JIPYONG LLC

On October 29, 2024, Jipyong LLC signed a Memorandum of Understanding with Oppenheim, a prominent Hungarian law firm, at a ceremony held at Jipyong to mark the opening of its new office in Hungary. 

Jipyong has been recognized as a leading law firm for its overseas practice since its establishment and boasting the largest number of overseas offices among Korean law firms, has opened its ninth overseas office in Budapest, Hungary. The new location expands Jipyong’s network beyond Asia into Central and Eastern Europe.

Central and Eastern Europe has emerged as attractive investment regions for Korean companies due to their role as production hubs, inclusion in the European value chain, and Korean companies’ need for market diversification. In particular, Hungary’s position at the crossroads of Eastern and Western Europe has made it highly accessible to the broader European market.

The Visegrad Four (V4) countries – Hungary, Poland, the Czech Republic, and Slovakia – have evolved into Europe’s manufacturing hub through its export-driven economic growth after they joined the EU. The V4, at the center of global logistics, have attracted production facilities of global companies in the automotive, battery, and home appliances sectors and rapidly achieved industrialization, by offering advantages such as low corporate taxes and skilled labor.

In response to this global trend, many Korean companies have made strategic investments in Hungary, positioning the country as a core production base within Europe and are expanding their businesses into the market. However, Central and Eastern Europe has a complex regulatory landscape, and companies entering the region must establish a thorough management system in preparation for substantial legal, institutional, and management risks inherent in Central and Eastern European countries.

Jipyong selected Hungary as its hub for the region and opened its office to meet the growing legal service needs of Korean companies entering Central and Eastern Europe. The office is already active under the leadership of Senior Advisor James Chang, who heads the Central & Eastern Europe team and brings a robust network and over 20 years of overseas business experience. A partner will also join early next year to provide systematic and integrated advisory support, working closely with the Central and Eastern Europe team at the Jipyong Seoul office.

Oppenheim is a prestigious Hungarian law firm that has been providing legal services to foreign investors since 1989 and is ranked highly by Chambers and Partners, Legal 500, and other leading market assessors.

Through collaboration between Oppenheim, Jipyong’s Hungarian office, and Jipyong’s Seoul office and Eastern Europe team, Jipyong aims to provide organic and high-quality legal services across Hungary and Central and Eastern Europe. Mr. Cheol Jeong, who heads Jipyong’s Central and Eastern Europe team, said “With the opening of our new office in Hungary, Jipyong is now positioned to offer faster, more effective, and tailored legal services to companies already operating in or exploring opportunities to expand their business into Central and Eastern Europe. Jipyong is committed to deliver optimal legal solutions for our clients by adapting to the evolving global market environment.”

[Photos]