Mid-sized and large law firms bulk up... "Mergers without synergy fail"

[Financial News] Domestic mid-sized and large law firms are successively turning to mergers. With D&A and Lin, as well as Won and MINWHO, preparing to integrate this October, Barun and Dongin, along with LKB Pyeongsan and Jeongse, are also pursuing mergers. The moves are seen as an effort to secure both scale and expertise as the legal market is reorganized around large firms and the legal services required by companies become more complex.
According to Financial News reporting on the 22nd, D&A and Lin have secured approval for their merger agreement at partner meetings on both sides and have begun the process for creditors to submit objections. The firms aim to hold an official signing ceremony after Chuseok and complete the merger registration by the end of next month.
Lee Gyu-cheol, managing partner of D&A, said in a phone call with this publication, "The merger agreement has been fully approved by the equity partners of both firms and at the partner meetings on both sides." He added, "After the creditor-notification period, we aim to complete the merger registration by the end of October."
D&A and Lin previously signed a memorandum of understanding on merger cooperation last April and launched a merger task force. According to publicly available data, D&A recorded revenue of 102.7 billion won last year, while Lin posted 41 billion won, for a combined 143.7 billion won. The firms had 247 and 137 South Korean attorneys, respectively, for a total of 384. Once the merger is completed, the combined firm is expected to rank around sixth in South Korea by attorney headcount. The two sides have set a future revenue target of 200 billion won for the integrated firm.
Lee emphasized that substantive synergy matters more than expanding a firm's outward scale in the recent wave of mergers across the legal industry. "A merger that merely increases the size of a firm can fail if handled poorly," he said. "There must be synergy that builds on both sides' strengths and compensates for their weaknesses."
He continued, "It is true that a larger firm has more opportunities to win cases, but the market knows whether a combination is merely formal or genuinely beneficial. The two sides must be able to create synergy for them to become one quickly," he explained.
Won and MINWHO are also scheduled to launch as the integrated Won Law Firm on the first day of next month. Won has provided comprehensive legal services, including litigation and corporate and government advisory work, while MINWHO Lawfirm has specialized in information technology (IT), intellectual property (IP), data, personal information, and technology regulations. At its launch, the integrated firm plans to establish an AI Information Security Center to address growing demand for information protection and technology-related legal services as artificial intelligence spreads.
Barun and Dongin have also signed an MOU to pursue a merger and are negotiating the terms. Within 12 months of the MOU's effective date, the two sides aim to sign the definitive merger agreement. They will discuss the integrated firm's name, launch schedule, and operating model.
Based on figures announced by the two firms, Barun recorded revenue of 107.6 billion won in 2025, while Dongin recorded 80.1 billion won, for a combined 187.7 billion won. If the merger goes through, a law firm with 553 attorneys will be created, including 532 South Korean attorneys and 21 foreign attorneys. However, the firms have not yet reached the stage of signing a definitive agreement.
LKB Pyeongsan and Jeongse are also pursuing a merger, with the goal of completing it by the end of this year, according to reports. LKB Pyeongsan was formed in July last year through the merger of LKB Law Firm and Pyeong San. If its merger with Jeongse is completed, the organization will have expanded through two mergers in roughly a year and a half.
The complex legal needs of companies are driving mid-sized and large law firms to pursue mergers. Corporate matters often involve corporate advisory work, finance, antitrust, tax, labor, criminal law, and personal information issues at the same time. Analysts say firms need the organization and personnel to immediately deploy attorneys from multiple practice areas in order to take on major cases.
Firms can fill gaps by hiring individual partners or creating specialized teams, but there are limits to how quickly they can expand the entire firm's scale and client base. Through a merger, they can gain access to the other firm's specialized personnel, corporate clients, and channels for winning mandates.
However, the prevailing view in legal circles is that there is no guarantee the combined figures for personnel and revenue before a merger will remain unchanged after integration. If key partners leave, the cases and clients they handled may depart with them. If the two sides represented companies competing with each other, they may also have to give up some matters because of conflicts of interest.
The managing partner of a large law firm predicted, "Integrating partner compensation systems, profit-sharing standards, the appointment of managing partners, and decision-making structures will also be challenging." He added, "Ultimately, the success or failure of the current merger wave will likely depend on whether the firms can turn their expanded scale into joint mandates and new clients, and genuinely integrate their different organizations."
[email protected] Yoo Seon-jun Reporter