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

Yoon & Yang is ranked in the competition area for its frequent success in high-stakes, heavily-scrutinised cases. Much of its prestige can be attributed to managing partner Hoil Yoon, who peers recognise as one of the best competition lawyers in Korea.

The firm has not rested on its laurels, however, and has bolstered its practice with four important hires: Sue H Kim as a foreign attorney from the US Federal Trade Commission, Bureau of Competition; In Ok Son as a senior consultant from the Korea Fair Trade Commission; and Dae Hwi Kim, formerly the Chief Judge of the Seoul Family Court, as a partner.

Yoon is representing Cathay Pacific Airways and Air Hong Kong in a high-profile competition case pending appeal. The Korea Fair Trade Commission (KFTC) alleged that a 21-airline international air cargo cartel colluded on fuel surcharges and has consequently imposed a W120 billion fine ($110 million).

In a controversial competition case pending appeal, Partner Sung Bom Park is defending SK Gas and SK Energy against KFTC claims regarding a domestic liquid petroleum gas cartel. The KFTC claims that six domestic liquid petroleum gas suppliers colluded over a period of six years. The fine of W668.9 billion is the highest it has issued for an international cartel case.

Yoon & Yang is usually involved in mid-sized M&A transactions. Its most impressive transaction this year was led by Young-Su Shin, he advised Korean Development Bank regarding the establishment of a private equity fund that partnered with Korea National Pension Services to acquire 65.6% of Kumho Life Insurance for W480 billion.

Yoon & Yang has an impressive list of clients consisting of heavy-hitting Korean companies such as Eland Group, Woori Bank, and Shinhan Bank. The firm's strong restructuring and insolvency area, led by partner Sang-Goo Han, draws plaudits from peers. Clients of both practices highly regard the firm, describing the advice as "quick and clear," and the service as "excellent."

In a deal requiring the expertise of both the restructuring and banking practices, banking head Soonghee Lee advised Woori Financial Holdings and Woori Mutual Savings Bank in their creation of a savings bank unit and their subsequent acquisition of bankrupt Samhwa Mutual Savings Bank and its W1.2 trillion ($1.1 billion) in assets through a purchase and assumption transaction. This represents Woori's effort to broaden its potential market and appeal to lower-credit customers.

In another complex financing transaction, partner Young-Su Shin represented a loan syndicate of 11 financial institutions, including Woori Bank, Korean Exchange Bank, Hyundai Marine & Fire Insurance in their effort to extend a W580 billion syndicated loan to two investment funds created by Mirae Asset MAPS. The loans, which involved complicated structuring and the creation of securities, were intended to fund the acquisition of the Center One Building in Seoul.