[Edaily Marketin Song Seung-Hyeon Reporter Heo Ji-eun] “There is only one reason why global private equity (PE) firms and large corporations turn to Pacific for their most complex deals: they want a ‘real solution (conclusion),’ not just a few lines of legal text. The secret to our ability to reach that conclusion is simple—there are absolutely no barriers to internal collaboration.”

Yoon Seong-jo, head of the Corporate Law Group at Pacific Law Firm, assessed the standing of Pacific M&A in this way during a recent interview with E-Daily. Having begun his legal career at Pacific in 2001 and dedicated over 20 years to M&A and PE advisory, Attorney Yoon is the face of Pacific’s M&A practice, having led major deals such as E-Mart’s acquisition of eBay Korea, HD Hyundai’s acquisition of Doosan Infracore, and the sale of Daewoo Shipbuilding & Marine Engineering.

20 Years of Growth with Affinity and Kakao

Attorney Yoon chose the path of an M&A lawyer because he wanted “an opportunity to grow without resting on my laurels.” “I was also lucky,” he reflected, adding, “The M&A sector continued to grow, and I had so many opportunities to learn from various advisory firms specializing in accounting, finance, and due diligence.”

Looking back on the past 20 years, what he highlighted was not a specific deal but the “clients we’ve grown with.” A prime example is the global private equity firm Affinity Equity Partners. Among their projects, he said the Loen Entertainment deal stands out in his memory. He provided advisory services throughout the entire cycle—from when Affinity acquired SK Planet’s stake in Loen to its subsequent sale to Kakao. At the time of the sale, the structure was designed so that approximately 1 trillion won was received in cash, while the remaining stake was contributed in kind to Kakao in exchange for new shares. Attorney Yoon remarked, “In the domestic market, which had previously only seen all-cash deals, this was effectively the first deal where shares were received as consideration,” adding, “It was also a transaction through which I learned the fundamentals of a carve-out deal.”

His relationship with Kakao is also particularly special. “I witnessed everything from the initial investment in 2010, when Kakao was still very small, through Tencent’s 100 billion won investment, all the way to the Daum-Kakao merger,” he said. “It was an experience of accompanying the company through the entire process of its growth until it became a publicly listed company.” Among strategic investor (SI) deals, he highlighted HD Hyundai’s acquisition of Doosan Infracore and the sale of Daewoo Shipbuilding & Marine Engineering.

“A team that delivers conclusions… where there are no barriers to collaboration”

Pacific’s M&A team prides itself on being a “team that delivers conclusions to clients.” Attorney Yoon said, “Clients want real solutions, not just answers to their questions,” adding, “Reaching a conclusion means making decisions together while presenting the supporting evidence.” Collaboration is also Pacific Law Firm’s greatest strength. Attorney Yoon explained, “Those who have joined us from other law firms unanimously agree that there are absolutely no barriers to forming teams or assigning personnel at Pacific,” adding, “Every month, we invite experts from other groups to the Corporate Law Group’s all-hands meeting to study the latest regulatory issues together, such as defense, export controls, and dual listings.” The firm also pursues regional and industry specialization. It has dedicated Asia, China, and Japan units to handle inbound and outbound deals, and its structure ensures that M&A attorneys are always included in industry-specific task forces, such as those for biotech and virtual assets.

The recent recruitment of attorneys such as Jin-wook Lee, who specializes in cross-border and healthcare M&A, and foreign attorney Hyung-seok Kang is part of this strategy. “We don’t hesitate to recruit talent when we find the right person,” he said, adding, “We aim to be both cautious and bold.” He continued, “I believe this collaborative approach and our ability to successfully close deals—even the most challenging ones—are the reasons why global private equity firms and corporations think of Taepyeongyang first,” adding, “We intend to further strengthen our unique position as the most trusted law firm for clients pursuing M&A.”

“Act 1: Anglo-American Law Firms, Act 2: Domestic PE Firms… Now Act 3 Has Begun”

Attorney Yoon summarized the 20-year history of the Korean M&A market in three acts. Act 1 took place immediately after the IMF crisis. He explained, “It was a period when Anglo-American law firms flooded in like a rising tide as a flood of attractive assets became available, teaching us Anglo-American-style contracts and M&A practices.” Act 2 was the enactment of the Indirect Investment Asset Management Act (the predecessor to the Capital Markets Act) in the mid-2000s. With the institutionalization of domestic private equity, the foundation was laid for the growth of domestic funds. And now we are in Act 3. He assessed, “As amendments to the Commercial Act and corporate governance reforms intersect, M&A is maturing beyond simply buying and selling companies to a stage that requires much deeper consideration.”

Although regulations have increased, he predicted that the market would actually grow. Attorney Yoon stated, “Despite the regulations, M&A activity will continue to increase,” adding, “The role of funds in restructuring is growing, and as pressure to improve corporate governance intensifies—as seen in Japan—carve-out deals, in which companies sell non-core subsidiaries, will also become more active.”

He offered three pieces of advice to junior colleagues. “First, recognize that there is much you don’t know,” he said, adding, “Curiosity about various fields and a desire to learn are essential qualities for an M&A lawyer.” He continued, “Don’t get trapped in the mold of an ‘M&A lawyer’; instead, strive to break out of that mold by competing with first-year associates at global investment banks or consulting firms.” His final point concerned the role of lawyers in the AI era. Attorney Yoon emphasized, “AI will now answer simple legal questions,” adding, “Ultimately, what clients want is a lawyer who serves as a strategic partner capable of making informed decisions together with them.”