Australian law firms looking to access the Korean market

Korean media reports that free trade negotiations with Australia are to be expedited.  Access to the Korean market for Australian law firms is likely to be sought as part of the trade in services elements.  Depending on the outcome of negotiations this means Australian law firms could be trading in Korea in the next few years.

Korea has provided for identical staged liberalisation for legal services under both its FTAs with the EU and USA and a number of US and UK firms have completed the application process to open an office.  These provisions allow firms to practicing foreign and international law in the first two years from the FTA's entry into force, subsequently foreign firms will be permitted to work in collaboration with Korean law firms, and after five years foreign and Korean lawyers can form partnerships and foreign firms can employ Korean lawyers.

For further information on the legal services market in Korea please contact nicole.thomson@lawsociety.org.uk.