Latest moves to open South Korea market founder

An IBA session on crossborder legal services and free trade agreements has heard that bids to open up South Korea to international law firms are still facing obstruction.

South Korea moved to open its legal services market under free trade agreements with the EU in 2011 and the US in 2012. Since then, 26 firms have opened up in Korea, but moves under the country’s Foreign Legal Consultant Act to allow them to set up joint ventures with Korean firms are still being blocked by parliament. A draft bill forbade foreign firms from acquiring majority stakes in Korean firms and restricted the areas of practice open to foreign lawyers. Source: Law Society Gazette

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