The Korean Ministry of Justice approved on November 29, 2022 the establishment of a joint venture between global law firm Ashurst and Korean law firm HwaHyun.
To be called Ashurst Korea JV, the JV will significantly expand Ashurst’s existing outbound Korean practice by building a local presence. And through the JV, Ashurst becomes the first global firm permitted to practice Korean law, since the legal market opened in 2011.
Ashurst’s outbound Korean practice, currently led by John Kim and Huiyeon Kim, operates across a number of offices. Clients of the practice include Hyundai Motor Group, Samsung Group, SK Group, POSCO and Hanwha Group.
A full-service law firm in Korea specialising in corporate, intellectual property & technology, and dispute resolution, HwaHyun is led by Co-Managing Partners Kyung-Shik Shin and Nak Song Sung.
Kyung-Shik Shin spent 27 years in public service, including as the Chief Prosecutor of the Suwon District Prosecutors’ Office, while Nak Song Sung served as a judge for more than 30 years.
“This is the first JV between a Korean firm and an international firm in South Korea, which is an exciting development both for our Asia offering and the global firm. Asia is a critically important part of Ashurst’s strategy and, throughout the last year, we have continued to make focused and strategic investments in the region. The JV reflects our ambitions in the market,” said Paul Jenkins, Global CEO of Ashurst.
“Over the last 12 months we have seen strong performance in Asia, which we expect to continue. By combining Ashurst’s global strength with HwaHyun’s local expertise, the joint venture will help us service our clients with their inbound and outbound business opportunities. I am confident that this partnership will be a great success for our people and our clients,” he added.
Kyung-Shik Shin, Managing Partner of HwaHyun, said: “Ashurst has impressive credentials and a clear vision and strategy for what it wants to achieve in Asia and globally. HwaHyun is a solid mid-sized law firm in Korea, with very strong local capabilities and continuing aspirations for international practices. This significant development is a key step in both firms delivering on their ambitions.”
