Daeryuk & Aju, Lin Begin Merger Process, Signaling Shake-Up in Midtier Law Firms

Daeryuk & Aju and Lin have begun formal steps toward a merger, a move that could accelerate a reshuffle among South Korea’s midtier law firms. If completed, the combined firm would jump into the top tier by both revenue and headcount.

According to the legal community on the 27th, the firms plan to sign a memorandum of understanding on the 29th at Daeryuk & Aju’s main conference room in Donghun Tower in Yeoksam-dong, Seoul’s Gangnam district. The agreement would bring into the open merger talks that have been underway behind the scenes and start full integration procedures.

The MOU follows more than a month of working-level discussions. The firms have been in talks since last month, and an MOU had initially been expected by late March before the schedule was adjusted.

By scale, the merger would be significant. Based on National Tax Service value-added tax filings, Daeryuk & Aju reported 102.7 billion won in revenue last year and Lin reported 41.0 billion won. Combined, that would total 143.7 billion won, exceeding Jipyong, which ranks eighth by revenue.

Headcount would also rise. As of last year, Daeryuk & Aju had 247 lawyers and Lin had 137, for a combined 384 — more than HwaWoo’s 369.

Industry observers describe the deal as largely complementary. Daeryuk & Aju is known for litigation and overseas work, while Lin has grown quickly in corporate advisory services and mergers and acquisitions. The combination is widely seen as likely to strengthen competitiveness.

Lin’s role has drawn attention because it recently reset its merger strategy. Lin previously pursued a merger with Barun and reached detailed negotiations, but the deal fell through over issues including organizational culture and conflicts of interest. Lin then sought a new partner, and talks with Daeryuk & Aju gained momentum.

A Lin official said trust remains central in the legal market and added, “As a midtier firm, we judged there are limits to survival and growth, so we decided to pursue a merger.”

Daeryuk & Aju has expanded through mergers before. After the 2009 integration of “Daeryuk” and “Aju,” it settled into the top 10 and has recently broadened into growth areas such as international work and major industrial-accident cases. Lin, founded in 2017 by lawyers largely from Kim & Chang, has rapidly built its presence in the corporate advisory market.

Analysts said the push could signal broader consolidation among midtier firms as competition with large firms intensifies and as firms seek scale and combined expertise. If the merger is finalized, it could alter competition not only among midtier firms such as Jipyong and Barun but also with higher-ranked firms, with the possibility of additional mergers or strategic alliances.