[Edaily Marketin Song Seung-Hyeon Reporter] As the domestic mergers and acquisitions (M&A) market enters a mature phase for the first time in 20 years, the legal advisory market is also growing steadily, and competition is intensifying. The heads of the M&A practices at the five leading law firms driving this market—Kwangjang, Sejong, Yulchon, Pacific, and Hwawoo—are reflecting on the question, “Which M&A lawyers will survive in the future?” based on their years of experience.

From April through early this month, Edaily conducted a series of interviews with Park Jae-hyun, Head of the Corporate and Finance Group at Yulchon; Jang Jae-young,

of Sejong; Yoon Hee-woong, Head of Yulchon’s Corporate and Finance Group; Moon Ho-jun, Head of Kwangjang; and Yoon Sung-jo, Head of Pacific Law Firm’s Corporate Legal Group—the heads of the M&A divisions at the five major law firms—from April through early this month. Although their definitions of an excellent M&A lawyer differed slightly, they ultimately converged into three key traits: “consistency,” “consistency,” and “the courage to reach conclusions together.”

Jang Jae-young (29th Class, Judicial Research and Training Institute), CEO of Sejong, put forward the most definitive statement. He said, “A lawyer who is unaware of issues is an amateur; one who identifies them is an intermediate; and one who resolves them is a master,” emphasizing that an M&A lawyer must be a “problem solver,” not merely an “issue finder.”

He also had a clear answer on how to reach that level. “An average person who works 200 hours a month is better than a genius who works 100 hours,” he said. It is a straightforward conclusion: advisory capabilities are built by handling many cases, and to do that, one must work hard. He added, “Since M&A is intertwined with industrial and economic trends, lawyers must be deeply interested in industry, the economy, and corporations—not just lawyers who focus solely on legal regulations.”

Park Jae-hyun (30th class), Managing Partner of Yulchon, expanded this point to an organizational-level issue. After taking office, he forcibly integrated the M&A Advisory Division by mixing staff from the 34th floor (general corporations) and the 35th floor (private equity) in equal proportions, and established a separate team comprising regulatory and compliance experts who had previously been scattered across different departments. His firm belief is that “M&A is a comprehensive art form.” Without expertise across all areas—from merger filings and acquisition financing to taxation, IP, and HR—it is impossible to successfully close a major deal. “Even if there are many experts in each field, it’s useless unless they treat the work as if it were their own,” said Park. “Ultimately, a good M&A lawyer is not a specialist who merely guards their own territory, but someone who grows into an integrated expert with knowledge of both the deal and the regulations.”

Moon Ho-jun (27th Class), Managing Partner of Kwangjang, emphasizes “consistency.” When asked in an interview about the greatest strength of Kwangjang’s M&A team, he replied, “Any partner on our team can handle that level of work well.” He explained that partners with over 10 years of experience have already encountered most of the issues that arise in deals firsthand, and since checklists and schedules cover everything that needs to be addressed, the likelihood of mistakes is virtually zero. He argues that what defines an excellent M&A law firm is not an organization led by one or two star lawyers, but rather a structure where any partner can deliver the same high-quality results. This is why he stated, “Ultimately, it is people who set precedents. We can only maintain our top-tier status if we continue to produce lawyers who meticulously handle their work.”

Yoon Hee-woong (21st class), Managing Partner of Hwawoo—who is currently in a “chaser” position in the M&A field—focused on the mindset required for self-improvement. After growing the M&A division at Yulchon, he said that what surprised him most upon joining Hwawoo was the caliber of the existing attorneys. His assessment was that the problem wasn’t a lack of ability, but simply that the firm wasn’t known in the market due to the absence of senior partners. The terms he repeatedly emphasizes to his juniors are “momentum” and “hunger.” Yoon stressed, “An organization grows only when the momentum of success is alive, and being a challenger drives us to work even harder.” This means that the qualities of an excellent M&A attorney are a strong passion for self-improvement and pride in one’s work, built upon a foundation of existing expertise.

Yoon Seong-jo (27th Class), Head of the Corporate Law Group at Pacific Law Firm, emphasized fundamental virtues. “AI now answers simple legal questions,” he said, summarizing the ideal lawyer in the age of artificial intelligence in three points. First is humility—the recognition that one does not know everything; second is a mindset that does not limit oneself to the role of an M&A lawyer but competes with first-year associates at global investment banks or consulting firms; and third is the ability to make well-reasoned, calculated risks and make decisions jointly with clients. He explained that the Pacific M&A team’s guiding principle is to be “a team that provides clients with conclusions,” adding, “Clients want real solutions, not just answers to their questions.”