Lawyer Monthly Magazine - September 2019 Edition

15 SEP 2019 | WWW.LAWYER-MONTHLY.COM Monthly Roundup news Despite uncertainty in many areas of the econ- omy, the UK's legal ser- vices industry reached an all-time high in H2 2019 per Office of Na- tional Statistics data re- leased earlier this month. Since records began in 1988, industry activity has risen steadily from a turn- over of £5.9bn in H2 of 1988 to £17.8bn in H2 of 2019 - marginally up on the second-highest half- year, H2 2018 at £17.6bn. The wider services indus- try, however, grew at a faster rate to £1,114bn, up over 5% in H2 2019 on H2 2018, the previous record, despite ongoing volatility. Louis Young, Manag- ing Director at litigation Source: Office of National Statistics https://www.ons.gov.uk/economy/economicout- putandproductivity/output/datasets/monthlybusinesssur- veymbsturnoverofservicesindustries funder Augusta, com- mented: "The UK’s legal industry continues apace despite macro and po- litical headwinds. As competition in the legal market increases with entrants such as the Big 4 accountants, law firms are looking for a com- petitive edge in the way they assist their clients to finance claims and also in how the firm funds its day to day operations.” About The ONS Data: - Office of National Statistics publish regular data on the UK services industry – the Monthly Business Survey - Chart shows UK turno- ver for Legal Services and overall Services Industries for the first half of years from 1998 Dentons, the world's largest law firm, has voted to combine with Lee International, a leading law firm in South Korea, which has the 11th largest economy in the world and 4th largest economy in Asia. This combination builds on Dentons’ strategy to become the first international law firm in South Korea to combine with a Korean law firm, which will enhance the firm’s ability to provide legal services to Korean companies as they do business around the world. Dentons will be the only global law firm with a Korean legal practice. Dentons' polycentric approach and "in and of the community" philosophy creates a competitive advantage in connecting talent to opportunity in South Korea. Dentons is the first global firm in which its South Korean operations would be 100% owned and controlled by Korean partners from the local community. This is not a traditional merger. Both Lee International and Dentons share the vision of building the leading firm in South Korea, one that allows them to follow the clients they currently serve into every corner of the region. Both The World's Largest Law Firm Votes to Combine with Elite South Korea Firm UK Legal Industry Turnover Reaches Record High In First Half Of 2019 LEGAL LEGAL UPDATE firms are dedicated to a polycentric approach that values diversity and in and of the community roots. The combination in South Korea builds on the strength of the brand Dentons has already established in Seoul, together with Dentons’ combinations in China, Australia, and the ASEAN region, all of which have helped establish a reputation for excellence. The combination will contribute to Dentons’ momentum in South Korea, making it a magnet for talent, future combinations and a breadth of services that few of its global competitors can match. Lee International has a range of practice areas. It is consistently strong in key practice areas such as Intellectual Property, Mergers & Acquisitions, Finance, Real Estate, Corporate, Litigation/ International Arbitrations, Entertainment, Labor and Employment, TMT and Biotech. The combination will lead to significant synergies in light of Dentons' strengths in each of these areas. South Korea has experienced one of the largest economic transformations of the past 60 years. It started as an agriculture-based economy in the 1960s, and it became the 11th largest economy in the world in terms of gross domestic product (GDP) in 2016. South Korea has devoted extra attention to technology development and innovation to promote growth. Innovation and technology are the key factors that have underpinned South Korean export competitiveness and fueled the country's remarkable economic rise over the past decades. The combination, subject to meeting applicable regulatory requirements, is expected to launch in the next several months. Recently, Dentons announced its intention to combine with three leading law firms in seven days: Kensington Swan in New Zealand, Gustavo Zacapa y Asociados in Honduras, and Lee International in South Korea. Also in 2019, Dentons' partners have approved a combination with MawereSibanda in Zimbabwe and Dentons has launched Dentons Venezuela in Venezuela, and Dentons Larraín Rencoret in Chile.