Korea has finally opened the door to international lawyers. On Monday, the first three foreign law firms Clifford Chance, Ropes Gray, and Sheppard, Mullin, Richter Hampton won approval from Korea’s justice ministry to open offices, ending years of waiting.
A host of others are in the queue to set up shop, including US firms such as Cleary Gottlieb and Simpson Thacher, which have a long history of advising top-tier Korean clients on issuance in the international capital markets, as well as on cross-border mergers, acquisitions, private equity deals and financings.
For now, that will continue to be the only kind of work they can advise on. Foreign...
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