South Korea to allow foreign firms to operate

South Korea's National Assembly passed enabling legislation on 2nd March that will allow EU law firms to establish offices in the country once the EU has concluded its Free Trade Agreement (FTA) with South Korea. EU-Korea FTA negotiations are expected to be completed as early as April, and look set to give EU law firms equal access to those negotiated by the US in their free trade agreement with South Korea; an agreement reached almost two years ago but which has yet to be formally ratified.

The legal services agreement reached between South Korea and the US, on which the EU agreement is expected to be based envisages a three-stage liberalisation. The first stage enables foreign law firms to establish branch offices offering advice in foreign and international law. The second stage, beginning no later than two years after that, would permit a foreign law firm to fee-share with a Korean firm. The final stage, to begin no later than five years after the agreement was signed, would permit Korean and foreign lawyers to go into partnership and foreign lawyers to employ Korean lawyers.

http://www.koreaherald.co.kr/NEWKHSITE/data/html_dir/2009/03/04/20090304...