More foreign lawyers joining with local law firms
An increasing number of foreign attorneys are taking a larger role in Korea’s major law firms. James E. Morrison, (left), Matthew J. Christensen (center) and David W. Macarthur (right), are foreign attorneys at Bae, Kim & Lee LLC’s international arbitration team, one of Korea’s top 10 law firms. By Cho Jin-yeong
Orion had sold Buy the Way to CCMP for 150.5 billion won in 2006, but CCMP argued the value of the local convenience store was overpriced and demanded Orion return 32.3 billion won.
The matter was taken to the arbitration court after Orion rejected the CCMP’s demand.
Though many thought CCMP would hire an international law firm based in a foreign country, the firm retained American Matthew J. Christensen and Korean Kim Kap-you from the Korean law firm of Bae, Kim & Lee LLC.
On BKL’s international arbitration team, the law firm has two more foreign national attorneys - David W. MacArthur and James E. Morrison. Both MacArthur and Morrison, who previously worked for the arbitration court, joined the firm, one of the 10 largest law firms in Korea, in May.
Several years ago, court cases related to international arbitration were largely dominated by foreign law firms, with Korean firms merely assisting.
Now, Korean firms are trying to break that tradition. By gradually opening their doors to foreign legal professionals, a large number of Korean law firms independently take up international arbitration cases and serve as lead counsels.
In the past, foreign-trained attorneys in Korea were largely Koreans who studied abroad or who had been born and raised in foreign countries. Because of the importance of expert knowledge in international arbitration, Korean law firms now actively seek foreign talent.
In a lawsuit between Hyundai Heavy Industries and International Petroleum Investment Co. of the United Arab Emirates over the sale of Hyundai Oilbank, two Korean law firms, BKL and Shin & Kim, have been retained.
Just five years ago, there were only nine foreign attorneys at Korea’s top 10 law firms. Now, there are 34.
Though foreign attorneys are still banned from directly engaging in trials in Korea, many foreign lawyers are making their way to Korea because international arbitration cases are on the rise together with Korea’s growing economic power.
In 2006, of the 1,614 legal disputes filed at the International Court of Arbitration, 37 were related to Korean corporations. That number grew to 40 out of 1,611 cases in 2007.
The international arbitration sector is gaining attention from legal experts because it deals with large cases where billions or trillions of won are in dispute. Along with large cases come large fees.
“The international arbitration sector is gradually becoming important in the legal services market, but there are not enough professionals with good expertise in this field in Korea,” Kim Kap-you, an attorney at BKL said. “That’s why Korean law firms are hiring foreign attorneys. Foreign attorneys give useful and helpful insight to their Korean partners on the intentions of foreign attorneys.”
When Korean law firms initially opened their doors to foreign legal professionals, many had little knowledge about Korea or its language. Such firms had lenient screening procedures for hiring foreign attorneys. But as expatriates who worked for internationally renowned law firms seek jobs in Korea, local law firms have toughened their hiring procedures.
Christensen, a graduate of Harvard Law School, worked for Freshfields Bruckhaus Deringer LLP in New York and Shin & Kim in Korea before moving to BKL.
Morrison, who is also with BKL, said he chose Korea because he thought work experience in Korea would upgrade his resume. “When I worked for the ICC International Court of Arbitration, I was on the Asia-Pacific team and had a chance to examine entire court cases in the Asia-Pacific region,” Morrison said. MacArthur, who worked at a law firm in Japan before coming to Korea, said he is more satisfied working in Korea because “Korea’s legal service market is more globalized than Japan’s.”
Park No-hyoung, professor at Korea University’s College of Law, forecasts that more and more foreign attorneys will work for local law firms while more Korean attorneys will have opportunities to work for law firms around the world.
By Special Reporting Team [mijukim@joongang.co.kr]
with the Korea JoongAng Daily
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