Kim & Chang

Kim & Chang is the largest and unchallenged full-service law firm in Korea, maintaining its ‘Outstanding’ tier across all practice areas and sectors. The firm remains one of the most innovative and experienced firms in the market contributing to both international and domestic matters. The firm hired several partners during the research period, strengthening its corporate and M&A, dispute resolution, insurance and tax practices.

Banking and finance

Work highlights

Acted for Korea South-East Power and Samsung C&T Corporation, the sponsors, and Gangneung Eco Power, the project developer, on Gangneung Anin 2080MW coal-fired power plant and related port facilities project with the total project cost of $4.6 billion. This is the largest project financing transaction to date in Korea with 34 financial institutions providing debt financing in the amount of $3.9 billion.

Advised Korea Development Bank, the mandated lead arranger, and KDB Infrastructure Investments Asset Management and Multi Asset Global Investments with respect to their equity investment into the POS Power’s W4.8 trillion development of a thermal power plant project in Gangwon-do province.

Key clients

HSBC, Kolon Global, Korea Development Bank, KKR Asia, Hyundai Merchant Marine

Capital markets

Work highlights

Assisted Kakao Corp in the issuance of global depositary shares valued at $1 billion. Due to the lack of global GDR offerings in the market, the firm undertook substantial legal analysis and negotiated the transaction documents on behalf of the client.

Key clients

BNP Paribas, DBS Bank, Morgan Stanley, Naver Corporation, Woori Bank

Competition/antitrust

Work highlights

Defended Visa before the Korea Fair Trade Commission in the investigation concerning alleged abuse of market dominance. The firm provided extensive economic analysis enabling the client to be cleared from any violations.

Key clients

Alstom, NXP Semiconductors, Siemens Aktiengesellschaft, The Walt Disney Company, Visa Worldwide

Construction

Work highlights

Represented a domestic construction company against a financial institution in a case related to guarantee obligations in an agreement where the client was contracted as a general constructor. The case has implications on the scope of lenders’ rights regarding a guarantee.

Key clients

The Export-Import Bank of Korea

Corporate and M&A

Work highlights

Acted for SK Hynix, one of the main financial investors of the consortium led by Bain Capital, on its acquisition of Toshiba Memory Corporation valued at $18.8 billion. This marks one of the largest off-shore investment transactions involving Korean investors.

Advised Kolmar Korea in its 100% share acquisition of CJ Healthcare valued at $1.1 billion, the largest transaction in the pharmaceutical industry. The firm provided advice on all matters of the transaction including merger clearance, due diligence, and acquisition financing. 

Key clients

Affinity Equity Partners, Aptiv Technologies, Glenwood Private Equity, Hanon System, MBK Partners

Dispute resolution

Work highlights

Successfully defended LG Chemical in a dispute regarding a partnership with a Swiss company in the marketing and development of a new pharmaceutical product. The firm was able to dismiss all claims for repudiation of contract raised against the client.

Key clients

Hyundai Heavy Industries, LG Chemical, Philip Morris Korea, Schindler Holding

Intellectual Property

Work highlights

Defended HCT in an invalidation action commenced by Yonwoo, a Korea-based cosmetic product packaging manufacturer, against HCT’s Korean patent covering a dispenser with a thermal storage tip. The case was brought to the Supreme Court and found all claims of HCT's Korean patent valid.

Key clients

Astellas Pharma, Dassault Systèmes, KakaoPay, Novartis

Investment funds

Work highlights

Acted for SoftBank Ventures Asia in its establishment of a $300 million China-focused blind fund to invest in promising startups in China with TPG Partners. The fund, called China Ventures Fund I, will target early-stage startups in China in areas of artificial intelligence, deep tech, media and contents.

Key clients

Samsung Asset Management

Labour and employment

Work highlights

Defended POSCO in a lawsuit filed by several workers of POSCO’s contractor regarding the employee status classification. The firm provided support to justify that the workers were not dispatched workers for POSCO and the court dismissed the lawsuit.

Key clients

Macquarie Korea Opportunities Management, SK Telecom

Private equity

Work highlights

Assisted Glenwood Private Equity in its acquisition of 100% stake in both Haeyang City Gas and Seorabeol City Gas from GS Energy Corporation. The firm helped the client in reviewing the acquisition structure as well as the potential exit plan.

Key clients

Baring Private Equity Partners, IMM Private Equity

Regulatory

Work highlights

Advised Google in obtaining a licence for the value-added telecommunications service provider (VSP) in Korea, becoming the first foreign entity to obtain a VSP licence. This case sets a precedent for future global agencies obtaining a licence without establishing a prior local corporate presence.

Key clients

Hanwha General Insurance, The Standard Club Asia

Restructuring and insolvency

Work highlights

Advised Daeji Development on pre-packaged plan rehabilitation proceedings. This was the first time that third party borrowing was involved in debt repayment. The firm continued to set a precedent for future P-Plan proceedings.

Key clients

General Motors Holdings, Leehan Corporation, Phoenix Heliparts

Tax

Work highlights

Successfully represented OCI Company, a green energy and chemical company, on a Supreme Court case on requirements for the tax-qualified spin-off. This case involved issues related to tax-free demerger which were previously not considered by the court and resulted in clearer criteria for requirements.

Key clients

KKR & Co, Mirae Asset

Client feedback

“In every aspect, Kim & Chang is prominent. Their advice is convincing.” – Aviation

“I understand Kim & Chang set up a dedicated outbound project team a few years ago and they seemed to show significant achievements in this field. Now they provide a similar level of service as the global firms and it differentiates itself from other local firms.” – Banking and finance

“Excellent. It has a deep bench and an international team. The firm has one of the top arbitration practices in Asia, not just Korea.” – Dispute resolution

“The firm’s strength lies in high-quality advice and punctual feedback.” – Dispute resolution

“Kim & Chang's work is the best and incomparable.” – Dispute resolution

“Kim and Chang recently seems to start providing services which are similar to those of international firms. As mostly we have worked with international firms, we had not expected the Korean firms have an in-depth understanding of the deals when we worked with them before. But now at least Kim & Chang is totally different from the other Korean firms. Many deal teams hope to work with Kim and Chang's project finance team and we don't have any objection.” – Energy

“Kim & Chang has played a key role in all aspects of witness interrogation, data collection, and overall corporate understanding.” – Labour and employment

“In my view, Kim & Chang's legal service sets the benchmark in Korea in terms of quality and responsiveness. The Kim & Chang team has delivered results consistently.” – Labour and employment

“Very Excellent. Although the transaction is not a plain vanilla deal but complicated and sophisticated, they put their utmost effort into the work for the benefit of lenders.” –  Shipping

“The firm’s strength and depth of bench for tax litigation are unmatched in Korea. Highly experienced in tax planning, the team brings in corporate lawyers to combine tax advice with other Korea legal considerations.” – Tax

“I think the firm is excellent based on its excellent tax-related knowledge, practices in South Korea and in international taxation practices as well.” –  Tax

Ki Young Kim

“The team led by Ki-Young Kim especially stands out for the thoroughness of their legal advice, but what has also impressed me is how the firm combines their deep understanding of the relevant laws with keen attention to the legal needs of the business people, in order to derive practical solutions for their clients.”

Byung Chol Yoon

“He leads an excellent team.  But this is really a team effort, with a deep bench of both Korean and foreign lawyers.”

Youngsun You

“It is said that winning a case in the Supreme Court is very difficult after losing in the immediate lower court, the patent court for this case. Mr Youngsun You has many years of experience as a court judge and research judge in the field of intellectual property. With his broad knowledge and experience in trends and tendencies of the Supreme Court's precedents in this field of his expertise, a new strategy for winning the case and persuasive arguments were successfully made, resulting in the final winning in the Supreme Court and continuous and stable marketing of the products under the trademark.”