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The Justice Ministry said Thursday it is reviewing a British law firm's
qualifications for its potential entrance into the Korean law market, which if
successful will mark the first inroad made by a foreign legal services
company.
The London-based law firm Clifford Chance LLP is the first
foreign law firm that has applied for preliminary approval of its plan to set up
a local unit since South Korea's free trade agreement with the European Union
went into force in July last year.
The law firm filed the application
in December, the ministry said.
It will takes up to four months for
the ministry to make a decision over whether the British firm is qualified to
offer local services.
After getting the preliminary qualification
approval, the company has to win one more regulatory approval to establish a
local unit, the ministry said.
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