[Invest&Law] Law Firms Finding Opportunities in the 'Chogoryeong Society'

Strengthening Specialized Teams for Inheritance and Business Succession
Expanding Asset Management and Adult Guardianship

As Korean society rapidly enters a super-aged era, the demand for inheritance and business succession, asset management, and adult guardianship due to dementia is surging. According to the National Tax Service, the total assets inherited from decedents aged 80 and above subject to inheritance tax last year amounted to 20.32 trillion KRW (10,712 cases), an increase of 3.91 trillion KRW compared to the previous year. In response, law firms are strengthening specialized teams and seeking differentiated legal services.

Special Programs for VIP Clients

Law firm Hwawoo (abbreviated hereafter) expanded its existing WM (Wealth Management) team into an Asset Management Center in October this year. They strengthened customized asset management solutions by recruiting Senior Advisor Bae Jeong-sik and Advisor Park Hyun-jung, who developed Korea’s first testamentary substitute trust product. Under the center, a Family Office division was newly established to provide services ranging from inheritance, gift, and trust planning to legal advice for dispute prevention.

Won launched the ‘Heritage Won’ asset management and inheritance consulting program for VIP clients in May this year. It offers a one-stop solution including inheritance, gift, and tax consultation, legal dispute resolution, establishment of public interest corporations, and will execution services. Won has experience handling major corporate disputes such as the inheritance dispute between Samsung Chairman Lee Kun-hee and former CJ Honorary Chairman Lee Maeng-hee in 2012, and the limited guardianship case of Lotte Honorary Chairman Shin Kyuk-ho in 2016.

Sejong established the Future Inheritance Tax Research Institute last year and collaborates with the inheritance and asset management team to provide customized legal advice on ▲ inheritance property division disputes ▲ testamentary trusts ▲ tax audit responses. Representative attorney Baek Je-heum leads efforts to manage potential tax burdens and dispute resolution during business succession processes.

Strengthening Competitiveness with Specialized Personnel

Kim & Chang Law Office reinforced its Family, Inheritance, and Asset Management team by deploying over 50 professionals including lawyers, tax accountants, and certified public accountants. This year, attorney Jung Hyun-mi, formerly of the Family and Juvenile Deliberation Office at the Court Administration Office, joined the team. Attorney Jung stated, “Due to aging, interest in inheritance is increasing, and demand for services like testamentary trusts is growing, so we provide tailored services.”

Dongin operates a ‘Family Law Center’ to offer integrated and specialized solutions for the legal, financial, and personal issues of the elderly. Centered on lawyers from the Seoul Family Court, they collaborate with experts in tax, finance, and other fields to provide customized legal services optimized for senior clients.

Barun demonstrates expertise through six teams under its Asset Management Group, including insolvency management, trusts, and personal asset succession. The firm includes many family law specialists such as attorney Kim Hyun-jung, who handled the first trial ruling on SK Group Chairman Chey Tae-won’s divorce case, as well as representative attorneys Lee Dong-hoon and Lee Young-hee.

Responding to International Inheritance and Business Succession Disputes

Jipyong leverages its network of nine overseas offices to provide consultation on inheritance and gifts for overseas residents. Accountant Koo Sang-soo said, “Because inheritance and gift tax systems differ by country, international inheritance consultation must be designed in connection with tax issues.”

Yulchon conducts corporate inheritance, guardianship, and tax-related consultations, as well as international inheritance and overseas investment advisory services through its Personal Asset Management Center. It shows a differentiated strength by collaborating with foreign specialized advisory firms to provide cross-border advisory services.

Taepyungyang offers one-stop services through its Asset Management Succession Center, including legal advice on inheritance disputes and tax-saving strategies for business owners’ management succession. It handles multinational inheritance and business succession disputes in cooperation with overseas offices and law firms.

Jinyoung Lee, Legal Times Reporter

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