By Don Southerton, KoreaLegal.org
A few weeks ago a lawyer from a top Washington, DC law firm contacted me about the KORUS FTA and the opening of Korea to global legal firms. I feel many international law firms are looking at the Korean market. It will be smart for them to get lots of local support, and more important develop a sound strategy for market entry. I can help.
Here as recent PR announcing law firm Clifford Chance’s plans of entering the Korean market.
Clifford Chance (CC) looks set to become the first leading City firm to open an office in South Korea, with the firm planning to launch after the country’s legal market is opened up to foreign law firms this summer.
The firm is one of a number of the UK top 10 looking at the region in the wake of a free trade agreement (FTA) between Europe and South Korea that was approved by the European Parliament last month (17 February).
The long-awaited agreement, initially signed at the EU-South Korea summit in Brussels in October last year, sets out a timescale for foreign law firms to open in the market, with international firms to be able to open representative offices from July, once the agreement is ratified.
CC confirmed that it is planning to open in the country, Asia’s fourth-largest economy, once the market is liberalised, with other firms including DLA Piper and Allen & Overy (A&O) in earlier stages of evaluating the market.
CC Asia head Peter Charlton (pictured) said: “We have ambitious plans for growth in Asia and Korea is an important part of that strategy. We welcome the recent legal liberalisation and are working towards having a suitable presence in the country at the first available opportunity.”
Under the terms of the FTA and legislation set out by the South Korean Government, liberalisation is set to happen over three stages.
From July, EU-based law firms will be able to open representative offices in South Korea to advise on non-Korean law. By July 2013 firms will have the right to enter into co-operative agreements with Korean firms and advise on legal issues involving a mixture of domestic and foreign law. By July 2016, EU firms will be able to invest in local firms and hire Korean lawyers.
A&O Asia managing partner Thomas Brown said: “Korea is a very important market in Asia and we are looking at it very seriously, but we haven’t made a decision either way as yet.
“We already have a very healthy South Korea practice and any presence on the ground would help us build on what we already do – especially as we won’t be able to practise local law. So our focus would remain on the international law elements of deals involving South Korea.”
Other firms exploring the market include DLA Piper, where Asia managing director Alastair Da Costa said: “We are very interested in the market, having a thriving Korea practice with lawyers in Tokyo, Hong Kong, London and the US. Korea fits as a geography with our strategic framework and we are keen to explore what we can do to strengthen our position in that market.”
Firms ruling out entering the market in the near-term include Ashurst, Eversheds, Linklaters and Freshfields Bruckhaus Deringer.
Freshfields Asia managing partner Robert Ashworth said: “There are increasing signs of cross-border activity and a renewed confidence of Korean corporates to pursue overseas projects work and acquisitions. The long-awaited liberalisation of the legal market will facilitate this process and I would not be surprised to see law firms from the EU taking advantage of the FTA to open offices. We are continuing to develop our successful offshore Korean practice but I do not anticipate our having a formal presence in Korea in the near term.”
The US signed an FTA with South Korea in June 2007 that so far has yet to be ratified by either government, with several US firms looking at the region in anticipation of the FTA’s ratification.
Source: LINK
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Korea’s Learning Culture: The Quest for Advanced Academic Degrees
Wednesday, August 26th, 2009By Don Southerton, Korea Expert Witness Editor and Chief Blogger
After a month hiatus, Korea Expert Witness is back. Our first posting is in regard to education–and the desire for advanced degrees. On a side note, it’s always amazing how many Koreans are studying. It’s a culture obsessed with learning and self-improvement.
This Korea Times article shares some great insights into the quest for advanced degrees.
Jang Min-tae’s master’s degree in management stood out in his office up until a few years ago. But not anymore, as an influx of new colleagues with all kinds of higher degrees from overseas, start to steal his spotlight.
Feeling stripped of his competitive edge, the 35-year-old, who works for a foreign industrial company, is now considering new options to regain his advantage.
“On the surface level, my company does not discriminate against workers based on their education level,” said Jang, “but without a doubt, a higher and better degree opens up more doors within the organization.”
Although he has no plans to pursue another degree, the junior-level professional is looking into earning certifications related to his career.
“I can’t just stay at a standstill,” said Jang, who regrets today’s cutthroat competition that pushes him and others to keep going nonstop.
The same kind of pressure is what pushed another junior-level professional, Cho Jung-eun, to quit her job recently to enroll in a Master’s Degree of Business Administration (MBA) program in the United States.
She admits that she isn’t clear about her post-MBA plans, but decided to take an expensive leap because “everyone seems to be doing so.”
“Getting a master’s degree is no longer an option,” said the 31-year-old, who considers going to graduate school just as mainstream as going to college.
And Cho isn’t completely wrong, as more and more working men and women are siding with the emerging notion that a higher degree is a necessity.
A survey conducted by the online recruitment site Job Korea showed Wednesday that two out of three professionals are currently unsatisfied with their education level.
It asked 1,557 salaried workers whether they were happy with their degree. Sixty-seven percent said they weren’t content, while 33 percent said they were.
The No. 1 reason people were dissatisfied was because they found it difficult to make a career change without a higher degree. Others said a lack of professional knowledge in their field and disadvantage in promotion was the most convincing factor to study more.
More than half of the respondents said they are considering going to school again, indicating that the current trend for higher education is encouraging more people to leave work.
Hiring experts said those contemplating pursuing further studies should take action as early as possible.
“A growing number of companies are putting aside openings specifically for master’s and doctoral graduates,” said Ki Eun-joo, a headhunter who mainly recruits for medium-sized firms.
She said that graduate schools are no longer for overachievers, adding that professionals should plan ahead to remain competitive in the long run.
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