Yulchon secures its place in the 'Outstanding' band this year for competition, litigation, private equity and tax. Its famed dispute resolution practice has more than 250 professionals and keeps apace with an evolving market, creating new disputes practice areas that are novel and innovative.
The firm has strategically bolstered its team through key hires across various practice areas. In June 2023, Hyun Min Kim joined as a partner from Bae, Kim & Lee. April 2024 saw the addition of four partners from Yoon & Yang: Sung-Jin Kim, Kayoung Kim, Hye Rim Kang, and Jung Hwan Lee.
The competition/antitrust practice has been particularly active in recruitment, welcoming Genny S Kim from Jipyong, Song Ryu and Yang Jin Park from Yoon & Yang, and Yoon Hwan Hwang as partners. However, the practice also saw the departures of Jun Woo Chung and Ki Choul Bae in late 2023.
Yulchon's construction practice has significantly expanded with the additions of partners Kwang Seok Song and Hyun Keun Kim.
The dispute resolution practice underwent substantial growth, welcoming 15 new partners including former judges and prosecutors such as Dong Ki Moon, Jae Hwan Shin, and Myung Cheol Lee. Experienced lawyers from other firms, like David MacArthur from Anderson Mori & Tomotsune and Kate Kyu Young Lee from Jipyong, also joined the team. While four partners departed, including Young Yoon Park to K1 Chamber and Ha Young Park to POSCO Holdings, the influx of new talent has significantly enhanced the practice's capabilities.
In the tax practice, Yulchon made strategic hires including Kwang Lae Cho from the Tax Tribunal, Kak Kyu Kim from Kim & Chang, and Byoung Ho Choi from Oreum Tax Corp. The practice did see some departures, with Jin Sung Kim and Jun Young Choi moving to accounting firms, and Jun Hee Kim joining the Court of Korea.
Client feedback
"We were highly impressed by their professionalism, attention to detail, and dedication to achieving our objectives. Their contribution significantly enhanced the efficiency and effectiveness of our financing strategy, further solidifying our partnership for future endeavours." – Aviation
"Yulchon provided effective feedback and advice to help me establish effective grounds for the business." – Banking and finance
"Yulchon provides well-balanced advice after thorough review and studies." – Capital markets
"They are friendly to customers and, above all, have business expertise in their respective fields." – Construction
"They have excellent expertise in their work, provide quick feedback, and are superior in legal logic competition with other institutions." – Corporate and M&A
"Very nimble and practical. Able to provide timely and pragmatic advice. Very issue-resolution oriented." – Corporate and M&A
"Yulchon is very responsive and has the capability to provide advice that is both legal and commercial." – Corporate and M&A
"Collective knowledge, expertise, and winning experience in similar cases, but also an engagement based upon the long-term partnership with us." – Corporate and M&A
"They always show good understanding of customer requests, and provide reasonable, efficient, and accurate legal solutions based on accurate legal interpretation and communication with financial supervisory authorities." – Insurance
"We found Yulchon to possess rich experience and professional expertise in the category of trade secrets and the work-related invention system, and Yulchon's insights were excellent and trustworthy. Throughout the process of service provision and collaboration, Yulchon's approach was highly systematic and detailed. Besides, we are extremely satisfied with Yulchon's diligent response to additional questions and post-service support." – Intellectual property
"Team Yulchon has the deepest understanding of the entertainment industry." – Intellectual property
"Very responsive, reliable, and provide very good practical advice. The matter we recently worked on together was successfully resolved with Chris Mandel's guidance." – Labour and employment
"Yulchon's greatest strength is that it is a law firm composed of capable and competent lawyers, and above all, I believe it has a well-established system that maximises synergy through collaboration." – Media and entertainment
"Yulchon is very good at providing workable solutions for clients." – Tax
"Detailed and professional analysis about tax issues." – Tax
JoonTae (Christopher) Cho
"Christopher possesses a deep understanding of aviation and shipping finance, with extensive experience and knowledge in the field. He also communicates effectively with clients, colleagues and stakeholders, conveying information clearly and concisely."
Yong Whan Choi
"He is very client-friendly and listens to clients' requests very well."
Sy Nae Kim
"She is very professional and has good knowledge of regulatory requirements and studies."
"She has a very positive attitude which brings a good influence to the group. Her professional judgement and knowledge are very trustworthy."
Nam Ho Kim
"He is very kind and explains things from an expert perspective in a way that customers can fully understand."
Gun Kim
"Based on his high level of professional knowledge and experience, he understands the client's concerns in advance and kindly provides guidance on response plans."
Chee-Kwan Kim
"Professional service and 24/7 response and engagement, and cross-country support for the case."
YongMin Lee
"I found YongMin Lee to possess rich experience and professional expertise in the categories of trade secrets, work-related invention systems, and especially intellectual property. His insights were excellent and trustworthy. Throughout the process of service provision and collaboration, his approach was highly systematic and detailed. Also, I am extremely satisfied with his diligent response to additional questions and post-service support."
Christopher Mandel
"Chris has been fantastic. He is a reliable partner who provides very practical and commercial solutions. This is very important, especially given the complicated labour landscape in South Korea."
"Chris is quick in understanding the crux of the issue and offers practical solutions. He can understand the issues faced by MNCs when dealing with Korea-specific labour issues."
Hyeon Hwa Shin
"Professional and communicative."
"Her M&A and acquisition finance legal expertise is excellent, with extensive work experience and outstanding negotiation skills on behalf of clients."
"Good understanding of clients' needs, in-depth legal knowledge, communication skills, providing reasonable and efficient legal solutions."
Yong Pyo Yeom
"He has an outstanding career and has experienced a lot."
Daniel Tehyok Yi
"Extremely knowledgeable. Very experienced. Always calm under pressure. Provides very practical advice. Always client oriented."
EungMoon Yi
"EungMoon is very responsive and also a friendly person. If I come upon a small legal-related question, he's the first person I would call."
Work highlights
Successfully defended a major local telecommunications company against a significant ordinary-wage lawsuit filed by employees seeking unpaid wages. The court dismissed all claims, establishing a crucial precedent regarding collective bargaining agreement (CBA) applicability. The ruling emphasised that CBA interpretation hinges on the foreseeability of its application at the time of agreement, potentially benefiting employers in future disputes over CBA scope. This case underscores the importance of meticulously arguing ambiguous CBA terms, despite the general principle of interpreting CBAs in favour of workers. The outcome provides a valuable legal framework for employers navigating similar wage disputes and CBA interpretation challenges.
Work highlights
Represented the Korea Exchange (KRX) in multiple civil actions brought by shareholders of Gamma Nu, seeking damages totalling W140 billion for alleged losses due to KRX's decision to delist Gamma Nu, which was later ruled null and void by the Supreme Court. This unprecedented case, lacking also similar precedents globally, raised significant questions about KRX's duty of care and liability to shareholders in delisting decisions. The firm successfully defended KRX in all lawsuits, leveraging its extensive experience in listing matters and expertise in relevant legal principles. The outcome of these cases is expected to set an important precedent regarding the responsibilities and potential liabilities of stock exchanges in delisting decisions.
Work highlights
Representing Seoul Guarantee Insurance Company in a legal action against Lotte Tour Development to confirm the non-existence of debt. The case centres on interpreting Lotte's post-rehabilitation plans, focusing on determining the starting point for calculating delayed interest on Seoul Guarantee Insurance Company's rehabilitation claim (indemnity bond). This dispute highlights the complexities of debt obligations and interest calculations in the context of corporate rehabilitation procedures, with potential implications for future cases involving similar financial restructuring scenarios.
Work highlights
Advised SK On on the establishment of a $5 billion joint venture with Hyundai Motor Group to construct and operate an electric vehicle battery manufacturing plant in Georgia, US. The firm provided comprehensive legal support, including transaction structuring, drafting and negotiating key agreements, and preparing constitutional documents for the joint venture company. This mega-project, aimed at accelerating electrification efforts and ensuring stable battery supply for US electric vehicle production, involved complex legal aspects of establishing a joint venture through the respective US subsidiaries of SK On and Hyundai Motor Group.
Key clients
Hanwha Group, Hillhouse Capital Management, Naver Corp
Work highlights
Advised Jaguar Global Growth Partners I as lead counsel in its $1.83 billion acquisition of GLAAM through a complex de-spac merger structure. This innovative transaction involved a US Nasdaq-listed special purpose acquisition company acquiring a Korean company via a comprehensive stock exchange. The firm navigated the intricate cross-border aspects, including obtaining US SEC approval and submitting a securities registration statement to the Korean Financial Supervisory Service. The firm's role encompassed structuring the transaction, conducting legal due diligence, resolving key legal issues, and advising on various cross-border matters.
Advised Qatar Investment Authority (QIA) and Hillhouse Capital on their minority investments of $200 million and $400 million, respectively, in SK On's Round A-2 financing. As lead counsel to the minority investors, the firm facilitated QIA and Hillhouse Capital's participation in the MBKP-led consortium investing in SK On, one of the world's leading EV battery manufacturers. The firm played a crucial role in customising existing investment terms to align with global standards, effectively bridging the gap between previous Korean investors and these prominent international investors.
Key clients
Industrial Bank of Korea, Jaguar Global Growth Partners I
Work highlights
Representing both Microsoft and Activision Blizzard as their jointly-retained Korean merger control counsel in Microsoft’s $70 billion acquisition of Activision Blizzard, a leading gaming company. The transaction will significantly grow Microsoft’s gaming business across mobile, PC, console and cloud, and will also provide building blocks for the metaverse. Upon closing, Microsoft will become the third-largest gaming company in the world, behind Tencent and Sony. This matter will test the US Federal Trade Commission and other like-minded antitrust agencies’ aggressive enforcement stance against big tech in vertical deals even when the target is not readily considered as a nascent technology company. It will also test the wisdom of relentless merger enforcement when the parties have already offered a viable remedy.
Key clients
Delta Air Lines, Evergreen Marine Corp, Qualcomm, VMware
Work highlights
Advised K-Sure on its export credit insurance coverage for a $5 billion financing facility provided to the Public Investment Fund of the Kingdom of Saudi Arabia. As Korean counsel to K-Sure, the firm reviewed and negotiated the financing and security documents to ensure alignment with K-Sure's insurance policy terms and conditions, as well as to verify the acceptability of commercial terms. This significant deal involved multiple lenders and K-Sure's ECA coverage, marking a notable transaction with one of the world's largest sovereign wealth funds.
Advised KB Securities as lead counsel on its participation in a $2.1 billion term loan financing to Apollo Global Management for the acquisition of Univar Solutions. This transaction required extensive guidance from legal counsel due to the challenging post-pandemic financing market in Korea, characterised by interest rate hikes and investor hesitation. The firm played a crucial role in identifying various risks and explaining complex terms to the client, facilitating the successful completion of this significant cross-border acquisition financing.
Key clients
KTB Asset Management, Macquarie Asset Management, NH Investment & Securities
Work highlights
Represented a consortium of construction companies in a lawsuit for payment of W35.8 billion additional construction costs brought against consortium members Hyundai E&C and GS E&C by a subcontractor for the installation of boilers of Samcheok Green Power Station, and secured a partial victory in the first-instance proceeding. This case was notable for its complex construction claims related to a large-scale domestic power plant subcontract, involving issues such as additional work agreements, design omission criteria, procedural requirements, unit pricing for additional costs, quantity settlement agreements, baseline schedule assessments, and expedited construction costs.
Successfully represented an issuer placing an order for construction of a combined heat and power plant in Saemangeum in a first-instance lawsuit, which spanned about six years, seeking the issuer’s payment of the additional construction price.
Key clients
Daewoo Engineering & Construction, Doosan Engineering & Construction, Dongyang Engineering & Construction Corporation
