South Korea opens legal services market to European firms
The European Union and South Korea have signed a trade deal under which Korea has agreed to open key commercial sectors to European business. The legal services sector will be liberalised, opening the way for European law firms to enter the high growth market.
The UK Law Society will run a trade mission to South Korea this month. Law Society president Robert Heslett said: "There are many opportunities for lawyers in construction, ship building, intellectual property, telecommunications, retail and financial services." He added that the agreement would "open up the market to UK firms at the same time as, or earlier than, their US competitors".
A number of UK firms have already signed up to the trade mission, including Addleshaw Goddard, Allen & Overy, Clyde & Co, Fenwick Elliott, Herbert Smith and Pinsent Masons.
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