Chang

SEOUL, Oct. 24 (UPI) — South Korea’s law firm industry is ruled by Kim & Chang by any measure, while a handful of other companies struggle to catch up with the leader.

In terms of annual revenue, Kim & Chang reportedly posted about $1 billion last year, which was roughly equivalent to the combined revenue of its next four competitors — Lee & Ko, Bae, Kim & Lee, Yulchon and Shin & Kim.

When it comes to the number of lawyers, Kim & Chang was also second to none.

According to the Ministry of Justice, 1,020 lawyers licensed in Korea worked for Kim & Chang as of July, followed by 565 at Lee & Ko, 519 at Shin & Kim, 497 at Bae, Kim & Lee and 433 at Yulchon.

Kim & Chang was the only South Korean law firm in 2024 to be featured among the world’s Top 100 in a survey published by The American Lawyer and Law.com International.

Observers expect that the outfit will maintain its dominant position for the foreseeable future.

“As a perennial leader, Kim & Chang enjoys a premium. Corporate clients with deep pockets tend to select the best law firm available regardless of cost,” Sungkyunkwan University former law school professor Choi June-seon told UPI.

“Kim & Chang has a recruiting team that picks the cream of the crop. Its reward system, based on intense internal competition, is also notable. Its dominance is unlikely to fade within five years. And I expect it to continue even for a decade,” he said.

Economic commentator Kim Kyeong-joon, formerly vice chairman at Deloitte Consulting Korea, said that Kim & Chang has savored a first-mover advantage. Named after two founders, Kim Young-moo and Chang Soo-kil, it was established in 1973.

“As one of the earliest law firms in South Korea, Kim & Chang has stood out by meeting the mounting demand from corporate clients at a time when the country was undergoing rapid economic growth,” Kim said in a phone interview.

“In addition to its long history, the firm’s strength lies in its diversity across practice areas and industries, including M&A consulting, finance, antitrust, tax and litigation in both Korean and foreign languages,” he said.

Kim & Chang said the full-service law firm employs up to 2,100 professionals, including accountants, tax specialists and patent attorneys, on top of Korean and international lawyers.

Yonhap Infomax, a subsidiary of Yonhap News Agency, reported that Kim & Chang advised on 168 M&A deals last year worth $25.95 billion, capturing a 35.88% market share and remaining atop the list for 12 consecutive years.

Shin & Kim ranked No. 2 with 19.8%, chased by Lee & Ko with 12.6%, and Yulchon with 10.31%.

During the first half of this year, Kim & Chang again topped the podium with a market share of 28.27%.

Globally renowned law firms have tapped into the South Korean market since the early 2010s, but they have failed to make their presence felt. Some even exited the country after failing to achieve significant results.

“From the perspective of global law firms, it would be very difficult to build networks within Korea’s tightly-knit legal community. That’s why they have languished,” Seoul-based consultancy Leaders Index CEO Park Ju-gun said. “The situation is not likely to change in the near future.”

Asked which company might emerge as a serious contender to Kim & Chang, Park named Yulchon, which has chalked up fast growth over the past several years. Even so, he projected that it would take quite a lot of time.

Founded in 1997 as a latecomer, Yulchon has risen to the top ranks on the back of its expertise in tax, antitrust, and regulatory affairs. Other major players were mostly launched in the 1970s and 1980s.

Annabelle Chang recommends books for a living. If you were to ask which one she finds most “criminally underrated,” she’d tell you it’s Katie Henry’s “This Will Be Funny Someday.”

“It is truly one of my favorite books I’ve ever read, not just my favorite YA books, just one of my favorite books that I think will really appeal to everyone,” Annabelle, 19, told The Times. “I read it at such an important time in my life. I was 16. The protagonist is also 16.”

“Annabelle’s love for this book actually inspired our entire family to read it,” her older sister Alexandra Brown Chang, 25, added. “I think it’s absolutely fantastic. I read it when I was 23, but I still resonate with it.”

Annabelle’s knack for recommending great young adult books led her to start an Instagram and blog during the COVID-19 pandemic. After seeing the positive response from readers of all ages, she began selling titles online and at pop-up events, including the Los Angeles Times Festival of Books. At 16, she opened a brick-and-mortar store in Studio City: Annabelle’s Book Club LA, the first young adult-focused bookstore in the country.

“I actually had my heart set on this one space in West Hollywood and I was so sad when it didn’t work out. The landlord at the time said that nobody would ever come to a bookstore, which I was very sad to hear,” Annabelle said. “But it all worked out for the best and I truly could not imagine a better place for the bookstore.”

At 16, Annabelle Chang opened a brick-and-mortar store in Studio City: Annabelle’s Book Club LA, the first young adult-focused bookstore in the country.

(Annie Noelker / For The Times)

On Sept. 2, Annabelle’s Book Club, which was recently featured in a scene in the film “Freakier Friday,” will host an extra special event: a launch party for her sister’s debut novel, “By Invitation Only.” Inspired by Alexandra’s own experience as a “debutante dropout,” the coming-of-age story follows two seemingly different female protagonists, Piper and Chapin, whose worlds collide at the elite La Danse des Débutantes in Paris. Together, Annabelle and Alexandra strive to amplify young adult narratives.

“Historically, YA hasn’t been taken as seriously as it should be, but I think we are at a moment where that is changing and people are really recognizing the power of these stories,” Annabelle said. “They’re impactful for readers of all ages, and they address universal themes and are just incredibly important for everyone.”

“I’ve wanted to write a young adult novel for a very long time, and I think that coming-of-age stories have pretty much proven to be evergreen because every generation seems to be finding new ways to tell them,” added Alexandra, who graduated from Stanford in 2022. “I think that we don’t really come of age once. We keep coming of age because every single new stage of life, whether it’s going to college or experiencing your 20s, it forces you to reevaluate who you are and who you want to be.”

Annabelle and Alexandra grew up in a literary household. Their mom, Amanda Brown, wrote the 2001 book “Legally Blonde,” which was later adapted into the Reese Witherspoon-starring blockbuster and a Broadway musical. The girls recall their mom and dad, technology investor Justin Chang, reading to them every night, which helped inspire their love for books and storytelling. Among Alexandra’s favorites were “Eloise,” “Madeline” and “Sweet Dream Pie.”

“I loved ‘Pinkalicious,’ which I think makes sense as the bookstore is also very pink,” Annabelle added. “It’s always been my favorite color and one of my favorite stories to this day.”

“I’ve wanted to write a young adult novel for a very long time, and I think that coming-of-age stories have pretty much proven to be evergreen because every generation seems to be finding new ways to tell them,” said Alexandra Brown Chang.

(Annie Noelker / For The Times)

At 14, Alexandra started the fashion blog Alex and Ella with her close friend, and later launched her own site, the Zeitgeist, where she continued to write about fashion, art, travel and more. While in high school, she interned for designer Zac Posen in New York, an experience she called “life-changing.”

“It really allowed me to learn so much more about fashion, the business side of fashion, but also the design aspect,” Alexandra said. “And it really helped me see fashion in all of its amazing ways and as an art form.”

In “By Invitation Only,” fashion takes center stage as the girls prepare for their debutante debuts. Especially through Chapin’s character, Alexandra argues that fashion should be treated as a serious craft — similar to young adult literature.

“When all of the debutantes are wearing custom gowns, it makes sense that all of them would have an incredible amount of time and thought put into them,” she said.

Earlier this month, Alexandra took part in the festivities at Annabelle’s Book Club for Bookstore Romance Day — an annual celebration of romance books at independent bookstores across the country. In addition to hosting perfume making and lipstick reading — which is like tarot card reading, but with lipstick — the store gave away an advance copy of “By Invitation Only.”

While there are romantic elements throughout “By Invitation Only,” the heart of the story lies in the complicated relationship between Chapin and Piper. Unlikely friendships are one of Alexandra’s favorite tropes, she said.

“Piper and Chapin come from completely different backgrounds when their lives unexpectedly collide in Paris, and they really do change for the better,” Alexandra said. “And I think that’s a great message that everyone could use right now, and it certainly is true for myself and so many of my closest friends, and I really value those friendships.”

Alexandra spent about five years writing her novel and sent several early drafts to her sisters, including Annabelle; Audrey, Annabelle’s identical twin; and 15-year-old Ames. “I was really excited to get their input as the target age demographic as well,” she said of her younger siblings.

After the launch at Annabelle’s Book Club, Alexandra will head to bookstores across the country to promote her book, including Kepler’s Books in Menlo Park and Book Passage in San Francisco. Meanwhile, Annabelle is getting ready for her second year at Stanford, where she plans to major in product design and minor in creative writing. Still, she continues to juggle her responsibilities as a student and a business owner.

“It is certainly a balance. I feel incredibly lucky that we have such a wonderful team at our store, who can run the day-to-day when I can’t be there,” Annabelle said. “I find myself going back quite often for events and meetings.”

Even as they pursue their individual paths, Annabelle and Alexandra savor every opportunity they get to collaborate with each other.

“I love that we’re able to spend even more time together and that we have this common interest,” Alexandra said. “It’s really special.”