"It [Yulchon] is more than just a typical law firm trying to charge out full rates," one client says. "We see the firm as more as a partner when we need legal counsel for deals....
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"It [Yulchon] is more than just a typical law firm trying to charge out full rates," one client says. "We see the firm as more as a partner when we need legal counsel for deals." Peers attest to Yulchon's popularity, rating them highly in all three practice areas.
The firm has made several prestigious hires this year, luring M&A partner Tae Yong Ahn from Kim & Chang and adding partner Soo Jin Kang from the Korean Fair Trade Commission (KFTC). Sang Yong Park, the KFTC's former secretary general, has also joined the firm.
On the M&A front, Hee Woong Yoon, Tehyok Daniel Yi, Jaewon Lee and Kyu Sang Hwang advised Honam Petroleum in its acquisition of 73% of the shares of Titan Chemicals, a Malaysian company listed on the main market of Bursa Securities Berhad. In accordance with Malaysian Law, Honam Petroleum is in the process of buying the rest of the shares for a total transaction cost of $1.27 billion, one of the largest cross-border Korean acquisitions.
Sai Ree Yun, head of Yulchon's competition practice, is involved in two of the largest cases against the KFTC, both of which are pending appeal. Yun represents GS Caltex, which is accused of forming a domestic cartel with five other Korean gas suppliers. The fine, originally W167.4 billion ($155 million), was the largest ever sought regarding a domestic cartel, but has been lowered to W55.8 billion.
Yun is also advising Lufthansa Cargo and Swiss International Airlines in another case regarding a global cartel of cargo air carriers. The KFTC imposed a fine of W6.7 trillion ($6 billion), but Yulchon has successfully argued that its clients are exempt from all fines.
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"Yulchon has a top level of knowledge and expertise among other Korean law firms along with unwavering commitment to innovation," says a client. Though some peers raise concerns regarding Yulchon's banking and finance team, as it is subsumed into Yulchon's general corporate practice, its strong performance transcends its nondescript title....
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"Yulchon has a top level of knowledge and expertise among other Korean law firms along with unwavering commitment to innovation," says a client. Though some peers raise concerns regarding Yulchon's banking and finance team, as it is subsumed into Yulchon's general corporate practice, its strong performance transcends its nondescript title.
In May 2011, Yulchon opened an office in Beijing to handle the increasing need for South Korean legal services in China. Though this office recently opened, Yulchon has been noted for its history of advising Korean companies on pivotal Chinese transactions. Most notably, Hee Woong Yoon, Jae Hyun Park, and Gun Kim represented Lotte Properties (Shenyang), a subsidiary of Korean company Lotte Group, in securing a $100 million loan from the Korea Development Bank to finance its ongoing operations.
Yulchon's domestic financing practice is also strong. Clients note that foreign counsel Christopher Cho is key to its success. "Christopher Joon Tae Cho and his finance team are thorough, resourceful, reliable and commercially savvy," says a client.
Cho advised Korea Development Bank and Korea Finance Corporation in a $180 million financing deal to fund two vessels, which will be chartered to a subsidy of Korea Line Corporation and Daewoo Shipbuilding and Marine Engineering.
Ji Woong Lim, head of Yulchon's restructuring and insolvency practice, had a busy year. In his most notable transaction, which began in 2006, he was advising a creditor in a bankruptcy case against debtor LG Philips Display Holdings, which owes €305 million ($434 million). This instance is the first time a Korean court has decided to accept a foreign bankruptcy proceeding since the Debtor Rehabilitation and Bankruptcy Act came into effect.
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