Doing business in a foreign country had many challenges. One of them is how to cope with the local laws and practices which foreign entrepreneurs are unfamiliar with. In response to these uncomfortable challenges, the entrepreneur may set a legal department within its business organization or hire an outside foreign legal counsel.
However, in this competitive business environment, having a different set up like outsourcing would be a better choice, because it will eventually save your money and help the smooth progression into a foreign market.
In this article, we explain the key concepts of legal outsourcing in Korea and what our office can provide.
- 1 What Is the Legal Department Outsourcing?
- 2 What Is the Benefit of Outsourcing Your Legal Department in Korea?
- 3 What Our Lawyers Can Do As Your Outsourced Legal Department
- 4 Pricing
- 5 FAQ
What Is the Legal Department Outsourcing?
A legal department outsourcing, or a legal process outsourcing (LPO), means a mechanism that assigns the legal tasks to an independent external organization or experts. It is not hiring an in-house counsel or setting up a legal department with the business entity. Also, it is not like retaining an outside law firm just for a one-time case of any particular deal or issue. Under legal department outsourcing, lawyers at the local firm work like your legal department on a continuous basis by helping with various legal tasks and issues throughout your business lifespan.
What Is the Benefit of Outsourcing Your Legal Department in Korea?
Creating an internal legal department or in-house counsel for your business in Korea would still be a good choice for a big-sized company. However, it requires a huge amount of money and time.
Especially in the early stage of business in Korea, you might don’t know exactly how much amount of legal work your business will require. In such a situation, pouring a large amount of investment in the legal department sector would be inefficient. Assigning a legal task to a local Korean law firm would be a good alternative.
Korean law firms are, however, expensive to use. They usually charge on a time basis. And the time the lawyers spent to understand your business operation is also charged. As the legal process outsourcing is usually a fixed fee at a lower rate, you can save up your money.
Better Communication and sound understanding
Your outsourced legal department takes care of various issues that arise in your daily business including setting up a business entity in Korea, hiring Korean employees, Korean visa issue, entering into business contracts and arrangements, and filing a government report when required. This intense and continuous involvement of your Korean lawyer from the early stage of business can provide the better communication between you and your lawyers. And the lawyer in charge have a sound understanding, which leads to an effective service and lower costs. You don’t have to explain your business situation every time you hire a outside legal counsel.
Getting Familiar with the Local Legal Issues
This is a very important benefit of using an outsourced legal department. Finding a potential legal issue is critical in doing business. When you start a business in a foreign country, however, you might fall into a vulnerable position that you don’t even know what legal issue you should ask first. As the local lawyer at your outsourced legal team works from the bottom of your business in a long-term relationship, he is well-positioned to find what local laws and regulations affect your business. They can pinpoint the legal issues and provide you a solution.
What Our Lawyers Can Do As Your Outsourced Legal Department
Our office has been serving many foreign countries in various fields of business in Korea. If you are doing or planning to do a business in Korea, but don’t want to minimize the costs for the legal service, using our legal process outsourcing program (“LPO Program”) would be a good choice.
Our LPO program is a one-stop shop for legal services in Korea, designed for foreign entrepreneurs who demand low cost but high quality and efficient legal service.
LPO program includes the following:
- Business entity set up in Korea
- Legal documents review and drafting including sale and purchase agreement, distribution, license and franchising agreements, lease agreement and investment agreement
- Review of local government regulations
- IP management works
- Employment and Korean visa matters
- Corporate governance such as incorporation, shareholders and directors matter
- Commercial debt collection review and assistance
What is not included:
- Representation at the Korean court and Korean prosecutor’s office (requires a separate representation agreement)
We offer this LPO program in order to build a long-term relationship with foreign entrepreneurs. We pursue to become your business partner in Korea. Combined with a deeper understanding of your business and our expertise in the Korean legal services, we are sure that we can help you grown your business in Korea and develop a solid relationship.
Here are the current avialble terms of our legal process outsourcing program.
- Monthly Fee:
- 500USD. 3 hours included per month
- 800USD. 5 hours included per month
- 1,400USD. 10 hours included per month
- Hourly rates when the monthly included hours exceeded: discounted rates shall be applicable.
The monthly fee shall be paid at the beginning of each month.
No, you can terminate the contract at any time with 7 days prior notice.
No, it is not refundable.
We will apply our hourly rates with certain amount of discount. We will notify you when you reach the maximum hours. For our office’s hourly rates currently applicable, please contact us.
For further information, please contact us by clicking here.
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