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

"Their Korean credentials are second to none and are complimented by their international track record," a client says. "They are our first port of call when we need assistance."

Walter Son, an international capital markets partner in Hong Kong, and Adam Moncrieff, a banking and finance partner in Tokyo, are among the firm's most notable lawyers in the Korea group.

A highlight deal this year was the IPO of Mando in March 2011. The firm, led by Son and consultant John Lee, worked as counsel to the underwriters, Citi and JPMorgan. Six million shares were issued and the offering raised $437.9 million.

Baker & McKenzie has a diffuse Korean practice, with its partners located in Hong Kong, New York, Chicago, Washington DC, and Sydney. It is concentrated in Hong Kong, however, where six Korean associates are based. Led by partners Won Lee of the Hong Kong office and Nam H Paik of the Chicago office, Baker & McKenzie are involved in several prominent Korean transactions, especially in the M&A area.

In August 2010, partner Lee represented Korea Electric Power Corporation (KEPCO) regarding their $520 million acquisition of a 20% stake in PT Bayan Resources, an Indonesian listed coal-mining group. This acquisition is to facilitate both securing and shipping Indonesian coal.

"Of all the non-Korean firms, Cleary Gottlieb probably has the number one corporate practice," one practitioner says.

Cleary is one of the only overseas firms with a dedicated Korea group. It has 15 Korean-speaking attorneys located in Hong Kong, led by partners Jinduk Han, Yong G Lee, S K Kang and Sang Jin Han.

It specialises in complex capital markets and securitisation transactions. For example, Han served as transaction counsel when Korea National Oil Corporation (KNOC) offered $700 million 2.875% notes due 2015. The offering was a takedown from its $4 billion Global MTN Programme, which was established in September 2010 and is listed on the Singapore Stock Exchange.

Clifford Chance, like several other large European firms, is poised to open an office in Korea after the ratification of the Korea-EU free trade agreement earlier this year. It has a strong group of lawyers, especially just -promoted partner Hyun Kim, in its Hong Kong office, who is already well respected in the legal community.

The Korea practice advises several important clients, including Hyundai Capital Services, Hanwha Group, Citigroup, and Hyundai Motors. In a notable project finance transaction, Kim, along with Fergus Evans of the Bangkok office, acted for Crédit Agricole Corporate and Investment Bank in a $200 million financing deal for two A330s for Korean Airlines.

"They basically run the whole transaction for us except when there is a problem and then alert us to it," a client says. "It is dream service for an in-house because they don't bother us. When they contact us, we know it's a real problem."

Davis Polk & Wardwell boasts a strong Korea corporate practice run from its offices in Hong Kong and Tokyo. Head partner Eugene Gregor is highly regarded, and has advised several companies regarding large bond offerings this year. He, along with partner Kirtee Kapoor, represented Webzen, a developer of massive multiplayer online games, listed on both Nasdaq and Kosdaq, in its merger with NHN Games.

DLA Piper's Korea practice includes three dedicated partners, with Jae Chul Lee heading up the Korea practice. The firm has completed a diverse body of work this year, including two guaranteed floating rate note transactions led by Lee. In the first deal, Lee represented lead arranger KEB Asia Finance in the issue of $40 million floating rate notes due 2012 by KEB Capital and guaranteed by Korea Exchange Bank. Lee also advised Kumho Investment Bank as lead arranger and KEB Finance in the issuance of $30 million floating rates notes due 2013 by Eland World.

Linklaters is another magic circle firm with a long history (spanning 26 years) of work in South Korea. It is rumoured to be considering an office in Korea following the ratification of the Korea-EU free trade agreement.

Partner Hyung Ahn has been appointed new head of the Korea practice following the tragic and unexpected passing of former Korea head Sang Lee. Ahn advised Hundai HCN in its domestic IPO, worth W83.6 billion ($77 million), in regard to its international tranche this year.

Partners Nick Rumsby, Fiona Hobbs and Owen Clay also led Korean National Oil Corporation's £1.9 billion hostile takeover of Dana Petroleum. It required both UK and US legal advice and was a Korean company's first successful hostile takeover of an overseas company.

Clients are buoyant about Orrick's Korean experts, namely Hong Kong-based M&A partners David Cho and Mark Lee. These two seem especially popular: one client says, "I have known these guys for an awful long time," while another admits, "I think Mark and David are, hands down, the best legal minds I've ever seen."

Cho and Lee advised OCI Enterprises, an American subsidiary of Korean chemical company OCI, on its $36 million acquisition of Cornerstone Power Development, which develops solar power plants. Cornerstone Power Development will form part of a new division of OCI, OCI Energy.

Shearman & Sterling have a strong South Korea practice with key partners distributed throughout Asia, North America, and the Middle East. Though the Korea-US free trade agreement has not yet been ratified, clients are happy with their service and accessibility. One adds, "I think they're as present as you can be as a US law firm at this point."

Philip Dundas, managing partner of the Abu Dhabi office, represented Abu Dhabi National Oil Company and the Government of Abu Dhabi to draft a memorandum of understanding with Korea National Oil Corporation (KNOC). This memorandum gives KNOC the ability to partake in the development of fields that may contain up to 1 billion barrels of crude oil.

Sidley Austin's growing South Korea practice is primarily located in Hong Kong, where three dedicated native Korean speakers, two of whom are partners, are located. Other Korea attorneys are in New York, San Francisco and Los Angeles.

DH Kim, a Hong Kong partner, advised Samsung Electronics in a joint venture with the Suzhou government, Shenzhen government and TCL to manufacture LCD panels. This joint venture is reportedly one of the largest foreign direct investments made by a Korean company into China.

Simpson Thatcher has represented numerous high-profile South Korean clients, including Korea Gas Corporation, LG Uplus, Posco, and Hyundai Capital. The firm's two Korea practice partners, Jin Hyuk Park and Youngjin Sohn, are in Hong Kong. The Korea practice also comprises five associates and one counsel.

Jin Hyuk Park advised BNP Paribas, Bank of America Merrill Lynch, Deutsche Bank, Goldman Sachs International and Morgan Stanley as they purchased $700 million of 4.25% notes issued by Posco.