The joint venture also marks an “important strategic milestone” for Baker McKenzie’s growth ambitions in Korea, according to the firm.

Baker McKenzie KLP JV will be jointly run by Baker McKenzie Korea partner Jae-Hyon Ahn and KL Partners managing partner Beomsu Kim, while head of the Korea practice of Baker McKenzie Won Lee will closely coordinate Baker McKenzie KLP JV and Korea teams of Baker McKenzie located in other jurisdictions, from Baker McKenzie’s Hong Kong office.

“Korea is an important market for so many of our multinational clients, and being able to expand our offering for our clients through this joint venture makes perfect sense,” Mr Lee said.

“We will now have a much greater ability to support our Korean multinational clients with their legal needs in Korea as well as other jurisdictions, and hence provide local law capabilities in all key markets across Asia, positioning the firm as the first choice for legal support when expanding across the Asia-Pacific region.”

The move also supports KL Partners’ ability to bring the best of international legal support and connectivity to its longstanding Korean client base, added Baker McKenzie global chair Milton Cheng.

“In KL Partners, we have a leading full-service firm with a strong client base, complementary practice areas and shared values,” he said.

“Providing a ‘one-stop shop’ approach in Korea, coupled with our deep presence in key markets that are important to Korean business, will be a game changer for us and our clients in a market that remains an economic powerhouse and one that is opening up further to international investment, including in our own sector.”

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The joint venture is a combination of market-proven and highly successful practices – particularly Baker McKenzie’s energy and infrastructure development and financing outbound practice and KLP’s cross-border disputes and inbound corporate practices. Through the firms, clients will have access to both international and Korean legal advice spanning key practices across energy and infrastructure, cross-border arbitration and litigation and corporate/M&A.

The firm’s presence in Korea will also “enhance” the ability for Baker McKenzie to serve clients across Australia and the Republic of Korea wishing to do business between the two countries, Baker McKenzie Australia national managing partner Anne-Marie Allgrove told Lawyers Weekly.

“Australia and the Republic of Korea are strategic partners with a robust bilateral relationship underpinned by shared values and interests. Indeed, the Korea-Australia Free Trade Agreement (KAFTA) is testament to the strong business and trade ties that underscores the long-term nature of the commitment to both economically prosper together,” she said.

“The visit to Australia by the former president of the Republic of Korea, which culminated in a memorandum of understanding between the countries to strengthen cooperation in critical resources and energy, demonstrates the commitment to the bilateral relationship as partners in the energy transition. Baker McKenzie has long been the global firm of choice to assist two-way trade and investment between Australia and the Republic of Korea, so we are thrilled to be able to extend our capabilities to advising on Korean law matters through our partnership with KL Partners.”