kicking it up a notch: yoon & yang's strategic international tax expansion
get ready for some law firm muscle!
Three associates from the law firm Lee & Ko have been poached by Yoon & Yang
Korean law firms, particularly the Big Six, are beefing up their international tax practices, and Yoon & Yang is leading the charge. They've brought in three new partners from rival firm Lee & Ko - Jay Shim, Sung Hyun Ryu, and Hoanku Lee - to supercharge their international tax game. This talent acquisition move is a clear demonstration of the fiercely competitive legal market in Korea, where firms fight tooth and nail to get ahead in critical areas, like international tax.
setting the stage
- the scene: The Korean legal scene is a cutthroat business, with firms constantly vying for top talent and building their powers in crucial areas like international tax. This sector is all-important, given the complexities involved in cross-border transactions and the need for solid tax planning and litigation.
- yoon & yang's position: Yoon & Yang is one of Korea's big players, and they're banking on their international tax practice to fuel growth. They've experienced some explosive growth in this area, and they're just getting started. Their sights are set on making even more waves in the market over the next few years.
let's meet the new crew
jay shim
After a dozen years with Lee & Ko, Jay Shim is making the leap to Yoon & Yang. At Lee & Ko, he rose to co-head of the tax practice and senior partner. Before that, he grabbed roles at other Seoul-based firms, like Kim & Chang and Yulchon, where he honed his skills in international tax services and tax controversies. Yoon & Yang isn't shy in praising Jay's reputation and expertise, which they say require little introduction. With a focus on complex international tax planning and controversies, Jay has worked as an external advisor for government agencies like the National Tax Service and the Ministry of Strategy and Finance in areas like tax policy development[1].
sung hyun ryu and hoanku lee
Sung Hyun Ryu and Hoanku Lee are both international tax veterans with impressive resumes. Ryu was responsible for a landmark tax evasion case during his tenure at the National Tax Service, earning praise from the agency's commissioner. After moving to private practice, he focused on cross-border tax litigation, including a major case before the Supreme Court involving royalty withholding matters. Lee is an expert in Korea's automatic exchange of information systems and has played a pivotal role in the development of frameworks like the Common Reporting Standard (CRS), the Crypto-Asset Reporting Framework, and the QI Program. his practice centers on international tax and customs, and he's known for advising clients on tax matters in the capital markets and the financial industry, with a particular focus on trust taxation.
what does this mean for yoon & yang?
- amped-up ability: The addition of these partners gives Yoon & Yang a serious boost in handling complex international tax issues, establishing them as a powerhouse player in the Korean legal market.
- market domination plans: This strategic move is in line with Yoon & Yang's ambitions to boost their international tax market share. They think these hires will be crucial in driving forward and achieving those goals.
the bigger picture
- taking no prisoners: The aggressive recruitment of top talent showcases the fierce competition amongst Korean law firms for skilled practitioners in specialized practices like international tax. This competition keeps driving the bar higher in terms of service quality and innovation.
- world domination: By bulking up their international tax practice, Yoon & Yang is better equipped to handle complex cross-border transactions and tax challenges. They're positioning themselves as a major player in the global legal market.
closing thoughts
Yoon & Yang's recruitment of Jay Shim, Sung Hyun Ryu, and Hoanku Lee emphasizes the firm's determination to expand their international tax capabilities. This move strengthens their position in the Korean legal market and solidifies their ambitions for global growth and leadership in the tax practice sector. In a constantly-evolving legal landscape, strategic talent acquisitions like this one are likely to remain vital for firms aiming to defend their turf and thrive in an increasingly complex environment.
[1] For more info on cross-border tax policy development, check out this National Tax Service document. Remember, kids - always do your homework! 😉😉
- The new partners, Jay Shim, Sung Hyun Ryu, and Hoanku Lee, joining Yoon & Yang headquartered in Seoul, demonstrate Messrs Yoon & Yang's intent to transition into a leading force in the international tax landscape.
- Yoon & Yang's litigation team is expected to witnessed significant growth with these new hires, as the former partners bring expertise in complex international tax planning, cross-border tax litigation, and tax controversies.
- Finances will be made easier for businesses engaging in technology-driven international trade with Yoon & Yang's expanded international tax practice that offers solid tax planning and litigation services.
- This strategic talent acquisition is part of Yoon & Yang's broader goal of increasing their market share in the international tax sector, making them a notable contender in the realm of global business law and finance.
