Korean law firms' 2024 revenue soars on M&As, management disputes

South Korea’s major law firms saw rapid growth in revenue last year as the economic slowdown sparked business overhauls at top conglomerates, with some leading companies grappling with management or family disputes.

While Kim & Chang solidified its No. 1 spot in the domestic legal service market, second-ranked Lee & Ko made significant strides with high-profile M&A deals.

It led the merger between SK Innovation Co. and liquefied natural gas supplier SK E&S Co. that created Asia's largest energy company, excluding state-run utilities.

Lee & Ko surpassed the 400 billion won ($276 million) milestone in annual revenue – becoming the first Korean law firm to do so, excluding Kim & Chang.

“Business restructuring and the tightening of financial and fair trade regulations drove our revenue growth,” Kim Sang-gon, lawyer and head of Lee & Ko. “This trend is expected to continue this year.”

Including patent services and overseas operations, Lee & Ko’s revenue came in at 432.4 billion won in 2024. 

The number of M&A deals it handled reached 56, slightly short of Kim & Chang's 59, although the value was slightly less than half that of Kim & Chang. The figures are based on calculations by Market Insight, The Korea Economic Daily's capital market news outlet.

Lee & Ko also handled legal cases for Hur Young-in, chairman of food-focused SPC Group, and former Hanssem Group Chairman Choi Yang-ha, who were acquitted of charges of embezzlement and fair trade violations, respectively.

SK AND LOTTE GROUPS' RESTRUCTURING

Bae, Kim and Lee notched up a 5.5% increase to reach 391.8 billion won in revenue last year. It provided legal services for the sales of SK Rent-A Co. and Lotte Rental Co. to Affinity Equity Partners.

It also mediated in legal wranglings between Hugel Inc. and Medytox Inc. over a botox strain and Kybo Life Insurance Co.’s dispute with financial investors regarding put options.

It has been advising MBK Partners on the buyout firm's takeover attempt of Korea Zinc Inc., which, if successful, would be the first hostile takeover of a domestic company.

“Demand for legal services will continue to grow this year as companies are restructuring businesses and taking measures to respond to tougher financial regulations, as well as changing policies in the US,” said a lawyer at one of the top law firms.

FAMILY FEUDS

Yulchon posted 12.9% on-year growth to 370.9 billion in revenue. It joined the team of legal advisors for SK Group Chairman Chey Tae-won in his years-long divorce proceedings with Roh So-young, awaiting a Supreme Court decision.

It is also representing LG Group Chairman Koo Kwang-mo in his battle with his mother and two sisters over the division of the inheritance left by the group's late Chairman Koo Bon-moo.

Yulchon was a legal advisor of the 2.7-trillion-won sale of Ecorbit Co, South Korea's No. 1 landfill company, to a consortium of IMM Private Equity and IMM Investment.

The law firm earned a reputation following a court ruling in December 2024, where its client –  a domestic automotive parts maker – was cleared of charges under the Serious Accidents Punishment Act after a fatal accident in the workplace. It was the first such case in the country that ruled in favor of an employer in relation to that Act.

MANAGEMENT DISPUTES

Shin & Kim saw 15.7% growth to 369.8 billion won in revenue last year.

Shin & Kim is also working as an advisor for MBK in the management dispute with Korea Zinc and Hanmi Pharmaceutical Group's family feud for control of the group.

Hankook Tire & Technology Co.’s 1.17-trillion-won purchase of a controlling stake in Hanon Systems Corp. from Hahn & Co. boosted its fee income.

YEARS-LONG DISPUTE SURROUNDING NAMYANG DAIRY

Hwanwoo’s revenue spiked 20.1% to 250.0 billion won in 2024. Including sales from its patent and overseas operations, the revenue exceeded 270.0 billion won.

It has long been working on the years-long dispute between Hahn & Co. and Namyang Dairy Products Co. Advisory services for derivative financial products such as equity-linked securities also generated significant fee income.

Write to Lan Heo and Seo-Woo Jang at why@hankyung.com
 


Yeonhee Kim edited this article.