Kim Rahn reports on Korean action to begin to open up its legal market, in line with the trade agreement: Foreign Lawyers to Provide Limited Service (The Korea Times, February 5):
...The government approved a new law on foreign legal consultation at a cabinet meeting, Tuesday, clearing the way for foreign law firms to provide limited legal advisory services, the Justice Ministry said. The legal market opening comes in line with a free trade agreement (FTA) with the United States.
Under the revised law, foreign legal professions such as lawyers can perform consultative business here regarding laws governing their respective countries. But they will not be allowed to cooperate with Korean law firms or hire Korean lawyers.
It will be the first of the phased legislation of the Law on Foreign Legal Consultants, which Seoul concluded with the U.S. last year....According to the planned schedule, the first stage will begin around 2009. In the second stage, which will be carried out between 2010 and 2011, foreign law firms' Korean offices will be allowed to cooperate with Korean law firms. The two sides can take cases jointly and share earnings when the cases involve both domestic and foreign law.
In the last stage, around 2014, foreign and Korean law firms will be able to set up joint companies.
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