[Interview] "Companies Hoping for Overseas Expansion Should Seek Advice from Legal Experts"

Jang Geon, Chief Attorney at Sugarsquare LA Office

“Legal professionals are experts in laws, systems, and regulations. Providing various legal supports necessary for overseas expansion is naturally the role of legal professionals.”

[Photo by Beopryul Newspaper]

Jang Geon (37, 6th Bar Exam, photo), lead attorney at Sugar Square LA office, said that companies should find the right legal professionals who understand their concerns well to receive appropriate advice and assistance. Sugar Square provides a variety of services necessary for companies’ overseas expansion through its LA office, including multinational corporate mergers and acquisitions (M&A), venture investment, conversion of overseas subsidiaries, and establishment of US corporations. The following is a Q&A.

- What is the biggest concern for domestic companies hoping to expand overseas?

The biggest concern is the lack of networks to connect with local buyers or customers. Sometimes there is also a lack of understanding of local customers and culture. Since society and culture are completely different from those in Korea, there are difficulties in satisfying customers. Cost is also an issue. People or goods must cross borders, which incurs costs. Especially in the US market, labor and housing costs are very high compared to Korea, which creates a heavy burden. Lastly, there is concern about the lack of understanding of laws, systems, and regulations. This can feel vague, but for example, when hiring local employees, the differences in labor laws and culture are greater than expected, so caution is needed.

- What is the role of lawyers in solving these concerns?

Legal support is the role of legal professionals who are experts in laws, systems, and regulations. In particular, legal professionals who can provide integrated advice on both Korean and US laws are needed. Since many companies have similar concerns, if you find a legal professional who is well-versed in the relevant field, you can receive appropriate advice. Also, if you find a legal professional who is already working locally, you can get help with connecting local networks and more.

- Why is the help of lawyers and Korean law firms necessary?

Most companies expanding overseas conduct business linked with their Korean corporations. Therefore, it is essential to have a good understanding of both Korean and local overseas laws, systems, and regulations, and to make various management decisions based on this. At this time, Korean lawyers or law firms can be helpful. They can connect you with trustworthy legal professionals or law firms locally overseas, and Korean lawyers or law firms who are knowledgeable about both Korean and local laws can provide integrated advice directly.

- There are concerns about legal costs. What are your thoughts on this?

I believe that Korean law firms acting as intermediaries to find overseas law firms or experts and coordinating (legal costs) is the best way to achieve optimal results.

Han Suhyun, Legal Times Reporter

※This article is based on content supplied by Law Times.

This content was produced with the assistance of AI translation services.