이 기사는 2019년 10월 10일 08:00 thebell 에 표출된 기사입니다.

Kim & Chang has secured number one position in South Korean M&A legal advisors' league table year-to-date through the third quarter. A fierce competition for second place has continued among three law firms, Shin & Kim, Lee & Ko, and BKL.

According to the bell's league table, Kim & Chang advised on 62 deals, taking a 20.97 percent adjusted market share, year-to-date through September. the bell's league table is compiled based on adjusted market share, considering billing in the legal industry is typically done hourly. Adjusted market share means the average of market shares in deal value and volume terms.

Kim & Chang advised on large-scale deals in the first half of this year - the sale of Lotte Card (1.38 trillion won), the sale of KCFT (1.2 trillion won), the acquisition and sale of Acuon Capital and Acuon Savings Bank (1.2 trillion won). In the third quarter, the law firm advised on major deals worth hundreds of billions of won, including Techcross' acquisition of LG-Hitachi Water Solutions and HiEntech (250 billion won), CVC Capital's purchase of With Innovation (259 billion won), and Nexon Korea's acquiring new shares of Wonder Holdings (350 billion won).

Shin & Kim has maintained its second place through September, advising on 45 deals with adjusted market share of 15.72 percent. The law firm successfully completed Woori Financial Holdings' purchase of Tong Yang Asset Management and ABL Asset Management, adding 156 billion won in the third quarter.

Particularly notable for Shin & Kim in the third quarter was the law firm participating in deals engaged by private equity (PE) firms. The law firm worked on JKL Partners' sale of Panax Etec (117.9 billion won), SG PE's acquisition of E Land Eats (100 billion won), Mirae Asset PE's sale of The Coffee Bean & Tea Leaf (412.1 billion won) and a sale of Cosmax East (82.8 billion won).

Lee & Ko ranked third with a total of 53 deals, capturing 13.07 percent adjusted market share. The law firm stood out in deals that strategic investors participated. It worked on South Korea's three territorial broadcasters and mobile carrier SK Telecom's video streaming service deal and the sale of LG Electronics' water treatment subsidiaries in the third quarter.

Also, Lee & Ko actively worked on deals that include financial institutions. The law firm advised on Samsung Life Insurance's sale of Saengbo Real Estate Trust (115.4 billion won) and AnBang Insurance Group's sale of Tong Yang Asset Management and ABL Asset Management (156 billion won). The law firm is currently advising on the sale of KDB Life Insurance.

BKL came a close fourth by a narrow margin of 0.12 percent points of adjusted market share. The law firm advised on three acquisition deals worth a total of 300 billion won, closing in on second place. During the third quarter, BKL advised on Cactus PE and KG Group's acquisition of Dongbu Steel (360 billion won), U.S. PE firm TA Associates' purchase of Gong Cha Korea (350 billion won) and Fubon Hyundai Life's purchase of a stake in Woori Financial Group (358.5 billion won).

However, BKL is ahead of Shin & Kim based on deal announcements. BKL's adjusted market share based on announcements is 15.85 percent, higher than Shin & Kim's 13.28 percent. Based on announcements, Lee & Ko takes second place, which is highly likely to be switched depending to the transactions added in the fourth quarter.

Meanwhile, Yulchon came in fifth, advising on 32 deals with an adjusted market share of 9.07 percent. Jipyong, KL Partners, Yoon & Yang ranked sixth to eighth places respectively. In the third quarter, Yulchon advised on deals including Unison Capital's sale of Gong Cha Korea (350 billion won). Jipyong's biggest transaction was Korea Development Bank's sale of Dongbu Steel (360 billion won).

KL Partners worked on deals including LK Investment Partners' acquisition of Samyang Optics (102 billion won) during the third quarter. The law firm is currently co-advising on Asiana Airlines deal with Shin & Kim on the side of Kumho Industrial. If this deal process speeds up, KL Partners will likely move its rank higher early next year.

Foreign law firms, Backer&McKenzie and Greenberg Traurig, LLP also ranked in top ten. Both firms maintained its rankings with deals completed in the first half of this year, including SK Group's purchase of a stake in Vingroup (1.2 trillion won) and KCC's acquisition of Momentive Performance Materials (1.75 trillion won).

(By reporter Choi Ik-hwan)