Korean firm Yulchon has strengthened its antitrust practice by hiring a former official from the country’s chief antitrust watchdog, the Korea Fair Trade Commission (KFTC)
Soonsik Ju joins the firm as a senior advisor. His appointment follows the departure of partner Youngjin Jung for Kim & Chang last month.
Ju’s experience in the KFTC included various high ranking positions including as standing commissioner of the KFTC and director of the Anti-Monopoly Bureau. Ju said that after spending over a decade at the KTFC, he wanted to experience the other side of the antitrust field. “Joining a law firm allows me to focus on the other side, to better understand why companies infringe on the antitrust laws and to help them find and pursue better alternatives,” he said.
The timely appointment comes as the KTFC is said to be putting more pressure on local companies in enforcing domestic antitrust laws, which may well mean more work for local antitrust practices. “It may be a little strong to call it a “crackdown,” but I agree that the KTFC has recently been particularly active in enforcing the antitrust laws,” said Ju. “Companies that are under suspicion of violations do need legal counsel, and antitrust specialist law firms with successful track records should benefit from the increase in work.”
Ju also sees other positives in the greater scrutiny of local companies. “The result of this process is that Korean companies will run their business in a more competitive environment, which will strengthen their economic competitiveness as well as benefit the Korean consumer,” he said.
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