Recent Developments

Lee & Ko has welcomed Attorney Je Ok-pyeong (Judicial Research and Training Institute, Class 38), a leading expert in financial regulation and financial disputes, as a partner in its Finance & Securities Practice Group.

Attorney Je graduated from Korea University College of Law and earned an LL.M. from Korea University Graduate School. He has extensive experience advising corporate and financial sector clients and, from 2013 to 2018, served in the Financial Supervisory Service's Corporate Finance Improvement Bureau, Sanctions Deliberation Bureau, and Capital Market Investigation Bureau I, where he gained substantial hands-on experience in financial regulation and capital markets supervision.

He currently also serves as an external expert to financial regulatory authorities, including as a member of the FSS Non-Action Letter Review Committee, a legal advisor to the Financial Services Commission, and a specialist member of the FSS Financial Dispute Mediation Committee.

Lee & Ko expects the addition of Attorney Je, who combines experience within the Financial Supervisory Service with extensive service as an external advisor to financial regulators, to further strengthen the firm's capabilities in the finance and securities sector. In particular, his unparalleled practical experience in regulatory inspections and sanctions, investigations into unfair trading and other violations of the Capital Markets Act, and financial dispute resolution is expected to provide substantial value to clients facing increasingly complex regulatory challenges.

Commenting on his joining the firm, Attorney Je said:
"Drawing on my experience from both financial regulatory authorities and advising financial institutions, I look forward to providing optimal solutions for regulatory matters faced by financial institutions and contributing to the effective resolution of financial disputes."

Meanwhile, Lee & Ko has recently intensified its efforts to attract top-tier talent in the finance and securities field, significantly expanding its bench strength. Following the recruitment of Shin Sang-rok, former Director General of Capital Markets Investigations at the Financial Services Commission, in March, the firm has continued to bring on board key figures from the financial regulatory sector, including Jeong Wan-gyu, former Head of the Korea Financial Intelligence Unit; Chae Moon-seok, former Deputy Director of the Sanctions Deliberation Division at the Financial Supervisory Service; Ahn Byung-nam, former Head of the Continuous Monitoring Team of the FSS Bank Examination Bureau I; and Attorney Kim Yong-jin, who previously served in the FSS Financial Investment Examination Bureau II and Financial Dispute Mediation Bureau III.

In addition, the firm recruited Attorney Han Seo-hee, who served on the FSS Task Force for Virtual Asset Inspection and Supervision Preparation and as a member of the FSC's Securities Determination Committee, to lead the virtual asset team of Lee & Ko's Digital Asset Center. It has also strengthened its capabilities through the addition of Attorney Jung Se-jin, a specialist in digital finance and financial IT. These strategic hires have further enhanced the depth and breadth of the firm's Finance & Securities Practice Group.

Lee & Ko has once again been named a Tier 1 firm, the highest tier, in the M&A Rankings 2026 published by Asian Legal Business (ALB), reaffirming its capabilities in advising leading domestic and international companies on large-scale and complex M&A transactions. This year, Lee & Ko successfully advised on a number of major domestic and cross-border transactions, including global private equity firm TPG’s acquisition of Lotte Rental and NAVER’s capital increase through a third-party allotment, earning strong recognition from the ALB evaluation panel.

Lee & Ko also advised on Air Liquide’s acquisition of DIG Airgas and LS MnM’s investment in Indonesia’s PT Teluk Metal Industry, contributing to the firm’s strong performance in the Bloomberg and Mergermarket M&A league tables. Among these highlights, Lee & Ko’s role in Korean Air’s acquisition of Asiana Airlines, along with the divestiture of Asiana Airlines’ cargo business, stood out in particular, with the transaction being named M&A Deal of the Year at the ALB Korea Law Awards 2025.

Lee & Ko has further strengthened its international disputes capabilities with the recruitment of Ms. Michelle Park, a foreign attorney with extensive experience in international litigation, international arbitration, and large-scale overseas projects.

Ms. Park is admitted to New York and New Jersey in the United States, and is an expert with over ten years of experience handling international disputes and global projects at U.S. law firms and the legal departments of Korean corporations. Prior to joining Lee & Ko, Ms. Park worked at HD Korea Shipbuilding & Offshore Engineering, where she handled international disputes, U.S. government investigations, overseas shipyard investments and leasing transactions, offshore engineering, procurement and construction (EPC) contracts, and the development and securing of offshore wind power projects.

In particular, Ms. Park has participated in major projects across the infrastructure, energy, shipbuilding and offshore, defense, and renewable energy sectors, providing legal advice throughout all stages of projects, from project development, financing, and contract negotiations to claims management and dispute resolution. She has also accumulated extensive practical experience by leading strategy development and crisis response in international disputes involving billions of dollars and U.S. government investigations.

Ms. Park handled a wide range of international litigation and arbitration cases at Wilson Elser Moskowitz Edelman & Dicker LLP and Cullen and Dykman LLP in New York, primarily in the areas of construction, product liability, insurance, and commercial litigation. Through her subsequent experience in corporate legal departments, she has developed not only strong legal analytical skills but also a business-oriented perspective and practical problem-solving capabilities, earning recognition for her comprehensive expertise encompassing both international disputes and project advisory work.

Lee & Ko expects that the recruitment of Ms. Park will further strengthen its advisory capabilities in international arbitration, international litigation, government investigations, overseas projects, and the energy and defense sectors. As Korean companies continue to expand into overseas infrastructure, renewable energy, and defense markets, Ms. Park’s practical expertise, combining U.S. litigation experience with in-house legal experience, is expected to provide differentiated value to domestic and international clients.

Ms. Park received her J.D. from the Benjamin N. Cardozo School of Law in New York and is admitted to practice law in New York and New Jersey. She was selected for Thomson Reuters’ Super Lawyers New York Metro Rising Stars for five consecutive years, an honor awarded to the top 2.5% of young attorneys following peer nominations and a rigorous evaluation process. She has also been recognized as an outstanding attorney by several legal ranking organizations, including Best Lawyers: Ones to Watch.

Lee & Ko has recently continued its strategic investments in international arbitration, rapidly expanding its capabilities in handling global disputes. Under the leadership of Dr. Eun Young Park, a leading figure in international arbitration, the firm has successively recruited Mr. Zac Sharpe, a global international arbitration expert, and Mr. Seokchun Yun, a veteran in international arbitration and litigation. With the addition of Ms. Michelle Park, Lee & Ko’s International Arbitration Team has further strengthened its expertise and competitiveness.

Mr. Sharpe has extensive experience handling international arbitration cases involving billions of dollars in the energy, construction, infrastructure, shipbuilding and offshore, and investor-State dispute settlement (ISDS) sectors. He is a global arbitration expert who has handled cases administered by major arbitral institutions worldwide, including the ICC, LCIA, SIAC, HKIAC, and KCAB. Mr. Yun has been widely recognized for his outstanding expertise in international arbitration and litigation, having represented the Republic of Korea in ISDS cases involving Lone Star and Elliott. He also has experience in arbitral institution management, having served as Deputy Secretary General of KCAB International.

Through these recruitments, Lee & Ko’s International Arbitration Team has assembled one of Korea’s leading teams of experts covering a broad range of disputes, including investor-State dispute settlement (ISDS), international commercial arbitration, international litigation, government investigations, energy and infrastructure projects, and disputes in the construction, shipbuilding, offshore, and defense sectors. In particular, by bringing together experts with extensive experience in international arbitration practice, ISDS, large-scale projects, and in-house corporate legal affairs, the firm has established a system capable of providing one-stop services throughout the entire dispute resolution process, from dispute prevention to negotiations, arbitration, litigation, and enforcement of arbitral awards.

Industry observers note that, amid continuously growing demand for overseas projects and international dispute resolution, Lee & Ko has further solidified its position as a leading international disputes platform in Asia by successively recruiting key talent in international arbitration and international disputes.

Lee & Ko received dual honors at The Asia Legal Awards 2026, winning ESG Deal of the Year and Projects Lawyer of the Year.

These recognitions highlight the firm's outstanding legal advisory capabilities in the ESG and projects sectors, as well as the individual achievements of Partner Kwang Yul Kim in the projects practice.

 

ESG Deal of the Year

The firm was honored with the ESG Deal of the Year award for its advisory work on the Taepyeong Salt Farm Solar PV Project, a landmark domestic initiative converting salt-affected agricultural land and disused salt pans into large-scale solar energy infrastructure. The accolade recognizes the collaborative expertise of Lee & Ko’s ESG Group, particularly its Projects & Energy Team and Environment Team.

Lee & Ko maintains a dedicated ESG Group comprising experienced professionals across key practice areas, including environment, industrial safety, renewable energy, compliance, corporate governance, and labor and employment, providing comprehensive legal solutions to navigate today’s increasingly complex ESG landscape.

In addition to the Taepyeong Salt Farm project, the ESG Group advised the Ministry of Climate, Energy and Environment (MCEE) on designing and implementing a pilot initiative for Korea's green chemistry framework, as well as establishing a sustainability assessment system for chemical substances.

The group has also advised on developing carbon reduction methodologies for agricultural greenhouse gas initiatives using methane-reducing microbial technology, assisting clients with regulatory compliance and broader ESG strategy.

 

Projects Lawyer of the Year

Lee & Ko Partner Kwang Yul Kim has been named Projects Lawyer of the Year.

With more than twenty years of legal experience, Mr. Kim is widely recognized for his counsel on major power and energy, project finance, infrastructure, and development matters. He regularly guides domestic and international corporations, funds, and financial institutions through cross-border investments, real asset transactions, development financing and capital markets compliance.

As head of Lee & Ko’s Projects & Energy Team, Mr. Kim continues to lead some of the region's most prominent projects across conventional and renewable energy, construction, and property development.

 

The Asia Legal Awards 2026

Hosted by Law.com International, a legal platform operated by global legal and business information company ALM Media, The Asia Legal Awards is an annual awards program recognizing leading law firms, practitioners, landmark transactions, and in-house legal teams across Asia.

Lee & Ko’s recognition as ESG Deal of the Year and Projects Lawyer of the Year at The Asia Legal Awards 2026 reflects the firm’s notable transaction work and the achievements of its practitioners in the projects sector.

Lee & Ko Hosts 2026 Tax Forum Addressing the August 2026 Tax Revision Bill and Recent Tax Audit Trends

Lee & Ko hosted the 2026 Lee & Ko Tax Forum, "Key Corporate Response Strategies in Light of the August 2026 Tax Revision Bill and Recent Tax Audit Trends," on Friday, August 28, at Ferrum Hall in Ferrum Tower, Jung-gu, Seoul.

The Forum analyzed the 2026 Tax Revision Bill announced on August 3 and recent tax audit developments, along with their practical implications for businesses. Registration closed ahead of schedule, drawing approximately 200 corporate representatives to a capacity crowd at Ferrum Hall. The sessions focused on the most consequential reforms: the taxation of treasury shares, new valuation rules for listed shares addressing so-called "share price suppression," tax deferral for qualifying corporate divisions and other restructurings of foreign subsidiaries, and the redesign of Korea's family business succession tax regime.

The Forum opened with welcoming remarks from Ok Hyun Ma, Co-Head of Lee & Ko's Tax Group, and was moderated by Sang Hoon Kim, also Co-Head of the Tax Group.

In a keynote preceding the main sessions, Jin Gyu Choi, Director of the Tax Policy Division at the Ministry of Finance and Economy ("MOFE"), delivered "Key Features and Policy Implications of the August 2026 Tax Revision Bill," setting out the principal policy objectives and rationale underlying this year's proposals. As Director of the Tax Policy Division, Mr. Choi oversees the government's tax reform agenda.

In the first session, Hansol Leem presented on "Proposed Tax Amendments Regarding Capital Transactions and Share Valuation." On treasury shares, Mr. Leem explained that the reforms mark a fundamental shift toward treating treasury share transactions as capital transactions regardless of the purpose of acquisition. Because materially different regimes will govern transactions before and after the January 1, 2027 effective date, he noted, companies must weigh the applicable treatment carefully when planning such transactions.

On the newly proposed valuation rules for listed shares targeting so-called "share price suppression," Mr. Leem advised companies to monitor their industry-relative price-to-book ratio (PBR) semiannually and keep contemporaneous documentation of the business rationale for key management decisions, positioning themselves to demonstrate the absence of a tax avoidance purpose. He also discussed the proposed Domestic Production Tax Credit, broadly similar in purpose and structure to the Advanced Manufacturing Production Credit under the U.S. Inflation Reduction Act, advising companies to review the product-specific base credit amounts expected early next year and weigh them against Korea's Integrated Investment Tax Credit to determine which regime is more advantageous.

The second session featured Min Gu Kim, who addressed "Key Developments in International Tax and Business Succession." Mr. Kim explained that the amendments would allow certain taxes arising from qualifying corporate divisions and other restructurings by foreign subsidiaries to be deferred, or the related income excluded from taxable income. Companies contemplating such restructurings should factor the new regime's effective date into their transaction timelines.

On business succession, Mr. Kim highlighted the newly proposed tax relief for third-party business succession, which would benefit both the controlling shareholder transferring the business and the third-party acquirer. He added that the proposal merits attention even from companies that have not viewed Korea's family business succession rules as directly relevant, as it could create new considerations and opportunities from an acquisition strategy and transaction-planning perspective.

In the final session, Tae Woo Kim, a certified tax accountant who previously served as Director of Investigation Division 1, Investigation Bureau 1 of the Seoul Regional Tax Office, presented on "2026 Tax Audit Trends and Risk Management." Mr. Kim examined the areas drawing particular scrutiny in audits of large corporations and broader changes in audit administration. He also addressed practical strategies for invoking and protecting attorney-client privilege ("ACP") during tax audits, in light of recent Supreme Court precedent and amendments to the Attorney-at-Law Act.

Closing the Forum, Sang Hoon Kim observed that the proposed reforms go well beyond technical amendments and contemplate significant changes to the existing tax framework, and he urged companies to begin assessing their impact even before the legislative language is finalized. He added that Lee & Ko's Tax Group will continue to deliver practical, tailored solutions and to share timely insights on significant legislative and regulatory developments.

Lee & Ko's Tax Group brings together more than 90 professionals, including attorneys, certified public accountants, and certified tax accountants. As an integrated, multidisciplinary team, the Group delivers seamless support across the full spectrum of tax matters, from tax advisory and international tax to tax audit defense, controversy, and litigation.

Lee & Ko has been recognized in the “ALB Asia Top Cybersecurity & Data Law Firms 2026” by Asian Legal Business (ALB). Newly introduced this year, the Cybersecurity & Data category recognizes leading law firms in the region for their expertise and capabilities in data privacy and cybersecurity.

Lee & Ko’s Technology, Media & Telecommunications (TMT) and Data Privacy & Cybersecurity (DPC) Practice Groups provide comprehensive legal services across the broadcasting, telecommunications, IT, data privacy and cybersecurity sectors. Drawing on extensive industry knowledge and regulatory experience, the Groups advise clients on a wide range of transactional and regulatory matters and represent them in regulatory investigations, enforcement proceedings and litigation. Recent notable representations include successfully defending Korea’s three major mobile network operators in a large-scale damages action brought by 5G mobile service subscribers. The Groups also represented SK Telecom (SKT) in Supreme Court litigation brought by subscribers seeking to prevent SKT from pseudonymizing their personal information, securing a favorable ruling for the company. In addition, the Groups advised SKT in connection with the Personal Information Protection Commission’s investigation and administrative disposition concerning the largest personal data breach involving a Korean mobile network operator to date, achieving the maximum reduction in the applicable administrative surcharge permitted under law. Through their extensive experience in handling complex and evolving legal and regulatory issues, Lee & Ko’s TMT and DPC Practice Groups continue to provide sophisticated and practical advice to clients while remaining at the forefront of developments in the cybersecurity and data privacy fields.

Asian Legal Business (ALB) is a leading legal publication in the Asia-Pacific region published by Thomson Reuters. Its rankings and awards recognize leading law firms and lawyers across the region based on factors including professional expertise, track record and client service.