Piercing Complex Overseas Legal Barriers... Law Firms Rally Behind Korean Companies [Invest&Law]

Rise of Economic Security Risks amid Protectionism and Supply Chain Restructuring
Steep Climb in Complexity of Cross-Border Deals
Layered Global Regulations—From Foreign Investment Review to Export Controls—
Law Firms Step Up as Defenders

As the overseas expansion of domestic companies continues and investment by multinational companies in the Korean market increases in parallel, the cross-border legal advisory market is heating up. This trend is driven by the rise of economic security risks due to protectionist economic policies and the restructuring of supply chains, as well as a regulatory environment that is more complex than ever before. Cross-border deals have evolved into multifaceted projects that go beyond simple transactions between countries, now involving antitrust reviews, foreign investment screenings, export controls, license approvals, and tax regulations across multiple jurisdictions simultaneously. In this landscape, the role of law firms is also expanding beyond the provision of simple legal advice, serving as a ‘comprehensive control tower’ that covers global trade regulations, the establishment of local compliance systems, and dispute resolution.

According to the legal community on July 22, Kim & Chang has established itself as the benchmark in trillion-won-scale mega cross-border deals, building an overwhelming track record in this field. Key members of the Corporate M&A Group include Partner Han Sungjo, Partner Kim Beomjun, Foreign Attorney Lee Sunyeol, as well as Attorneys Lee Youngmin (33rd class) and Kim Taeo (39th class), who form the core team. This group is responsible for analyzing domestic and local regulations, determining deal structures, and overseeing the acquisition of necessary permits and approvals. Their achievements span major outbound deals such as Korea Zinc’s establishment of a joint venture in the United States and SK Innovation’s joint venture with Ford in the US, as well as headline-grabbing inbound transactions including EQT Partners’ acquisition of Douzone Bizon and the Macquarie Asset Management consortium’s sale of DIG Airgas.

Bae, Kim & Lee (BKL) demonstrates its confidence—“the bigger, more complex, and more difficult the deal, the more likely BKL will be chosen”—through its Global M&A and Investment Team. Led by Corporate Practice Head Yoon Seongjo (26th class), with Attorneys Kim Mokhong (33rd class), Jang Hokyung (38th class), Lee Beomju (3rd bar exam), and Foreign Attorneys Seo Jeongkyu and Hwang Yujin, this group plays a central role. BKL operates a robust integrated advisory system, particularly in high-difficulty projects involving national core technology and financial regulations. The firm has successfully managed high-profile, large-scale domestic and cross-border transactions, including Korean Air’s investment in WestJet (Canada’s second-largest airline), KKR’s acquisition of SK Ecoplant’s environmental subsidiary, and Delivery Hero’s acquisition of Baedal Minjok.

Shin & Kim maximizes synergy between its M&A Group, Trade & Industry Policy Center, Overseas Group, and Global Business Strategy Center by operating an organic “one-firm” system. Senior Foreign Attorney Kim Sejin, previously the head of the Ministry of Trade, Industry and Energy’s Trade Dispute Response Division, oversees responses to economic security risks, while Attorneys Kil Youngmin (33rd class) and Won Jungjae (34th class) lead on-the-ground operations in Southeast Asia and China, respectively. Promising next-generation leaders such as Attorney Jeong Hyesung (35th class) and Foreign Attorney Kim Heeyoung drive deal execution. Shin & Kim recently added a record to its performance by successfully advising SK hynix on the entire process of its American Depository Receipt (ADR) listing in the US, a transaction amounting to 40 trillion won.

Kwangjang Law LLC is showcasing unrivaled expertise in critical national industries such as semiconductors, batteries, and energy, powered by a cross-border M&A team of approximately 150 members. Core figures include Foreign Attorney Kang Giwook, Attorneys Koo Daehun (35th class), Kim Sungmin (36th class), and Foreign Attorneys Yoo Hyeongi and Kim Moonseop. The firm operates an integrated advisory system with subject matter experts in fields such as fair trade, international commerce, and intellectual property, overseeing deals from start to finish. The firm has consecutively closed strategically important deals, including Air Liquide’s acquisition of DIG Airgas, LG Energy Solution’s asset purchase of Ultium Cells in the US, and the LS MnM consortium’s investment in a nickel smelter in Indonesia.

Yulchon is focusing its efforts on providing client-specific solutions by launching the Global Trade Center and US Investment Task Force in response to rapidly changing global circumstances. The addition of Senior Advisor Moon Seungwook, a former Minister of Trade, Industry and Energy, has strengthened the firm’s ability to address industrial policies. The core team includes Attorneys Yoo Jongkwon (36th class), Foreign Attorneys Lee Taehyeok, Lee Hyeonggi, and Lee Myeongjae, as well as Attorneys Wi Chunjae (38th class), Jeong Sanghun (32nd class), and Choi Yonghwan (36th class). Yulchon successfully completed the largest overseas M&A by a domestic insurer—DB Insurance’s acquisition of ProtegrA in the US (2.44 trillion won)—and demonstrated crisis management capabilities by advising Hanwha Aerospace on the formation of a 6 trillion won defense joint venture in Poland.

HwaWoo places front and center its experts with over 35 years of experience in international legal affairs, focusing on supporting stable overseas expansion and preventative legal work. Representative Attorney Kim Kwonhoe (20th class), former IAKL president, and International Legal Team Leader Lee Junwoo (30th class) lead a team of more than 40 professionals, including Attorneys Jo Youngseon (26th class), Kim Wonhyeong (31st class), and Kim Jiuk (38th class). The firm provided comprehensive advice on KC Tech’s establishment of multiple US subsidiaries and took the lead in preemptively building a large-scale compliance system for HL Mando’s business travelers to the US—demonstrating strength in resolving challenging, practical local regulatory issues for companies.

Jipyung delivers highly localized, high-end advisory services based on the largest overseas office network among Korean law firms, with nine offices spanning eight countries. International Group Head Jeong Cheol (31st class) leads a group of foreign attorneys, including Kim Jinhui, Lee Seungmin, Noh Chunguk, Oh Gyuchang, and Ban Giil, who specialize in distinct areas such as outbound deals, inbound deals, and international disputes. The firm set an industry precedent by facilitating Emart24’s entry into India—the first such move by a Korean convenience store operator—and demonstrated on-the-ground capacity with direct regulatory reviews by local branch offices in projects such as GC (Green Cross)’s joint venture healthcare establishment in Vietnam and Aekyung Chemical’s plant acquisition in Indonesia.

Industry observers expect that the role of law firms will become ever more important as global uncertainty grows. A partner at a major law firm explained, “In the past, overseas advisory work involved setting up a local office or simply reviewing contracts, but today, deals have transformed into complex projects entangled with controls on national core technologies, foreign direct investment (FDI) screening, and increasingly sophisticated tax regulations. Navigating this minefield of protectionist and economic security regulations has become a matter of corporate survival. Going beyond fragmented interpretation of legal theory, what is now critical is the law firm’s capacity to function as a ‘strategic partner’—closely defending clients from supply chain reorganization issues to long-term operational strategy.”

This content was produced with the assistance of AI translation services.