<관련 영문 기사>
Law firms’ interest in int’l associations rise over fintech fever
Global law firms are increasingly utilizing international networks as conduits to keep up with the sprawling Fintech businesses worldwide.
Law firms are struggling to adapt to the changing environment due to the surging growth of data protection and information technologies. Joining international law firm associations is part of their efforts to exchange the latest information and leverage on each other’s expertise.
In particular, Korean companies have one after another begun seeking legal advice on the transferability of data since the European Court of Justice’s groundbreaking Schrems vs Data Protection Commissioner ruling on Oct. 6, 2015.
This decision by the ECJ effectively nullified the ‘safe harbor’ scheme that had allowed American companies to transfer data such as personal information to the U.S. with ease.
“Recent trends show that large, full-service law firms are actively trying to keep pace with Financial and IT industry policy and regulatory trends through consistently beefing up internal capabilities,” said one legal market observer.
“And for law firms, joining global law firm networks is a good alternative to maintain readiness.”
Yulchon LLC is the only full-service Korean law firm to be an active member of the TechLaw Group -- a global network of technology law firms that currently includes 24 law firms from 35 countries and over 8,400 attorneys that specialize in FinTech and Data Protection matters.
The TechLaw Group holds conferences around the world and as the sole member representing Korea, Yulchon is set to host the two-day, biannual event in Seoul on Oct. 15-16, 2015.
Experts in FinTech, Data Protection, and Intellectual Property from around the world are set to discuss relevant matters pertaining to current regulations and judicial precedents.
“Without deep knowledge and understanding of industries related to FinTech, Transferability of Data, and E-commerce, the advisory work delivered to companies seeking such legal services will be severely limited and of a quality reflective of a big fish in a small pond,” said Doil Son, partner and lead attorney of Yulchon’s Telecommunications, Media and Technology Team. “On the other hand, a law firm that is an active member of an international law firm network enables it to provide comprehensive legal advisory services.”
The trend towards full-service law firms joining international networks is not only limited to FinTech and related IT industries but relegate to other jurisdictions as well.
Bae, Kim & Lee is currently active as Korea’s representative law firm in the ‘World Law Group.’ Hwang Mok Park has also been reaping the benefits as a member of ‘Lex Mundi’- the world’s largest law firm network- for its legislative support services business.
Another legal market observer notes, “Excluding multi-national law firms, the majority of (Korean) law firms see joining international networks as killing two birds with one stone, meaning they can expand their network while fortifying their expertise in various fields.”
(
monicasuk@heraldcorp.com)
