By Don Southerton, KoreaLegal.org Editor
Skimming the Web for South Korean legal news what stands out is the number of law firms expanding operations to Korea. That said, I’m not sure the supply and demand will require so many firms. Of course the influx of US and EU law firms comes in the wake of FTAs. Regardless, Korean market entry can be challenging. I can assist with a sound strategy 
This quote sums it up:
With the enactment of free-trade agreements between South Korea and the European Union in July and between South Korea and the United States in November, though, foreign law firms have been allowed to open offices in the country and be closer to clients such as Samsung, LG and Hyundai Motors.
Reuters notes
June 22 (Reuters) – Three major law firms have joined the crowd seeking to open outposts in South Korea following the adoption of the 2011 free-trade agreements that eased restrictions on foreign lawyers practicing in the Asian country.
DLA Piper, K&L Gates and McKenna Long & Aldridge have taken the first step in applying to open offices in the country, the South Korean Ministry of Justice said on Thursday. The firms join 12 other law firms in Europe and the United States that have already filed similar applications.
“Many people have been waiting for a long time,” said Song Jung, a partner at McKenna Long involved in the firm’s plans to open in Korea.
The firms’ names were released two days after O’Melveny & Myers announced it had become the latest firm to apply to establish offices. Other firms that have applied to open in South Korea include Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton.
DLA, K&L and McKenna had not previously publicized their applications, unlike some of their competitors, reflecting what may be a more cautious approach in the newly established process for opening offices.
McKenna Long had applied as far back as April, a firm spokeswoman said. It waited to publicize its plans until the “application was absolutely in the process,” Jung added.
Peter Kalis, chairman of K&L Gates, confirmed his firm had an application pending but declined further comment. Tony Angel, the co-global chairman of DLA Piper, did not respond to a request for comment.
The newly disclosed applications provide another indication of the intense interest that South Korea, Asia’s third-largest economy, has drawn from foreign law firms. Until recently, the market had been restricted to Korean law firms.
With the enactment of free-trade agreements between South Korea and the European Union in July and between South Korea and the United States in November, though, foreign law firms have been allowed to open offices in the country and be closer to clients such as Samsung, LG and Hyundai Motors.
Initially U.S. law firms will be restricted to practicing U.S. and international law. But by 2017 U.S. law firms are expected to be able to hire Korean lawyers and merge with local firms.
Applying to open an office is just the first of several steps before winning the Korean government’s final approval.
Lawyers designated to lead a foreign law firm’s office must also apply to the Ministry of Justice and then the Korean Bar Association to become registered as a foreign legal consultant. Once approved, a lawyer can then apply for a license on his or her firm’s behalf.
Three firms’ prospective office leaders have so far won the Ministry of Justice’s approval. Those firms are London-based Clifford Chance, Ropes & Gray and Sheppard Mullin Richter & Hampton. Both Ropes & Gray and Sheppard Mullin confirmed that the bar association had approved the proposed heads of the new offices, William Yongkyun Kim and Seth Kim, respectively.
Andrew Park, a partner in McKenna’s Washington office, is expected to head the firm’s Korean office if the application is approved, said Jung, the partner who helped spearhead the process.