Law firms Dongin and Barun have signed a memorandum of understanding (MOU) to begin official negotiations for a merger. If successful, the merger will create a large law firm with 553 lawyers and an annual revenue of 187.7 billion won.
The two firms announced the signing of the MOU on September 14 at the Textile Center Building in Daechi-dong, Gangnam, Seoul. Attendees included Won Chang-yeon, managing partner of Dongin, and Lee Dong-hoon, managing partner of Barun. The provisional name for the merged entity will be 'Barun Dongin'.
Last year's revenue, calculated on the same basis, was 80.1 billion won for Dongin and 107.6 billion won for Barun. Dongin employs 250 lawyers, including 245 in South Korea and 5 overseas, while Barun has 303 lawyers, with 287 in South Korea and 16 abroad.
Upon completion of the merger, the combined firm will have 532 South Korean lawyers and 21 overseas lawyers, totaling 553. However, the MOU only establishes the basic principles and direction for negotiations, and the merger is not yet finalized.
Both firms have agreed to pursue an equal merger rather than one absorbing the other. They plan to combine their strengths in civil and criminal litigation, corporate disputes, and corporate, financial, and fair trade advisory services.
Internal systems regarding personnel, evaluation, and compensation will be compared, and new standards will be established for the merged firm. Provisions for transitional measures or grace periods will be considered for any changes that may disadvantage some members.
Each firm will appoint up to five lawyers to a merger committee. This committee will discuss the governance structure, decision-making processes, personnel and compensation, organizational operations, branding, and office space for the merged entity.
The goal is to finalize the main contract within 12 months from the effective date of the MOU. During the negotiation period, both parties have agreed to a non-disclosure obligation, preventing discussions of similar mergers with third parties without prior written consent.
A key variable in the merger will be potential conflicts of interest involving clients and cases. Both firms will assess existing clients, opposing parties, and affiliated companies for any conflicts. If conflicts are identified, they will consider obtaining client consent or transferring or concluding the cases.
The specific launch date, name, and operational structure of the merged firm will be confirmed after mutual due diligence, conflict assessments, internal approvals, and main contract negotiations.
The two firms announced the signing of the MOU on September 14 at the Textile Center Building in Daechi-dong, Gangnam, Seoul. Attendees included Won Chang-yeon, managing partner of Dongin, and Lee Dong-hoon, managing partner of Barun. The provisional name for the merged entity will be 'Barun Dongin'.
Last year's revenue, calculated on the same basis, was 80.1 billion won for Dongin and 107.6 billion won for Barun. Dongin employs 250 lawyers, including 245 in South Korea and 5 overseas, while Barun has 303 lawyers, with 287 in South Korea and 16 abroad.
Upon completion of the merger, the combined firm will have 532 South Korean lawyers and 21 overseas lawyers, totaling 553. However, the MOU only establishes the basic principles and direction for negotiations, and the merger is not yet finalized.
Both firms have agreed to pursue an equal merger rather than one absorbing the other. They plan to combine their strengths in civil and criminal litigation, corporate disputes, and corporate, financial, and fair trade advisory services.
Internal systems regarding personnel, evaluation, and compensation will be compared, and new standards will be established for the merged firm. Provisions for transitional measures or grace periods will be considered for any changes that may disadvantage some members.
Each firm will appoint up to five lawyers to a merger committee. This committee will discuss the governance structure, decision-making processes, personnel and compensation, organizational operations, branding, and office space for the merged entity.
The goal is to finalize the main contract within 12 months from the effective date of the MOU. During the negotiation period, both parties have agreed to a non-disclosure obligation, preventing discussions of similar mergers with third parties without prior written consent.
A key variable in the merger will be potential conflicts of interest involving clients and cases. Both firms will assess existing clients, opposing parties, and affiliated companies for any conflicts. If conflicts are identified, they will consider obtaining client consent or transferring or concluding the cases.
The specific launch date, name, and operational structure of the merged firm will be confirmed after mutual due diligence, conflict assessments, internal approvals, and main contract negotiations.
* This article has been translated by AI.
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