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Biz News Korea(Eng)
LawTalk aims to become first legal tech unicorn
- Collected
- 2023.10.05
- Distributed
- 2023.10.06
- Source
- Go Direct
![Law&Company chief executive Kim Bon-hwan is explaining during a press event held at the company’s headquarters in southern Seoul. [Photo by Yonhap]](https://pulsenews.co.kr///file.mk.co.kr/meet/neds/2023/10/image_readtop_2023_759759_16964937565650890.jpeg)
Law&Company chief executive Kim Bon-hwan is explaining during a press event held at the company’s headquarters in southern Seoul. [Photo by Yonhap]
On September 26, the Justice Ministry canceled the Korean Bar Association’s (KBA) decision to penalize 123 lawyers affiliated with LawTalk. The KBA had revised its rule in May 2021 to include a provision prohibiting the use of legal platforms, which it used as a basis to punish the 123 lawyers from October 2022 to February 2023 and leading the disciplined lawyers to file an appeal with the ministry.
“With our hurdles cleared for now, Law&Company will become the very first legal tech unicorn company within the next three years,” the company’s chief executive Kim Bon-hwan said during a press event held at the company’s headquarters in southern Seoul on Wednesday.
Founded in 2012, Law&Company operates a legal service app facilitating connections between clients and lawyers based on their expertise. While users can access the app for free, lawyers are required to register and make a lump-sum payment to promote their services and gain increased visibility among potential clients.
Kim pledged that the company would prioritize service enhancement and the development of new services based on AI technology to which it will commit company-wide resources.
“We will allow young lawyers to advertise for free on LawTalk for the first six months of their practice, and we will dedicate 3 percent of our annual revenue to support financially struggling clients,” he added.
“The story of LawTalk is a reality that Korean startups have to face and society’s growing pains,” Kim said.
By Kim Si-gyun and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]