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Yulchon News |
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Yulchon honored as Korea's 'Most Innovative Law Firm' by Financial Times |
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 June 11, 2015 - Of the 25 law firms that appear in this year's Financial Times rankings for the most innovative law firms in the Asia-Pacific region, Yulchon ranked 1st among Korean firms and 4th overall- collecting a total of 89 points from corporate, finance and business of law categories. The results were announced at a ceremony in Hong Kong on June 10 and published in the FT's Innovative Lawyers Award 2015.
This distinction was especially buoyed by several factors of which Yulchon's exemplary work for the publicly listed STX Corporation was instrumental. The firm's finance team, led by partner Ki Young Kim, helped the beleaguered trading company proceed with an unprecedented $155m debt-to-equity swap for publicly held bonds by securing the approval of the majority of STX's bondholders. What made the STX deal noteworthy and precedent-setting was the involvement of bonds held by numerous individual bondholders and was carried out as STX was undergoing a voluntary business reorganization under the supervision of its larger creditors. This matter garnered the firm 47 points- the highest score among Korean firms shortlisted in the finance category.
Mr. Kim told the Financial Times, "This is a win-win," and added "Before this transaction, when a company was in distress with a huge amount of creditors that were not financial institutions, they would usually reject a workout. Now, the same method can be used instead of bankruptcy procedures."
Mr. Kim, who received the most innovative law firm award on behalf of Yulchon, said after the ceremony: "We're truly honored to have received this prestigious award from Financial Times. It's a true testament to the efforts of our team and the entire Yulchon family. By delivering new and innovative solutions, we have once again shown that our firm rises to the occasion in times of crisis for our clients."
In the business of law category, the firm was given the highest marks among shortlisted Korean firms with 21 points. In an official statement made to Financial Times, Yulchon encapsulated the firm as a "A new generation law firm in South Korea founded on democratic, open and collaborative principles. Through its inclusive management committee, the firm has developed mechanisms for more equitable profit distribution."
Additional spotlight was given to the firm for its representation of a Korean securities company in a dispute with the Lehman Brothers estate over the valuation of 15 equity-linked swaps that were terminated upon Lehman's bankruptcy filing in 2008. Yulchon combined legal advice with forensic derivative valuation to analyze these complex derivative products. Yulchon's team was led by partner Ben Hur and included American capital markets lawyer Andrew Keller. Senior Advisor Carl Im, former derivatives trader at a top investment bank, played a key role by providing innovative and sophisticated arguments of how to properly value the termination amounts due under the swap agreements.
Currently in its seventh year of publication (second in Asia), the FT Innovative Lawyers Award has become a leading legal rankings authority in the Asia-Pacific region, and the accompanying awards are widely regarded as the best researched in the market. The report presents a unique analysis of the legal industry and is the only ranking of lawyers by innovation. This year, the FT Innovative Lawyers Award drew over 400 submissions and nominations from more than 100 law firms and in-house legal teams in this region and hundreds of client, expert and lawyers were interviewed. |
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Signboard Hanging Ceremony for "Yulchon-Seoul National University Research Center for Developing Nations" |
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| Yulchon is sponsoring to foster elites from developing nations of Southeast Asia together with Seoul National University (SNU). Yulchon jointly established the Yulchon-SNU Research Center for Developing Nations with Graduate School of International Studies (GSIS) and held the signboard hanging ceremony on March 11. |
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| At the Yulchon-SNU Research Center for Developing Nations, studies on the economies/industries of Korea and developing nations as well as on Korea's legal system and the relevant institutions will be conducted by the GSIS students from developing nations. At the ceremony, Chang Rok Woo, the Chairman of Yulchon, stated, "I hope the students from developing nations can conduct studies on various subjects, including the Korean economy and legal system, in a more constructive environment offered at Yulchon-SNU Research Center for Developing Nations, and have opportunities to make contributions to their respective countries in the future." |
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| Meanwhile, Yulchon is expanding the scope of social contributions by adopting the CSV (Creating Shared Value) concept for a long-term development and enhancement of competitiveness, taking a step further from the existing CSR activities. |
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Opening of Yulchon's Office in Moscow, Russia |
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The opening ceremony of Yulchon's Moscow office, the firm's fifth office, was held on March 24, 2015.
In the ceremony held at Lotte Hotel located in Moscow, approximately 100 attendants, including Russian government officials, representatives from Korean businesses in Russia and Korean Embassy participated. |
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| Yulchon's Russia team, spearheaded by Hwa Joon Lee, has a long track record of satisfying the legal needs of Korean companies in relation to their businesses in Russia and Central Asian countries. Among others, the team recently advised Lotte Hotel on its acquisition of a hotel site in St. Petersburg, Russia, and is currently advising Lotte Group on its acquisition of a large commercial complex in Moscow. |
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| Following the Ukraine crisis, more opportunities are opening up for Korean businesses, as the tension between Russia on one hand and European countries and the U.S. on the other hand has heightened. Yulchon's Moscow office is expected serve as a stepping stone for Korean businesses planning to enter Russia. |
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Address: 12th Fl. White Gardens Business Center, 7 Ulitsa Lesnaya, Moscow, Russian Federation, 125047
Tel: +7-495-510-5200 | Fax: +7-495-510-5228
E-mail: leehj@yulchon.com |
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Yulchon Recognized by ALB as "The Employer of Choice" for the Seventh Consecutive Year |
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Further solidifying its reputation as one of the best law firms to work for in Asia, Yulchon received "The Employer of Choice" award by Asian Legal Business (ALB) for the seventh consecutive year.
The selection criteria are based on a comprehensive survey involving more than 20,000 lawyers in the Asia-Pacific region who are asked to rate their current employers based on key areas which include: |
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| work environment, remuneration, work-life balance and job security. According to the report, lawyers at Yulchon gave high satisfaction marks to the firm's work-life balance as well as its culture of cultivating a collaborative work environment. |
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| The ALB highlighted the firm's foremost priority on recruiting, rewarding, and retaining top talent and nurturing a flexible work atmosphere through its "One Firm Partnership" initiative. Known for its system of proactive cooperation among its lawyers, Yulchon believes this empowers them to work more nimbly across practices with a singularity that instills confidence in its clients. The firm's in-house academic center and special recruitment program which targets graduates from diversified law schools was also given special praise in the report. |
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| "Yulchon is the only law firm in Korea with a recruiting program specially targeting graduates of law schools located outside of the Seoul Metropolitan Area for the purpose of helping those law schools to increase their competitiveness as well as discovering the best talents from all parts of the country," said Son Doil, partner at Yulchon. Yulchon also operates "Yulchon Academy," an in-house continuing education center that provides career development programs, language training programs, various professional and general liberal arts courses as well as short-term and long-term study abroad programs for Yulchon employees. |
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| The Yulchon Academy is the first of its kind in Korea and delivers a comprehensive training curriculum for Yulchon professionals tailored to their level of experience. The program was first initiated in 2007 and ensures professionals at Yulchon continue to develop and refine their areas of expertise. |
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| "At Yulchon, we do our best to bring the best talent to join our family of esteemed lawyers, because we believe a good company is created by good people," said Yun Sai Ree, Managing Partner of Yulchon. "This recognition is testament to the exemplary work culture we value and are continuing to develop." |
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Yulchon Chairman Receives President's Award for Providing Employment Opportunities for the Disabled |
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On April 16, 2015, Chang Rok Woo, Chairman of Yulchon received the 2015 President's Award for spearheading an initiative that provides employment opportunities for the disabled. This honor was presented at an event organized by the Korea Employment Agency.
Yulchon currently employs eight persons with physical and mental disabilities who are each given the right amount of work within areas that best fit their capabilities. The firm continues to provide proactive support to foster their development as valued employees. A range of positions are being planned to offer even more opportunities in the future. This initiative will look to expand the scope of work beyond maintenance and custodial duties and into administrative areas. |
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| "Providing employment opportunities to the disabled does more than simply giving them a chance to make a living, it also lets them stand tall as proud, contributing members of the community," said Chang Rok Woo. "We are obligated, not only as a law firm but as people, to provide them with good welfare and the safety net of employment and we intend to continue improving this area as we believe this is our social responsibility." |
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Moritz Winkler Appointed as president and chairman of the board of directors of the German School Seoul International (DSSI) |
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Mr. Moritz Winkler, a senior foreign attorney at Yulchon, has been elected as president and chairman of the board of directors of the German School Seoul International (DSSI).
He succeeds Mr. Stefan Halusa, president of Brose Korea. Mr. Winkler is a graduate from LMU Munich Faculty of Law and has joined Yulchon in 2006, where he heads the firm's German Desk. |
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| In addition to his cross-border corporate/M&A practice, Mr. Winkler has been actively engaging in pro bono work, which is supported by the firm. |
