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Jisung Horizon Bolsters Marine & Insurance Team

2009.06.01

"We Top the Market in Size and Expertise and Are Set to Offer Service of the Highest Quality" 
Deluge of Ship Chartering Disputes Amid Global Economic Crisis… Keeping Them Busy Day and Night 
 
[Korean Article Reference]

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	<li><a href="http://www.jipyong.com/origin/admin/data/bbs/press/090615_legaltimes.pdf" target="_blank">Legal Times - Jisung Horizon Bolsters Marine & Insurance Team</a></li>
</ul>

In a noteworthy news article posted on its website, Jisung Horizon, the 7th largest law firm in Korea, recently announced that one of the most renowned attorneys in maritime law, Duk Kyou Hyun, was on his way to the firm from Lee & Ko. 
 
 
Big News for Korean Legal Market 
 
For people in legal practice, it is indeed noteworthy when a partner, with such a large clientele, leaves his firm-especially when it is to join a rival firm. Such a move is significant because clients usually follow the partner to the new firm, and the move may also alter the entire landscape of the market. Understandably, as rumors spread about Mr. Hyun's move, lawyers began calling our office to inquire about his position in the new firm. 
 
Mr. Hyun's move is particularly significant-shocking, even-because it is being made while the market is experiencing a very high volume of work, with legal disputes flooding in from shipping companies. In the wake of the global economic crisis that erupted last fall, the volume of cargo worldwide sharply declined, resulting in a series of cancellations of charter parties and an endless flow of litigation from related businesses. 
 
Mr. Hyun explained about his move, "I joined Jisung Horizon because it is in the process of strengthening its maritime and insurance team," and "I want to satisfy clients' needs with a higher level of expertise." 
 
The team has already begun to feel the impact of Mr. Hyun's arrival, namely from the increased attention they are receiving from shipping companies. Interviews conducted for this article revealed that his move was part of the firm's strategic goal to top the maritime and insurance practice nationally. 
 
With a total of eight attorneys for their maritime law practice, the team is now under the dual leadership of Mr. Choon won Lee and Mr. Duk Kyou Hyun. 
 
 
Topnotch Maritime Lawyers in their 40s 
 
Mr. Choon Won Lee and Mr. Duk Kyou Hyun, two of the most accomplished maritime lawyers, knew each other from their years together in the Judicial Research and Training Institute, the Supreme Court institute that every candidate passing the Korean bar exam is mandated to attend, as well as their subsequent years in the firm Lee & Ko, which they both joined after graduating from the institute. The two maritime lawyers became classmates once again at South Hampton in England, an internationally renowned school for maritime law, where they attended the LL.M. program. Mr. Lee then began making a name for himself in the Law Offices Choi & Kim, a firm specializing in maritime law. He joined Jisung Horizon in October of last year shortly after the merger was completed, merging paths with Mr. Hyun once again. With such a long history together, it is no wonder that everyone interviewed at Jisung Horizon said that they are the perfect duo, embodying the epitome of teamwork. 
 
Maritime law can often take the backstage to more prominent and publicized fields of law, but in a country surrounded by water on three sides, the history of the practice has been long and rich. Maritime lawyers need expertise just as in any other field, but perhaps more importantly, they also need to have immaculate reputations among insurers for ocean-going ships, or P&I Clubs. Competition is fierce. The clubs, who must cover the losses of shipping companies, go so far as to recommend lawyers that they trust to the shipping companies. Mr. Lee and Mr. Hyun are famous for representing shipping companies and ship owners referred by the P&I Clubs. Among competing lawyers in the market, they are considered to be the best in their 40s. 
 
In addition, one of the managing partners of Jisung Horizon, Mr. Seong Kang, began his career in the maritime law team of his former firm, Kim & Chang. This means that the maritime team in Jisung Horizon is now managed by members from two of Korea's most prominent law firms, Kim & Chang and Lee & Ko. Those two firms are not only the largest but also the best known as traditional powerhouses for the maritime law practice. 
 
 
Representing Ship Owners 
 
A law firm's competitiveness in maritime law is often indicated by how many ship owners it represents, because shipping companies are at the heart of maritime legal disputes which involve cargo transportation, collision of ships, pollution in the sea, and charter party disputes. 
 
Mr. Lee says, "[We] are providing consulting services for roughly 80 local and overseas shipping companies or the P&I club they are registered to... [and we] have recently been handling disputes related to cancellations of charter contracts." 
 
According to Mr. Lee, disputes between local and overseas shipping companies have been emerging as of late because they are not able to maintain charter parties worth tens of thousands of dollars daily. Depending on the individual case, the amounts in dispute range from the tens to up to hundreds of billions of dollars. The shipping companies usually resolve conflicts in London because the contracts often provide for the exclusive jurisdiction of England. The maritime lawyers are undoubtedly enjoying their booming practice despite the current economic conditions. 
 
 
Dispute Resolution in London by Mediation 
 
Mr. Lee, a graduate of Seoul National University with an LL.B., is from the 22nd class of the Judicial Research and Training Institute. After graduating from South Hampton in England, he worked in the London office of Richards Butler, a U.K. law firm, and in Burke & Parsons, a U.S. law firm in New York. In 2006, he represented the Korean shipping company in the important Hyundai Fortune Explosion case, which occurred in the Middle East. Explaining the current conditions of the field, he says, "The market was doing well, even up until last summer... [T]he shipping companies have expanded their ship-rental business, but the current unexpected crisis has been causing conflicts all of a sudden." 
 
Mr. Hyun, who graduated from Seoul National University one year ahead of Mr. Lee, emphasized the competitiveness of his firm in this field. He said, "Maritime cases are most suitable for a law firm that is neither too large nor too small... [I]n that regard, Jisung Horizon has a competitive edge." This is because maritime cases require both specialized as well as diversified knowledge. In a large law firm, a partner who is experienced in a particular field often needs to manage cases with a number of less experienced associates, while a boutique firm might have the advantage of specialization but faces limitations when there is a need for other specialized areas such as ship financing or corporate law practice. According to Mr. Hyun, "the strategy of Jisung Horizon is to avoid the obstacles of a large firm and the limitations of a small firm in order to provide the best services." 
 
 
Hebei Spirit Case Representation 
 
While with Lee & Ko, Mr. Hyun represented Samsung Heavy Industries in the Hebei Spirit Cases. The cases involved a collision with a crane that was being towed by a tug boat in the offing of South Choongcheong Province last December. He is also advising on a case where fire erupted on the ship of a leading Japanese firm, damaging the PDP TV components that it was transporting to Europe. Another client is a manufacturer who failed to meet the deadline for delivering material to Libya because of a typhoon. The material was to be used in building a cement mixer. 
 
"Shipping Companies Are Increasingly Involved in Maritime Legal Disputes such as Vessel Collisions; Amount of Representation for Ship Owners Determines Competitiveness of Maritime Practice" 
 
In addition to Mr. Hyun and Mr. Lee, Jisung Horizon's maritime team is bolstered by five associates; Mr. Sung Jun Hong, Mr. Jin Ho Shin, Mr. Seung Hoon Lee, Mrs. Eugene Song(U.K. Lawyer) and Ms. Yoon Hee Choi(U.S. Lawyer). Mr. Hong served as a justice in the Seoul Central District Court, and is providing a hand on the restructuring and litigation of shipping companies. Mr. Shin and Mrs. Song have been working with Mr. Lee as specialists in the field since their years together at Choi & Kim, continuing their success in their new office. 
 
Jisung Horizon describes its maritime law practice as consisting mainly of research, litigation, arbitration, and counseling on maritime accidents such as sinking of vessels, fire and inspections, oil pollution and accidents, bills of lading, cargo claims, charter parties, shipbuilding and sale and purchase agreements, aviation accidents, airway bills, international trade and carriage by sea, and marine insurance and general long-term insurance.

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First Year Since Merger, Synergy's Effect Already Evident. 
New Members Flowing in, Led by Mid-Career Lawyers, and Strengthening Firm's Internal Operation and Expertise… "Only A Matter of Time before Reaping all the Benefits"

About a year ago, on May 22nd, 2008, the separate entities Jisung Law Offices and Horizon Law Group made the official announcement and celebrated their upcoming merger at the Ritz-Cartlon Hotel of South-eastern Seoul. The merger brought over 120 lawyers together into one law firm, which caused quite a stir in the Korean legal market. The merger was subsequently followed by the mergers of many other mid-sized firms, hitting the nerves of the country's largest firms as they saw great fluctuations in firm rankings not far below their own. 
 
Experts consider the merger of Jisung Horizon as a success, and it raised their ranking up to at least 7th in the market. Despite the departure of some members since the merger, the firm has focused mostly on the synergetic effect of the merger. 
 
One of the senior lawyers is quoted as saying "We are only waiting for the day when we can reap the benefits of the expansion after the economy recovers." 
 
 
Seong Kang's Role Widely Recognized 
 
Attracted by the synergetic effect and expected success of the firm, new potential members continue to knock on the door. Mr. Choon Won Lee and Mr. Duk kyou Hyun of the maritime team joined the firm along with many other established attorneys largely because of the role played by Mr. Seong Kang, who is known in the market as 'a recruiting genius.' Other notable additions were Beom Hee Kim(a recognized patent lawyer), Ju Hyun Kim(the head of Hanoi Branch), and Tae-Sup Keum(former prosecutor of the Seoul Central Prosecution office and currently a widely known litigation lawyer). 
 
The phenomenon continued throughout this year, with the addition on March 3rd of Jeoung Hoon Yoo, an expert on investment in South-east Asian countries. Mr. Yoo is currently working in Cambodia. The firm's general advisor, Kyun Seop Kim, also joined the firm recently. Mr. Kim has served in the office formerly known as the Ministry of Commerce, Industry and Energy in South Africa as an ambassador, as well as in the Korea Trade-Investment Promotion Agency as an outside director. Yoon Hee Choi and Jean Hong also signed their contracts last July and this February, respectively. 
 
Jisung Horizon had two underlying objectives; expanding its practice, and also strengthening it by bringing in experienced lawyers who are specialists in their fields. The vision behind this merger seems to be coming true only a year after the official announcement of the merger was made. The former Horizon Law Group's managing partner and the counterpart of Seong Kang, Young Tae Yang, confidently told a reporter that "(We are) endlessly bolstering our expertise and reforming the legal system to be more competitive," and "the fruit is already starting to be borne in our daily practice."

Awards & Commissions Jipyong and Duroo were Honored with “Public Interest Award” at the 6th Korea Legal Awards 2023.12.12

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