a trade mark infringement action against SD International, a domestic shoe company, seeking injunction and damages. Dong Oh Hong acted for CJ CGV in a patent infringement matter involving the client’s method of issuing the CJ One Card which has millions of users.

Yulchon represented Playnomore in an appeal against Hermès which claimed Playnomore copied its famous Kelly and Birkin handbag designs. Although the court of first instance ruled against Playnomore, Yulchon effectively reversed the lower court’s ruling and dismissed all of Hermès claims. Jeong Yeol Choe, Dong Soo Han, Jeong Hoon Hwang and Jin Hyung Lee acted for POSCO in a patent invalidation suit involving an alloy coated steel sheet patent against Nippon Steel & Sumitomo Metal Corporation.

Led by Dong Wook Kang, Bae Kim & Lee advised AMP Capital Investors, a leading Australian investment manager, in its application for registration of AMP Capital Funds, SICAV and AMP Capital Core Infrastructure Fund with the Financial Supervisory Service of Korea (FSS). Kang also advised Apollo Global Management in its registration of Apollo Investment Fund IX. L.P. and three other parallel funds with the FSS.

Kim & Chang assisted MBK Partners in its launch of a $4.1 billion fund, including preparation and negotiation of the fund documents as well as conducting procedures required for the establishment of the fund. Young Man Huh, Yun Bak Chung and Joceline Park represented VIG Partners in establishing a fund so that it complies with Korean regulatory requirements.

Lee & Ko is widely recognised for its experience and ability in advising larges fund managers in Korea. Geen Kim and Gui Kwan Yang advised Mirae Asset Global Investments and Multi Asset Global Investments to launch a new renewable energy business W2 trillion consortium blind fund.

Bae Kim & Lee represented KT, Korea’s major telephone service provider, against subscribers whose information was hacked by a telemarketing business operator in 2012. The firm represented KT at the appellate level and successfully fought off damages for the leakage of subscribers’ information. The team also advised Interpark, a leading e-commerce business in Korea, on investigation by the police and Korea Communications Commission (KCC) on the alleged leakage of over 20 million users’ personal information which claimed W44.8 billion for its penalty charge.

“The teams at Kim & Chang are known to high profile experts with years of experience for the industry,” says a client. Hyun Ho Eun, Sung Uk Park, Ie Hwan Yoo and Young Min Lee advised on one of the largest outbound deals in 2017, representing DoubleU Games in its acquisition of IGT’s social online gaming business. The team instructed on transactions, due diligence, negotiation and documentation. Richard Lee advised Google on all aspects of its newly launched paid streaming subscription service, YouTube Red, in Korea. The case is unique as YouTube Red videos are primarily created and uploaded by its users which is unprecedented in Korea.

Lee & Ko is widely recognised for its successful achievements in many high profile technology, media, telecom (TMT) cases. Kwang Bae Park, Hyun Jun Kim and Pyoung Keun Song represented SKT (the largest mobile network operator in Korea) in two major interconnection lawsuits against KT (the largest landline service provider in Korea) which attracted significant attention from industry players and regulators. The total claim for the two lawsuits amounted to more than W130 billion. Soon Yub Kwon and Jubong Jang advised Doosan Infracore, a construction equipment company, on its launch of a telematics service, helping customers to monitor and manage various functions of construction equipment through a mobile network.

Shin & Kim is particularly known for its accomplishments in the telecommunication and media space. Su Yong Jung and June Young Jang acted for W Shopping, t-commerce service provider, in its dispute against satellite broadcasting platform provider KT Skylife over transmission fees. Jung and Jang also represented KT on an investigation conducted by KCC concerning failure to fulfill its responsibilities in delegating the task of managing personal information. The team successfully persuaded KCC to close the case without any further action against KT. 

Kwang Wook Lee leads the TMT practice at Yoon & Yang. The team comprising Lee, Sang Hoon Park and Chulgun Lim, advised the nation’s three major terrestrial broadcasters (KBS, MBC and SBS) in a lawsuit against JTBC, a cable TV channel, in relation to JTCB’s unauthorised use of exit poll results during the 2014 provincial election and won the case in the Supreme Court.

“Yulchon has very competent experts in ICT sectors who has always shown great diligence and faithfulness. Especially, they have impressed us with creative solutions whenever we faced very complicated and unprecedented problems,” says one client. Doil Son advised JTBC on its strategic partnership agreement with Fox Sports for the launch of JTBC3 Fox Sports. Son also advised Lotte Card on its new outsourcing data security governance, compliance and IT systems.

The labour and employment practice at Bae Kim & Lee is headed by Wook Rae Lee. Lee is appreciated by clients for his “sound technically and strong practical advice”. Hyungsuk Lee, Jeong Han Lee and Hyung Ro Kim represented Samsung Electronics Service against a lawsuit brought by over 1300 outsourced workers seeking confirmation of their status as regular employees of Samsung as well as claims for underpaid wages.

Jin Hwan Kim and In Hwan Lee at Kim & Chang advised Mercedes Benz Korea on implementing various privacy protective measures and information management practice to comply with local law as well as ease in frequent cross-border information transfers. Hyun Jae Park advised Brookfield Asset Management on labour and employment aspects of the acquisition of IFC Seoul from AIG. The team advised on due diligence, structuring of arrangements, drafting and negotiation of relevant agreements.

“Lee & Ko has always had a strong labour and employment practice,” a client praises. Sang Hoon Lee and Changsoo Jin co-head the practice. Lee is described as a “fully dedicated” lawyer and Jin is described as a “very innovative and energetic” practitioner by clients. The team assisted Homeplus, Korea’s one of the biggest retailers with more than 115 branches across the nation, in due diligence aspects of its subcontracted worker workforce to evaluate the risk of deemed employee status and to provide mitigation measures.

Shin & Kim is known for its strong litigation practice, regularly representing private and public corporations. Se Ryul Hong and Seong Ki Park acted for Ssangyong Motor before Supreme Court on its landmark case of massive layoffs. The team argued that the client had an urgent business necessity to execute a massive layoff to save the business and obtained a favourable ruling. Michael Chang and Young Seok Ki assisted a client to conduct a comprehensive investigation to support claims raised by an internal whistleblower.

Yoon & Yang is known to provide “advice on various labour law issues and support for labour law disputes and investigations by the government”. A client praise the firm: “They are very efficient and has high level of business acumen and they are fully engaged to getting the job done in a very efficient way.” Tae Hwan Oh and Chan Keun Park represented Hyundai Motor in a lawsuit brought by employees concerning calculation of overtime and holiday work payment.

Yulchon conducted an internal investigation for a non-profit medical research organisation concerning a whistleblower complaint. Hee Chul Kang advised a global semiconductor manufacturer in business restructuring after an acquisition of another tech company. The firm also advised a global fashion brand in restructuring and integration of its corporate and business structure in Korea that resulted in redundancies.

Bae Kim & Lee is particularly active in acquisition and fund buyouts. Dongwoo Seo, Mok H. Kim and Cheolhyo Ahn advised IMM Investment in its W400 billion acquisition of 100% stake in Eco Management Korea Holdings from JP Morgan Asset Management. Eui Jong Chung and Annie Eunah Lee represented borrowers in connection to a Maltese company’s acquisition of equity interest in Daesung Celtic Enersys from Daesung Industrial.

“Kim & Chang is simply the best you can find in Korea,” says a client. Jong Hyun Park, Chang Sup Kwon and Jae Myung Kim advised Anchor Equity Partners in its sale of stake in Kyungnam Energy to Prostar Capital for approximately W563.7 billion. The team assisted on the entire bidding process, selecting preferred bidder and devising a transaction structure. The firm also represented Bain Capital and Goldman Sachs in their acquisition of a controlling stake in Carver Korea, a leading Korean cosmetics company, from existing shareholders.

Lee & Ko is one of the “go to” firms for prominent transactions with profound experience in representing corporates and private equity firms in various acquisitions. Its team advised Magic Holdings in its sale of all of its shares in Tongyang Magic, a manufacturer and retailer of household appliances, for W610 billion to SK Networks. The team is also advising IMM Private Equity in its potential acquisition of total common shares of DS Power by one of the private equity funds it manages.

The project and infrastructure practice at Bae Kim & Lee continues to provide high quality of service in real estate and transportation projects. Eric Eunyong Yang, Yong Geun Bae, Cheolhyo Ahn and Seung Hyeon Kim advised Daewoo Amara, a joint venture company established by Korean investors and a Myanmar investor, on the development and construction, operation and other project-related issues of a hotel. The firm also advised Hyundai Motors and Hyundai Architects & Engineers Associates on the construction of the Hyundai Motors Global Business Centre, the second tallest building in Korea.

Kim & Chang’s projects and infrastructure group has a solid track record advising on complex project financing deals as well as regulatory matters. Dong Seok Oh represented the Export Import Bank of Korea in a project financing transaction involving construction and operation of a coal-fired power plant in the Republic of Botswana. Geon Ho Kim advised Shinhan Bank, arranger bank, on the review of a 30.8 MW fuel cell project in a combined heat and power generation complex in Busan procured by Korea Hydro & Nuclear Power and operated by Busan Green Energy.

Hun Ko and Tom Shin co-head the projects and infrastructure team at Lee & Ko. Ko and In Soo Kim advised Korea Development Bank, Kyobo Life Insurance (the lead arrangers) and syndicate of lenders comprising 3 banks and financial institutions on the financing for the Daegok-Sosa Railway Private Participation Project. This was the first project that applied the “Korea Infrastructure Investment Platform” established by a syndicate of 17 different institutions which contributed W14.5 trillion.

Shin & Kim houses a dedicated team to advise on significant projects. Hyunju Helen Pak, Michael Chang and Sang Hyun Lee advised National Pension Service of Korea which participated in a consortium of Australian and foreign funds to purchase a controlling stake in the Port of Melbourne, Australia’s busiest port, from the government of the Victoria State of Australia. The team advised the client on both the documentation and due diligence.

Yulchon’s projects team advised ADF Asset Management on its investment in the Dongtan Logistics Complex development project which is expected to be the largest logistics complex in Asia once completed. This complex transaction required first of its kind formulation of a deal structure, requiring both a double-layer loan and an option aspect in order to fulfill regulatory requirements. Tae Jin Cha and Jin Seok Choi were the leading partners for this case.

Bae Kim & Lee has been remarkably hectic in the past 12 months in restructuring and insolvency matters. The firm advised STX Offshore & Shipbuilding, the fourth largest shipyard in Korea, in its rehabilitation proceedings after 3–year workout failed. Bo Youl Hur and Eui Hong Chung represented over 50 creditors such as Wells Fargo bank and Societe Generale against Hanjin Shipping which was the largest shipping company in Korea before it filed for rehabilitation proceedings in 2016.

As one of the dominant full service law firms in Korea, Kim & Chang continues to act for global corporations in restructuring and insolvency matters. Jin Yeong Chung, Chiyong Rim, Hi Sun Yoon, Ik Hwan Cho and Kevin Todd represented and assisted over 300 clients including BNP Paribas, ING Bank and Standard Chartered Bank in the rehabilitation proceeding and subsequent bankruptcy proceeding of Hanjin Shipping, which had worldwide repercussions in the container shipping sector.

Lee & Ko represented Hanjin Shipping in its applications for recognition and stay order in foreign jurisdictions by request from the Korean Bankruptcy Court as Hanjin Shipping stopped operations of its vessels around the globe due to possibility of its vessels being arrested at ports in foreign jurisdictions. Wan Shik Lee, Jung Hyun Lee and Eunjai Lee also advised Hanjin Shipping on the sale of its equity interest in Total Terminals International, a US company which owns and operates Long Beach Terminal, and remitted the sale proceeds to Korea. This matter was complex as numerous objections were filed in the US bankruptcy court to block the remittance. 

Shin & Kim regularly advises clients in acquisitions of distressed assets and debt restructuring procedures. Young Ku Lee, Bok Gi Choi and Young Geun Kim acted for STX Heavy Industry in its filing of voluntary rehabilitation. Choi and So Youn Kim represented Aju Corporation in its W103 billion acquisition of Gongyoung Haeun, which was undergoing a rehabilitation proceeding.

Led by Sang Goo Han, the restructuring and insolvency team at Yoon & Yang is recognised for its representation of creditors. Han, Jungseok Ryu and Sang Man Kim provided legal advice to a charterer and several foreign creditors of Hanjin Shipping during its reorganisation. After the reorganisation procedure of Hanjin Shipping was discontinued, the team is acting for foreign creditors in the bankruptcy proceedings of Hanjin Shipping. Han is advising foreign clients of STX Offshore & Shipbuilding and STX Heavy Industry such as Rosetti Marino SpA, Grid Solutions SAS and GEA Process Engineering A/S in relation to the reorganisation procedures.

Ki Young Kim at Yulchon advised Hyundai Merchant Marines (HMM) on its out-of-court restructuring. The team helped the client to complete the restructuring on conditions that its creditor banks proposed after accepting its application of the voluntary normalisation program due to its liquidation risk. Other partners involved in this matter include Chul Man Kim, Shin Chul Kang, Sun Kyoung Kim and Su Yeon Lee.

“Bae Kim & Lee is one of the most famous law firms in Korea. They are reliable and provide the solution of arguable matters whether it is a lawful claim or not,” a client remarks. Jong Ku Kang, Tae Jeong Kim, Jong Min An and Chang Wan Han acted for KB Insurance in limitation of liability proceedings concerning a collision case where a VLCC (M/T Wu Yi San) collided with GS Caltex’s oil terminal. Kim and Jaiyoung Kim are representing Korea Western Power in a multi-billion dollar lawsuit commenced by an Indonesian company (bill of lading holder) involving mis-delivery of cargo.

Jipyong is acting for Hyundai Merchant Marine in a foreign liability limitation proceeding regarding an incident in which the MV Mol Comfort broke in half while sailing near Yemen and sunk all cargo on board. This case is important since Korea is not a state party to either the 1976 or the 1996 Limitation Conventions, but has its own limitation liability regime within relevant statutes, including the Korean Commercial Code. Choon Won Lee is the leading partner on this matter.

Kim & Chang is known for its individual expertise and excellent legal services. Practitioners in the shipping, maritime and aviation team are described as the “industry leading practitioners” and have “commitment to achieving the best possible outcome”. Its team is co-led by Byung Suk Chung and Jin Hong Lee and they are frequently mentioned by clients for their quality of service and expertise. “BS [Byung Suk] Chung is a pleasure to deal with personally and a tenacious and professional advocate for his client. We have seen, and continue to see excellent results from BS Chung and his team at Kim & Chang,” a client notes. Jae Bok Lee and Chul Won Lee are advising a substantial number of foreign creditors, mainly terminal operators, ship-owners and financing banks in the filing claims against Hanjin Shipping initially in Hanjin’s corporate rehabilitation and subsequently, in its insolvency proceedings.

“Lee & Ko is one of the best law firms in South Korea, especially in the aviation industry it is the top priority,” says a client. Jin Young Jung and Chong Su Seo are advising Meritz Fire & Marine Insurance in two lawsuits filed by the Korean Government and Korea Development Bank (KDB) in connection to the sinking of MV Sewol, also referred as the Sewol Ferry Disaster, seeking payment of insured amount. The primary issue of the lawsuits is breach of implied warranty or lack of seaworthiness which have rarely been addressed by the Korean courts.

Yoon & Yang’s shipping, maritime and aviation team is led by Sang Pil Lee and Ju Hung Lee. Lee and Sung Jin Kim acted for Yongma Logis before the Seoul Central District Court in a civil case against Jae-il EST for the reimbursement of additional costs incurred by changes in the berthing terminal. The firm also advised STX Corporation, a shipbuilding company, in a lawsuit claiming payment of coal supplied to Korea Southern Power against Korea Southern Power.

Yulchon has a strong focus on aviation matters. Christopher Joon Tae Cho acted for Hi Investment & Securities in the financing of two Boeing 777-300ER aircraft for Emirates. Its legal advice includes structuring the project, review and provision of tax, review and negotiations for the entire transaction. Cho also advised KTB Investment & Securities in the financing of an Airbus A330-343 aircraft for Singapore Airlines.

“Bae Kim & Lee has a strong reputation in the Korean law and tax market. They are very professional and competent,” says one client. Tae Kyoon Kim is representing the Korean subsidiary of Qualcomm for a bilateral advance pricing agreement with respect to transfer pricing between the Korean subsidiary and the Singaporean subsidiary of Qualcomm. The firm defended Korail against tax authorities concerning a corporate income tax refund that amounted to about W880 billion in connection with a land sale and purchase contract for a cancelled real estate development. “BKL’s tax group has significantly improved [in] delivering winning results,” a client notes.

Kim & Chang’s tax team provides outstanding tax services with substantial expertise and experience in both tax and transfer pricing areas. Byung Moon Jung successfully acted for OCI, a green energy and chemical company, in a high court appeal concerning W170 billion in acquisition and registration taxes and W300 billion in corporate income tax and VAT in relation to the spilt of its chemical manufacturing and urban development business from the rest of the company.

Lee & Ko has a solid reputation with its dedicated team and broad scope of services. Byeong Jun Son, Young Uk Park and Soo Hyuk Yim advised a corporation in Korea concerning a gift taxation issue. Son and Kyung Tae Kim advised the Mayor of Seoul on Korean car-lease companies’ payment of car registration taxes. The Mayor of Seoul assessed the taxes against car-lease companies on the basis that the “place of use” of the leased cars should be treated as Seoul as the business is effectively carried out in Seoul and to pay relevant taxes.

Shin & Kim is a consistent performer in the market and regularly advises domestic and international clients on tax disputes and tax-driven transactions. Its tax practice group is jointly led by Choon Cho and Hyeon Jin Kim. The group is traditionally strong in advising corporations and financial institutions such as International Petroleum Investment, National Pension Service and Hana Bank.

Yoon & Yang represented Korail in a lawsuit on the VAT and additional taxes imposed by the tax authorities. The firm represented CSWIND Corporation in a tax appeal against the tax authority, seeking invalidation of the W19.5 billion additional corporate tax imposed. As a result of this case, a clear standard for the application of tax benefits including tax exemption under the tax regulation has been set. The partners involved include Seung Soon Lim, Oh Young Jeon, Tae Hwan Oh and Yong Taek Kim.

Yulchon is most well-known for its tax practice with particular strength in tax disputes. Dong Soo Kim and Min Kyu Lee advised Mirae Asset Securities on its $1.96 billion acquisition of 43% of the shares in Daewoo Securities, one of the largest securities companies in Korea, from KDB. Concurrently, the team also advised Mirae Asset Global Investments on its purchase of 100% of the shares in KDB Asset Management, from KDB, for about $54 million. Throughout this deal, Yulchon reviewed domestic tax issues and formulated a practical tax efficient structure.