Sheppard Mullin ambitious about Seoul opening
Kicker: Law firm chief says advance into Korea is part of its greater Asia practice
By Cynthia J. Kim
Sheppard Mullin, U.S. legal adviser of Samsung Electronics and Hyundai Motor Co., will set up a Seoul office within the next few months as it joins a rush of U.S. law firms advancing into Korea, chairman Guy Halgren said.
“We hope to be able to apply for a license within the next few weeks and then be approved in the next month or two after that. We will open the office this spring,” Halgren said in an interview with The Korea Herald in Seoul on Sunday.
Sheppard Mullin is taking part in a movement of law firms opening up Seoul offices following the ratification of the free trade agreement between Korea and the U.S.
The Korea-U.S. FTA, which will take effect soon, allows American lawyers to enter a market where more than $119 billion has been raised from debt and equity last year. Two other U.S. law firms have also publicly announced their plans to open a Seoul office this year -- Cleary Gottlieb Steen & Hamilton and Paul Hastings.
Seth Byoung-soo Kim, a partner at Sheppard Mullin’s New York office, will relocate to Seoul and work closely with U.S.-based partners Gary Halling and Kenneth Carl as part of the company’s Korean team.
“Under the treaty, we will be representing the Korean companies in their dealings under U.S. law. So if a Korean company had an issue in the U.S. or needs help we’d like to assist in that.”
Halgren added that the branch will also serve American companies entering the Korean market and thus are seeking legal aid.
The law office chief said the firm’s expansion into Seoul was a natural option with its rich Korean network. It currently advises 16 Korean companies, including Hyundai Motor, Hanwha Group, Korea Development Bank and all four major banks -- Woori, Hana, Shinhan and KB.
“We have been representing Korean companies for 15 years. This is a natural next step for us as part of our greater Asia practice,” Halgren said.
Halgren said although the office would be a small one with five attorneys this year, he hopes to hire local lawyers within the next few years. A U.S. law firm in Seoul can advise on U.S. law to residents for the first two years. Once the company has been operating in the country for five years, it can hire local lawyers and offer advice on Korean law independently.
“Under the treaty, we’re not allowed to practice Korean law. We hope to hire local lawyers with U.S. law credentials later,” he said.
The chairman’s visit to Korea comes amid rising speculation that some U.S. and British law firms are expected to compete in the Korean legal market in the wake of Korea’s FTAs with the United States and the European Union.
According to Korea’s Justice Ministry, U.S. and British law firms among the top 100 in the world account for about 90 percent of the total sales.
(
cynthiak@heraldcorp.com)
cap: Guy Halgren
