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International Trade Agreements and the Legal Profession (at the Time of US-Korea FTA)

  • DONG-A LAW REVIEW
  • 2012, (54), pp.773-798
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law

Kim, Yong Eui 1

1동아대학교

Accredited

ABSTRACT

The US-Korea FTA will become effective soon because both of the US congress and Korean congress ratified it. The lawyers in the US, which opened its domestic legal service market to foreign countries much prior to Korea, have expanded their business to virtually global market with strong competitiveness. This article reviewed such strong market position of the US legal profession and suggested what changes the Korean legal service market will face once its market is opened to the US lawyers. Legal service sector is experiencing various changes due to the globalization of the trade according to the trade agreements including the FTAs between nations. This article reviewed specifically what changes in perception, paradigm, and the regulation of the legal profession actually occurred and continue to occur in the US based upon the observation of the changes already the US experienced in its rules and court cases because of such trade agreements. Since Korea lacks such experience as the US has though it opened its legal service market, this article based its study and review of the same issues of Korean legal service market on the experience of the US legal profession which opened its market and have been practicing their laws overseas from since long time ago in its method of approach to the issues. This article intended to encourage the lawyers of the US and Korea to prepare for the complex problems in their practice in their own country and each other's country in relation to the newly created multi-jurisdictional environment. For this, it also focused on the issues of practice regulation by way of comparative review of the regulatory rules of both countries especially at the time when the lawyers of the US and Korea have been allowed to practice their own laws in the other country respectively via the US-Korea FTA.

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