Law firms from FTA partners to open local offices
JoongAng Ilbo, Korea
Law firms from FTA partners to open local offices
By Park Yu-mi, JoongAng Ilbo
4 March 2009
The National Assembly passed a bill yesterday allowing law firms from the United States and countries that have free trade agreements with South Korea to set up local branches to provide legal consulting services.
The Justice Ministry said that the new law will allow foreign attorneys with a minimum of three years of experience to work here. Legal representation of clients, however, will not be permitted.
Foreign attorneys doing consulting work in Korea will be required to stay in the country for a minimum of 180 days per year. They will also need be approved by the Justice Ministry and be registered with the Korean Bar Association. The new law will take effect six months after it is signed by the president.
Foreign law firms from FTA partner countries can open a branch office in Korea after a free trade agreement with Korea has taken effect, following National Assembly ratification.
The South Korea-U.S. FTA is currently awaiting ratification by the legislatures of both countries. South Korea is also in the midst of negotiations to conclude FTAs with the European Union, Japan, Mexico, Canada, India, Asean and some Gulf countries. South Korea currently has free trade agreements with Chile, Singapore, and the European Free Trade Association.
