D&A LLC and Lin Sign Merger Agreement... What’s the Plan for Year-End Launch of 397-Lawyer ‘D&L’? (Updated)

[Financial News]“The two firms must create synergies beyond simply combining the two firms.”  D&A LLC and Lin have signed a merger agreement and will launch the combined firm, D&L, at the end of December. The creation of a major law firm that ranks sixth in South Korea by number of lawyers is expected to reshape a client competition landscape long dominated by the biggest firms.
The two firms signed the merger agreement on the 9th at Donghun Tower in Yeoksam-dong, Gangnam District, Seoul, with D&A LLC managing partner Lee Gyu-cheol and Lin managing partner Lim Jin-seok among those in attendance. The signing came about six months after they reached a memorandum of understanding (MOU) on the merger on April 29. In the meantime, they have discussed integration plans covering areas such as organization, personnel and finance through a merger committee.
The merger is based on the principle of an “equal integration” that brings together the management and expertise of both firms. Lee Gyu-cheol and Lim Jin-seok will jointly lead the combined firm, with three representatives from Lin joining the five registered representatives from D&A LLC to form an eight-member leadership team.
At a press briefing that day, Lim said, “D&A is a big firm, but what mattered most was that it embraced Lin as an equal partner in the merger,” adding that negotiations had gone relatively smoothly. Lee also said that while there had been differences over details, there were no disagreements serious enough to halt the merger. He identified trust and communication between the leaders and members of both firms as key to managing the combined firm. Lee added that D&A LLC’s past merger experience had also helped with discussions about the current integration.
After the merger, the two firms will reorganize their existing structures into a single practice-group system. The combined firm’s name, D&L, combines the English initials of D&A LLC and Lin and was selected following a public naming contest and an employee vote in September. As of the 31st of last month, the firms had 397 domestic lawyers, ranking sixth in the industry, while their combined revenue for 2025 was 143.7 billion won, ranking eighth. The move will bring a new competitor into a major law firm market dominated by the so-called “Big Six,” including Kim & Chang.
The two firms plan to combine D&A LLC’s litigation and regulatory response capabilities in areas such as fair trade, serious accidents, and labor and employment with Lin’s corporate advisory expertise in mergers and acquisitions (M&A), finance, artificial intelligence (AI) and intellectual property (IP). They aim to offer integrated services spanning corporate transaction advice, regulatory response and dispute resolution.
However, they have yet to outline specific plans to expand consultation channels or set fees, leaving the development of implementation measures as a task ahead.
Physical and institutional integration is also seen as a challenge. The firms plan to unify their organizational structures and their public relations and media response channels, and to step up recruitment of specialized personnel. However, they have agreed to gradually adjust differences in compensation for lawyers and staff. With around 600 to 700 members in total, setting up an integrated office building will also take time. Lee said, in essence, “I don’t know whether it will take three years or five, but coming together in one place is true integration.”
The firms have also left open the possibility of further mergers. Lee said they could consider merging with another law firm if it would benefit the combined firm, while noting that there are no specific plans at present.
The two firms plan to complete the merger registration by the end of next month and officially launch D&L, followed by a launch event in January next year to which members, clients and others will be invited.
[email protected] Yoo Seon-jun Reporter