South Korea is the only member of the OECD and one of the last few Asian countries that have not liberalized their legal services market. Not only are foreign law firms not allowed to set up offices in Korea, but lawyers with foreign licenses are not permitted to practice and their status is not officially recognized. However, with the prospective ratification of the KORUS FTA, Korea's legal services market might have an opportunity to finally open its doors to international legal professionals and catch up with the corporate sector.
Read more: The Impact of Legal Market Liberalization in Korea on U.S. Firms