Korea to Open Law Firms to Outside Investment and Ownership, and Allow MDP Entities
Here is an interesting AmLaw post on the Korean government seeking to deregulate legal services and end restrictions on nonlawyers investing in and providing legal services. The key excerpts say:
“The Korean government is planning a major deregulation of the nation’s legal and other professional services markets, the Korea Herald reports.
At a government meeting Tuesday, Finance Minister Yoon Jeung-hyun explained the move as a way to boost employment in the high-value services sector.
“The government will lower entry barriers to the professional service market to spur competition and to boost the size of the market,” Yoon said.
A number of measures aimed at reducing regulation have been recommended to the government by the Korean Development Institute, a think tank. Perhaps most controversially, the KDI has proposed that non-lawyers and conglomerates be permitted to own stakes in law firms. The institute has also recommended an end to restrictions on lawyers, patent agents and certified public accountants practicing together.”