Herbert Smith Freehills is shutting its Seoul office after ten years in the East Asian country, and relocating partners Mike McClure and Dana Kim to London and Hong Kong, respectively.
In a statement, the firm said it will “wind down” its physical presence in Korea this year as it determined to serve their clients’ interests with “a new approach.” Some of the office’s 14 staff members will leave the firm as a result.
Herbert Smith Freehills had launched its Seoul presence in April 2013, shortly after the signing of Free Trade Agreements between South Korea and the U.S. and EU in 2011 that allowed American and European law firms to open offices in the country.
As it closes in Seoul, the firm announced it would set up a Korea Group led by McClure and Kim. “The Group, whose members will visit Seoul as required by clients and matters, draws on deep expertise across our international network,” the statement said. “Our existing and new Korean clients will continue to receive high-quality legal service through this new model of service, and we look forward to maintaining strong local firm relationships.”
The office closure comes less than two years after the exit of Clifford Chance. McDermott Will & Emery and Simpson Thacher & Bartlett shuttered their Seoul offices in 2019 and 2018, respectively.
At the same time, other firms have been launching in Korea, or doubling down on their presence there. Weeks previously, Watson Farley & Williams opened its Seoul office - after hiring HSF arbitration partner Philip Kim – while in November, Ashurst said it was launching a first-of-its-kind legal joint venture in the country.
