[Invest&Law] "We Can't Become a Major Firm Like This"... Continental Asia and Lin Bet on a Merger to Rise to Sixth Place

Detailed Integration Plans to Be Discussed on April 29

(From left) Kyucheol Lee, Chief Legal Counsel at DL Asia Holdings, Jinseok Lim, Chief Legal Counsel at LIN. Homepage screenshot

"In the current state, it would be difficult for us to join the ranks of major law firms. Our primary goal after the merger is to raise revenue per attorney and catch up to the level of major law firms," said Kyuchul Lee, Chief Legal Counsel of Continental Asia.

"Although we have surpassed 40 billion won in revenue, our firm is still too small to enter the major market, and at the same time, we have grown too large to remain efficient as a small firm. We intend to overcome this transitional phase," said Jinseok Lim, Chief Legal Counsel of Lin.

Continental Asia and Lin are set to officially begin the process of merging. On the afternoon of April 29, the two firms will sign a memorandum of understanding (MOU) at the main conference room of Continental Asia in Donghoon Tower, Gangnam-gu, Seoul. Around 20 partner attorneys, together with the chief legal counsels of both firms, will attend the signing ceremony to discuss specific plans for integration, including the name of the merged entity.

If the merger is completed, competition among leading law firms in the legal market is expected to intensify. Based on last year’s National Tax Service filings, Continental Asia reported 102.7 billion won in revenue, while Lin reported 41 billion won. Their combined total of 143.7 billion won would place them ahead of Jipyung, which currently ranks eighth in the industry with 132.7 billion won. In terms of attorney headcount, the merged firm would have 384 lawyers (247 from Continental Asia and 137 from Lin), surpassing Hwawoo’s 369 lawyers and ranking sixth in Korea.

The merger is a response to a rapidly changing legal market environment. The prevailing view in the legal community is that the market is increasingly centered around the six major law firms. In particular, the market is paying attention to the complementary nature of the two firms’ combination. Continental Asia is known for its strength in litigation but is perceived to need reinforcement in advisory services. Conversely, Lin is strong in advisory services and needs to bolster its litigation practice. Both sides believe the merger will allow them to perfectly complement each other's needs.

Some observers argue that this move is more than just an expansion in size; it could represent a turning point that reshapes the competitive landscape of the legal market. By bringing together two firms that have developed litigation and advisory services as their core competencies, the merged entity would be able to offer comprehensive legal services to corporate clients, ranging from litigation to consultation.

Lee stated, "By combining Continental Asia's strength in litigation with Lin's expertise in advisory services, we will be able to fully complement each other's weaknesses. We aim to achieve greater leaps forward through solid and sustainable growth."

Lim added, "In an era where the size and human resources of law firms have become core competitive factors, we cannot ignore the trend of the market consolidating around the top six law firms. This merger is our way of overcoming that limitation."

Continental Asia, established in 2009, has built on its strengths in labor relations and fair trade to pioneer new industries such as serious accidents and nuclear energy, surpassing 100 billion won in revenue for the first time last year. Lin, founded in 2017 and led by Lim, formerly of Kim & Chang, has experienced rapid growth in finance, intellectual property, and TMT sectors.

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