[Edaily Marketin Song Seung-Hyeon Reporter Heo Ji-eun] Recently, a major law firm experienced a last-minute reversal in the recruitment of a lawyer specializing in international deals—a move they had considered “a done deal”—just before the lawyer was set to start. Although the transition plans had been finalized, the lawyer announced at the last minute that he would remain at his current firm, causing the firm’s painstaking recruitment efforts to come to nothing. Another law firm spent nearly two years courting a talented foreign attorney to bring them on board, while yet another firm launched a public recruitment drive. As the proportion of cross-border deals in domestic mergers and acquisitions (M&A) has surged, the battle for talent among major law firms is becoming increasingly fierce.

According to legal industry sources on the 2nd, there are nearly 600 foreign attorneys working at major domestic law firms active in the M&A sector (Kim & Chang, Pacific, Sejong, Kwangjang, Yulchon, Hwawoo, and Jipyeong).

By firm, Kim & Chang has the largest number with about 200 as of this year, followed by Pacific with 90, Kwangjang with 85, Yulchon with 75, and Jipyong with 51. This represents an increase of 5 to 6 lawyers compared to the end of last year. While Sejong and Hwawoo did not disclose specific figures, it is understood that the number of foreign lawyers is increasing annually across the legal industry as a whole.

This trend is driven by structural changes in the M&A market. With foreign companies involved in 86% of domestic merger and acquisition deals last year, the market’s focus has shifted toward cross-border transactions. As foreign private equity funds (PEFs) and others lead large-scale deals, the value of foreign attorneys—who have connections to overseas capital and global law firms—has risen accordingly.

The recruitment of foreign attorneys is translating into actual revenue. Pacific Law Firm, which has been aggressively recruiting foreign attorneys since last year, reportedly saw its M&A division revenue increase by about 15% year-over-year. Hwawoo Law Firm, which has also been aggressively recruiting M&A attorneys—including foreign attorneys—saw its revenue in related fields surge by 80%. In effect, a structure has taken hold in which competition to secure cross-border deals directly translates into competition for revenue and rankings.

An official at a major law firm stated, “There is a limited pool of foreign attorneys with cross-border deal experience, yet demand continues to grow,” adding, “For the time being, the competition among law firms to recruit these professionals is bound to become even more intense.”