Recent Developments

On August 7, 2024, Lee&Ko's Regulatory & Government Affairs (RGA) Solutions Group was introduced in the Korea Law Times. "Lee&Ko's RGA Solutions Group, which provides legal advice and consulting services by expanding and reorganizing its legal consulting team, is led by professionals such as Woo Yoon-keun, Esq, third- term congressman of the National Assembly who served as the chairman of the National Assembly's Legal Affairs Committee and the floor leader of the Democratic Party of Korea, and Mr. Jin Jeong-ku, who served as the chief of staff of committees and the   Deputy Secretary-General for Legislative Affairs at the National Assembly."

On August 3, 2024, an article by attorneys Sujin Jung and Jang Hyun Ka was published in EToday. In the article, they explain that when the amended Personal Information Protection Act took effect on September 15 of last year, the requirement to change user accounts to dormant status after a certain period of inactivity was abolished. Consequently, online businesses are now free to establish their own policies for changing user accounts to dormant status. This is why various online businesses have recently been sending emails or SMS messages informing their users about the deactivation of dormancy status.

On July 29, 2024, SBS Biz featured comments from Woo-Young Choi, an attorney at Lee & Ko. With the enforcement of the Act on the Protection of Virtual Asset Users, those caught engaging in unfair trading practices now face a minimum of one year in prison or fines of 3 to 5 times the illicit gains. If profits exceed KRW 5 billion, offenders could receive sentences of 5 years or more. 

Regarding these penalties, Choi explained, “It’s not just imprisonment; offenders can receive both prison time and fines.” He elaborated, “For instance, if someone made KRW 10 billion illegally, they don’t simply pay back KRW 30 billion. The original KRW 10 billion is confiscated, and they face an additional fine of KRW 30 to 50 billion on top of that.”
 

On July 28, 2024, DigitalTimes featured comments from Jongsoo (Jay) Yoon, a partner at Lee & Ko. As the Act on the Protection of Virtual Asset Users comes into effect, strengthening regulatory oversight and sanctions, experts anticipate a surge in related legal disputes. Yoon, who heads Lee & Ko’s Virtual Asset Team, commented, “We've already seen an increase in requests for advisory services on interpreting the Act’s provisions and understanding its practical scope.” He further predicted, “With the Act now in effect, we expect to see growing demand for both compliance advisory services and litigation support.”

On July 10, 2024, the Law Times reported that large law firms are also reorganizing their orgaizations by hiring experts as amendments to the Capital Market Act have come into effect since the beginning of this year.  The newspaper introduced Lee & Ko’s Capital Market Center as an example. “Lee & Ko is responding by creating the Capital Market Center,” the newspaper said, “The Center includes Kwon Taekyung, a former deputy director of the Special Investigation Division of the Financial Supervisory Service, Kim Hyunggeun, who was in charge of launching the Joint Investigation Team for Securities and Financial Crimes, and Kwon Soongun, who handled related cases at the Seoul Central District Court.”

July 8, 2024
An interview with Kyungchun Kim of Lee & Ko was published in The Bell. The Bell introduced Kyungchun Kim as “a key figure in the M&A and corporate advisory sectors, having built expertise in M&A legal advisory services through participation in various deals led by major corporations and private equity funds." In the interview, Kyungchun Kim expressed his ambition to provide legal advice that can truly benefit clients through a ‘positivist approach.’

On July 2, 2024, the Korea Economic Daily reported Lee & Ko’s recruitment of Yang Ho Park, former head of the Legal Affairs Division at the Ministry of Justice (MOJ). Mr. Park is an expert in criminal law who has accumulated his expertise and experience in various criminal areas as he was in charge of special investigation and cases related to social issues in Prosecutors’ Offices throughout the nation, including the Public Investigation Department of the Seoul Central District Prosecutors’ Office, Special Branch of the Ulsan District Prosecutors’ Office, Special Investigation Department of the Uijeongbu District Prosecutors' Office, while also in charge of customs cases in Incheon District Prosecutors' Office. He has also served in key posts at the Ministry of Justice as he was in charge of personnel business of the prosecution system and prosecutors at the MOJ’s Prosecution Service Division, enactment and amendment of civil law, review and advisory of laws regarding national institutions at the MOJ’s Office of Legal Counsel, and general management of AI legal technology policies such as legal counselling services at the MOJ’s Legal Affairs Division. Mr. Park will be responsible for legislative support to various corporate-related criminal cases and legislations in areas of corporate, finance, serious accidents, fair trade, customs etc. at Lee & Ko’s criminal group. 

On July 2, 2024, the Yonhap News reported that Lee & Ko will provide legal support to startups entering the global market with the Ministry of SMEs and Startups. The Ministry of SMEs and Startups held a MOU and inauguration ceremony of advisory body for startups with law firms such as Lee & Ko on July 2 to establish a cooperative legal support system for startups. Law firms such as Lee & Ko plan to provide customized, free legal support regarding execution of contracts with overseas companies, protection of intellectual property rights etc. to startups by utilizing their abundant expertise in foreign law and networks such as overseas offices. 

July 1, 2024
In ‘The Bell’s League Table’ for the mergers, spin-offs, and joint ventures category announced for the first half of 2024, Lee & Ko has topped the list with 8 transactions, amounting to KRW 2.3 trillion in the aggregate transactional volume. The Bell noted, “Earlier in the first quarter of 2024, Lee & Ko reclaimed the top spot in this category for the first time in 8 years, and has successfully secured the first-place position for this quarter again.” The Bell explained, "Advising both SK Energy's spin-off of SK Enterm and EcoPro BM’s merger with EcoPro Global played a decisive role”, and added, “Lee & Ko also provided legal advice for deals including the merger through absorption of Douzone Bizon by Douzone Holdings (KRW 269.1 billion) and the merger between Woori Asset Management and Woori Global Asset Management (KRW 220.3 billion).”

On June 19, 2024, the Law Times reported that Yang Ho Park, former Director of the Legal Affairs Division of the Ministry of Justice will join Lee & Ko. The Law Times explained that Mr. Park “completed the 35th Judicial Research & Training Institute in 2006 and was appointed as a prosecutor at the Jeonju District Prosecutor’s Office”, that “he served as a deputy prosecutor at the Seoul Central District Prosecutor’s Office, prosecution at the Ministry of Justice, head of the Jecheon branch at the Cheongju District Prosecutor’s Office after serving as the prosecutor of the Office of Legal Counsel at the Ministry of Justice”, and that “he finished his public service last month after serving as the director of the Legal Affairs Division of the Ministry of Justice since September last year”. Mr. Park is expected to work in Lee & Ko’s Criminal Defense Team. 

On June 12, 2024, the Law Times featured Lee & Ko’s Tech&AI Team. The Law Times described the team as “the largest AI team among domestic law firms, comprising approximately 100 experts, including attorneys and former regulatory agency professionals.” The article highlighted that “the team is staffed with experts in personal data protection, data management, IT, regulatory consulting, and litigation (technology disputes), enabling them to address all potential issues and challenges related to AI.”

Attorney Ko Hwan-kyoung, the team leader of Lee & Ko’s Tech&AI Team, stated, “As we are all entering this new era together, there is a high likelihood that various legal fields will become intricately intertwined.” He added, “The Lee & Ko Tech&AI Team, consisting of both attorneys and advisors, collaborates seamlessly when issues arise to provide tailored services, much like the ‘Avengers’.”]

On June 11, 2024, Legal Times featured an interview with Sang Gon Kim, Managing Partner of Lee & Ko. This month’s edition spotlighted Mr. Kim as a “lawyer whose career is a testament to his dedication to the firm, starting as an associate in 1994 and ultimately ascending to the role of managing director after 28 years.” In the interview, Mr. Kim stated, “After two years of 'homogenization' and 'rebalancing' efforts, I don't think any specific endeavors are needed in any of our teams for now,” and added, “It is noteworthy that our firm has constantly addressed our past shortcomings through these homogenization and rebalancing efforts, while successfully maintaining our robust advisory prowess in financial investments and M&A. I believe this approach has allowed us to gain a competitive edge among other firms.” Mr. Kim concluded with confidence, stating, “I anticipate that, if the advisory market rebounds to 2021 levels due to US interest rate cuts, Lee & Ko will lead in securing outstanding achievements and run at the forefront to seize this opportunity for continued expansion.”