IFLR 1000
The Guide to the World's Leading Financial Law Firms

Peers have mixed reviews of Shin & Kim's performance this year: they speculate its traditionally strong capital markets area is deteriorating, and it lost four competition partners to Lee & Ko in April 2011. On the M&A front, however the firm is highly recommended by clients and peers.

Though peers question the firm's standing in capital markets, it won important mandates in the area of complex bond structuring and securitisation. Partners Ho-Seog Hwang and Young-Hee Jo led the first covered bond transaction in Asia, advising Korea Housing Finance on the issuance of $500 million of covered bonds. Jo also acted for Shinhan Card in a complex securitisation deal that involved entrusting credit card receivables to Citibank Korea to facilitate an interest rate and currency swap transaction.

"We had a very tight timeline and Shin & Kim were sensitive to that and were able to deliver the results well," comments a client. "They are knowledgeable regarding due diligence and strong in negotiation. They've been able to deliver work of exceptional quality in a very timely fashion."

Partners Chang-Hyun Song, Young-Hee Jo, and Byung-Tae Kim, advised KB Financial Group last year regarding the spin-off of Kookmin Bank's credit card business, now named KB Kookmin Card. The spin-off, which formed one of the largest credit card companies in Korea, was worth W2.4 trillion ($2.2 billion) in shareholders' equity and W12 trillion ($11.1 billion) in assets.

Though its competition department has lost personnel, Shin & Kim retains a well-regarded practitioner in Young Chul Yim. "Mr Yim is most likely the best anti-trust attorney in Korea at this moment," a client says. In a case pending appeal in the Seoul High Court, Yim is defending Qualcomm's business practices against the Korea Fair Trade Commission.

Since Evergreen Law Firm merged with Shin & Kim in 2009, its banking and finance practice has sprouted to new heights. The banking and finance area has recruited six new associates and a new partner, foreign legal consultant Michael Chang, formerly of Allens Arthur Robinson.

Partners Kyung Don Lee and Young-Hee Jo represented ING Real Estate Investment Management (ING REIM) in a sale and leaseback deal involving six retail properties owned by Lotte Shopping. The firm advised ING REIM in creating four real estate funds to purchase the property, The Korea National Pension Fund then invested in the transaction, and an additional W297.4 billion ($297 billion) was extended by Korea Development Bank and Samsung Fire & Marine Insurance.

Shin & Kim's restructuring and insolvency practice, led by partner Young-Ku Lee, is noteworthy. In a prominent insolvency case, Lee is acting for Sambu Construction in its rehabilitation proceedings, which were filed in April 2011. The company, which was having difficulty financing projects in a slow market, holds W1.42 trillion ($1.31 billion) in assets, but W697.8 billion ($643 million) in liabilities. Though its balance sheet seems workable, Sambu was also saddled with maturing debt that it would be unable to fulfil given market demand.