Ashurst to launch in Korea following first joint venture deal
Ashurst to launch in Korea following first joint venture deal
JV with HwaHyun influences Anglo Australian firm's distinctive capability to practise local law.
After establishing a joint venture with local firm HwaHyun, Ashurst will be the first foreign law firm to practise local law in South Korea.
The relocation also marks the debut of the Anglo Australian company in Seoul, where several of its competitors have functioned representative offices for long.
After entire six years the JV was approved by the Korean Ministry of Justice. Thereafter JVs were originally legalised as part of a phased liberalisation of the South Korean legal market. Till date, it's been assumed that the laws were too onerous and prevented legal firms from taking this course.
Ashurst, moreover, claimed that by establishing a local presence, the JV would greatly increase its current outbound Korean practise.
According to Paul Jenkins, worldwide CEO of Ashurst, "this is the first joint venture (JV) between a Korean enterprise and an international firm in South Korea, which is a promising step for both our Asia offering and the global firm. "Asia is a crucial component of Ashurst's strategy. Hence we have continued to make investments in the region all along 2021. Our market goals are reflected in the JV."
According to the plans, two Ashurst partners—M&A lawyer Huiyeon Kim, who is based in Hong Kong and co-heads the firm's outbound Korea practise and Ronnie King, a senior arbitration specialist with a Tokyo office—will move to Seoul.
Co-managing partners Kyung-Shik Shin and Sung Ryul Park, together with two other HwaHyun partners will lead the JV with the assistance of their individual teams of associates.
The JV will formally debut in a few weeks, working out of HwaHyun's offices initially before relocating to its own location by the middle of 2023.
According to Jini Lee, head of region for Asia at Ashurst, "HwaHyun's knowledge and experience of the Korean market are a natural complement to our existing offering." "The joint venture will enable us to further grow our competence and advance our performance in the market. It will also allow us to give great service to our clients."
HwaHyun emphasizes on business, technology, intellectual property, and dispute resolution. Shin and Nak Song Sung work together as co-heads of the 17-partner firm. Sung worked as a judge for more than 30 years while Shin spent over 30 years in public service, and even as the chief prosecutor of the Suwon District Prosecutors' Office.
Shin said, "Ashurst has a strong track record and a well-defined plan for its goals in Asia and around the world. A competent mid-sized legal firm in Korea, HwaHyun has continued aspirations for worldwide practises in addition to strong local capabilities. This important breakthrough is crucial steps in helping both businesses achieve their goals."
Hyundai Motor Group, Samsung Group, SK Group, POSCO and Hanwha Group are some of the clients of Ashurst's present outbound Korea business was counselled by Kim co-leads with John Kim, a fellow Hong Kong M&A associate, on challenging cross-border deals.
