UK law firms are gearing up for dash to South Korea

6 April 2010

UK law firms are positioning themselves for opportunities in South Korea as ratification of the recently agreed European Union-Korea Fair Trade Agreement edges closer.

From April 19-21 the Law Society is leading a trade mission of UK law firms to South Korea to nurture potential links with Korean law firms and businesses ahead of the ratification of the EU-Korean FTA.

The visit to South Korea, which is the 15th largest world economy and has been designated ‘high growth market’ status by UK Trade & Investment, is in anticipation of the EU-Korea FTA being ratified as early as June, which will remove the €1.6 billion in customs duties on EU exports to Korea and €1.1 billion in the other direction. It will also do away with trade barriers that have prevented the legal industry, and others, from doing business with the country.

Law Society President, Robert Heslett, says:

“South Korea is an increasingly important legal services market for UK firms who are looking to develop and consolidate their relationships with Korean law firms, particularly given the new opportunities offered by market opening. There are many opportunities for lawyers in construction, ship building, intellectual property, telecommunications, retail and financial services. The FTA will pave the way to develop closer working with the South Korean market.

“South Korea is one of the last legal services markets to open up and we are delighted that the EU-Korea FTA; an agreement that the Law Society has pushed for a number of years, will open up the market to UK firms at the same time or earlier than their US competitors.”

Firms already signed up to the trade mission include, Addleshaw Goddard, Herbert Smith, Allen & Overy, Clyde & Co, HGF Law, Fenwick Elliott and Pinsent Masons.

The impact that the agreement will have was anticipated by the Society last year when it signed a memorandum of understanding with the Korean Bar giving UK lawyers a basis for friendly cooperation and developing links with the legal profession in South Korea.

The trade mission, which is supported by UKTI, will incorporate a programme
of meetings and networking opportunities as well as time for participants to hold their own meetings.

Notes:

About South Korea:

Main industries: electronics, automobile, shipbuilding, steel, textiles, retail, chemicals Free Trade Agreements - signed with Chile, Singapore, EFTA. US and EU agreements awaiting ratification Seoul is a financial services regional hub It has the world’s highest broadband access per capita Global conglomerates – Samsung, Hyundai, HSBC, Standard Chartered, Tesco – are based there South Korea boasts one of the smallest gaps between rich and poor and has one of the highest standards of living