Closer links between the jurisdictions of Korea, and England and Wales will follow the signing of a memorandum of understanding by the Law Society’s president Lucy Scott-Moncrieff and the president of the Korean Bar Association Dr Young-Moo Shin in Seoul last week.

The move follows the opening of the South Korean legal services market under the EU-Korea free trade agreement that came into force earlier this year and the recent issue of licences by Korea for UK firms to open offices in the jurisdiction.

The world’s largest law firm, Baker & McKenzie, this week became the latest to announce that it has applied to open an office in Seoul to advise Korean clients on outbound matters such as acquisitions.