The Law Society raises practice rights post-Brexit
After three years of close cooperation Law Society President, Robert Bournes and his KBA counterpart Chang-Woo Ha deepened ties by renewing their Memorandum of Understanding (MoU) at this year’s International Marketplace Conference on 6 October and explored new avenues for professional collaboration.
On 13 October 2015 the president of the Law Society will host the British Ambassador to the Republic of Korea at a breakfast briefing on current opportunities for members.
The Korean government is looking at amendments related to joint ventures between foreign law firms and Korean law firms.
The Law Society is currently consulting with members who have an interest in South Korea, to formally respond to the Ministry of Justice in South Korea about the proposed changes to the Foreign Legal Consultants Act. This response will be published on the Law Society website and will detail any restrictions it may bring to members looking to operate there.
The gradual liberalisation of the Korean legal services market under the EU-Korea Free Trade Agreement is boosting potential investment. South Korean corporations are increasingly expanding abroad. Today, there are some 200 Korean companies in the UK - including 15 listed on the London Stock Exchange - using English and Welsh law for business contracts. Now is a good time for English and Welsh firms to be thinking about South Korea.
Mr Sung-Hwan Choi is a dual-qualified lawyer in New York and the District of Columbia (USA) and recently qualified as a solicitor of England & Wales in April 2014, through the Qualified Lawyers Transfer Scheme (QLTS).