US and Other Ambassadors Strongly Protest ROK Legal Bill

The ROK has a history of protectionism and it appears that is what they are trying to do with their legal services sector to protect them from foreign competition:

A bill to open Korea’s legal services market to law firms based in the European Union and the United States was put on hold a day ahead of the final vote by the Legislation and Judiciary Committee due to strong backlash from those countries’ ambassadors.

On Thursday, ambassadors from the European Union, United States, United Kingdom and Australia visited the committee chairman and strongly protested that the bill goes against the free trade agreements between those countries and Korea. They said Korea would even risk trade conflicts if the bill is passed without amendments.

The Foreign Legal Consultant Act, which would allow the final stage of opening the local legal services market, was scheduled to be up for vote at the committee on Friday, the last step before submitting the bill to a plenary session of the National Assembly.

The four ambassadors, including U.S. Ambassador Mark Lippert and U.K. Ambassador Charles Hay, pointed to a clause banning foreign law firms from owning a stake greater than 49 percent in a joint venture as unfair, arguing that the rule would unfairly protect Korean law firms.

They also urged lawmakers to ease or abolish a qualification requirement for foreign law firms. Under the current bill, a foreign law firm hoping to launch a joint venture with a Korean law firm is required to have more than three years of experience in legal services.  [Joong Ang Ilbo]

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