[Edaily Marketin Song Seung-Hyeon Reporter Kim Seong-su] “At Kim & Chang, we collaborate organically with industry-specific practice groups during mergers and acquisitions (M&A), so we can always rely on the assistance of fellow experts who are well-versed in the relevant fields. Another major strength is our ability to draw on the experience and know-how of senior attorneys who pioneered M&A in Korea.”

Kim Han-soo (42nd Class, Judicial Research and Training Institute), an attorney at Kim & Chang, highlighted these strengths of Kim & Chang’s M&A practice in an interview with E-Daily. Attorney Kim Seong-jin (3rd Bar Exam), who also participated in the interview, has primarily represented domestic and international private equity (PE) funds, while Attorney Lee Yun-soo (42nd Class, Judicial Research and Training Institute) has handled a wide range of large-scale buyout and PE transactions. All three are mid-level partners leading practice at Kim & Chang, Korea’s largest law firm, and are colleagues who have known each other for a long time.

The Strength of Being a “One Team” Within a Large Organization

Kim & Chang is South Korea’s largest law firm. Although it boasts a vast pool of attorneys specializing in M&A, the three highlighted the firm’s unique collaborative spirit—working together as a single team—as a defining characteristic. Attorney Lee Yoon-soo stated, “Experts from every industry sector can contribute to the M&A attorney pool,” adding, “In this environment, handling deals across diverse industries and scales naturally builds expertise.”

Attorney Kim Han-soo noted that this structure proves particularly effective in crisis situations. “We still have attorneys who pioneered M&A in Korea and have experienced every major M&A dispute in the country,” he said. “Even if something makes sense in theory, experience is ultimately what matters most. The fact that you can always call a senior attorney for advice at a critical moment is the biggest difference between us and other law firms,” he emphasized. Attorney Kim Seong-jin also remarked, “Senior attorneys are deeply involved in day-to-day practice,” adding, “That culture is ingrained throughout the entire organization.”

Multi-party Structures, Cross-Border Deals, and Listed Companies: Each Attorney’s Specialty

When asked which deals they had worked on stood out most in their careers, these mid-level attorneys at Kim & Chang—who have now risen to key positions—each offered different answers. Attorney Lee Yoon-soo cited MBK Partners’ acquisition of Geo-Young as a memorable deal. “It was a transaction involving parties with differing interests—the seller, the acquiring fund, and even an individual major shareholder who remained through a rollover (a method of reinvesting the sale proceeds into the acquiring entity’s equity instead of receiving cash),” he said. “Because there were so many affiliates, we had to categorize them, conduct an extensive due diligence process, and even take out insurance before closing the deal.”

Attorney Kim Seong-jin went on to discuss transactions between global private equity firms, such as TPG’s sale to KKR. He explained, “Every private equity firm has its own unique conditions—so-called ‘institutional comments’ (reflecting the institutional investor’s perspective)—that must be included in the contract,” adding, “When one party is a strategic investor (SI), there are fewer conflicts, but since both parties were global private equity firms, it was a unique challenge to coordinate conditions where neither side was willing to compromise.” He added, “When collaborating with overseas law firms, there are areas where we compete even while representing the same client, so it is important to clearly delineate roles while still enabling Kim & Chang to achieve its own unique results.”

Attorney Kim Han-soo cited Samsung SDS’s issuance of 1.2 trillion won in convertible bonds (CBs) to KKR as a representative deal. “Since the issuance of convertible bonds by a publicly listed company can affect the stock price the moment the information becomes public, we had to proceed extremely quickly,” he said. “Typically, we’re given 48 hours after receiving the counterparty’s contract, but in this case, we had to complete the review and finalize our opinions in a much shorter timeframe.”

The Clock Is Ticking Faster… “More Clients Are Demanding Conclusions First”

The domestic M&A market emerged after the 1997 Asian financial crisis, and as time has passed, the field has undergone many changes. With private equity (PE) playing an increasingly significant role in the M&A market, the three attorneys unanimously agree that the biggest change in practice is speed. Attorney Lee Yoon-soo said, “In the past, due diligence and contract drafting were separate tasks, but now timelines are tight and client expectations have risen.” He added, “If we look at due diligence and the contract separately, they don’t align, so it’s our role to ensure everything is handled thoroughly without omission.” Attorney Kim Han-soo noted, “Compared to the past, the timelines clients demand have become significantly shorter, and there are often situations where we must respond within a few hours.” He continued, “Whereas clients used to want polished memos, now they often just ask for the conclusion in two paragraphs via email.”

The amendment to the Commercial Act is the factor that has had the greatest impact on the three attorneys’ daily practice. Attorney Kim Han-soo remarked, “M&A transactions involving listed companies are quite nerve-wracking.” He explained, “Even if the business purpose is legitimate, if minority shareholders suffer losses, it creates a stir, and then a deal that was supposed to go through might fall through—so we have to carefully consider every step.” Attorney Lee Yoon-soo remarked, “In the past, the key stakeholders were limited to the buyer, seller, the company, and the labor union, but now the media, shareholders, and activist groups are also involved.” He continued, “While we used to argue over how to allocate risks within the contract, the most important issue now is establishing the legitimacy and proper procedures for why this transaction must be carried out.”