South Korea’s National Assembly passed legislation Monday permitting foreign law firms to open offices in the country within six months, though only if their home countries have ratified free trade agreements with South Korea. Thus, the new law means little to U.S. law firms eager to set up shop in Seoul.
“While it is a positive development, this law has no practical effect on U.S. firms as it is conditional on the passage of the [FTA],” says Jong Han Kim, the Hong Kong-based head of the Korea practice for Paul, Hastings, Janofsky & Walker. “Since the FTA is unlikely to pass the Democratic Congress this year, U.S. firms will most likely have to wait.”
