Global law firm Baker McKenzie is launching a legal joint venture in South Korea with local firm KL Partners. The resulting 20-lawyer Baker McKenzie KLP JV will be the largest international law firm in Korea by partner strength, according to the firm.
The JV received official approval from Korea’s Ministry of Justice and will officially launch in mid-October 2023, Baker McKenzie said in a statement.
Baker McKenzie is the second firm to receive approval for a JV in South Korea, a market that has been historically closed off to foreign law firms. Global rival Ashurst launched a JV last November with mid-sized Korean law firm HwaHyun.
The firm will be jointly led by Baker McKenzie Korea partner Jae-Hyon Ahn and KL Partners’ managing partner Beomsu Kim. Bakers’ head of Korea practice, Won Lee, who is based in Hong Kong, will also work closely with Baker McKenzie KLP JV.
“Providing a ‘one-stop shop’ approach in Korea, coupled with our deep presence in key markets that are important to Korean business, will be a game changer for us and our clients in a market that remains an economic powerhouse and one that is opening up further to international investment, including in our own sector,” Milton Cheng, Baker McKenzie’s global chair said in a statement.
The JV brings together Baker McKenzie’s established Korea practice, which focuses on energy and infrastructure development and financing outbound practice, with KLP’s cross-border disputes and inbound corporate expertise.
“Korea is an important market for so many of our multinational clients, and being able to expand our offering for our clients through this joint venture makes perfect sense,” Lee said in a statement.
Korea’s legal market has seen entrants and departures in the past year. International firm Watson Farley & Williams and PRC firm Jointide both opened South Korea outposts, while global giants Herbert Smith Freehills and Shearman & Sterling announced office closures in the country.
Lawyers say that with hurdles like language barriers, growing competition and tight regulations, the key to longevity might involve closely hewing growth strategies to Korea’s market potential.
