Seocho-dong Buzzes Over YK Offering 150 Million Won Base Salary While …
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Seocho-dong Buzzes Over YK Offering 150 Million Won Base Salary While Working at Starbucks and Holding Onto Overdrafts
Law Firm YK is recruiting experienced lawyers with a base salary of over 150 million won. The firm aims to shift from industry practices focused on seniority to a performance-based compensation system to attract young, skilled lawyers.
On the 15th, the legal community noted that YK posted job openings in its Police Criminal Group and Litigation Group with these salary conditions. Besides the pre-tax base salary, a separate annual performance bonus based on business results will be offered.
The firm will prioritize opportunities for participation in high-reward cases based on performance. A YK official stated that recruitment will focus on exceptional compensation, emphasizing that seniority does not guarantee competence.
The official also noted a commitment to securing top talent to enhance the quality of legal services. Additionally, YK plans to raise the salaries of existing lawyers over four occasions to align with new hire conditions.
The firm reportedly has the financial resources to support such compensation.
After earning 154.7 billion won in 2024 and rising to 7th in the industry, YK recorded 169.4 billion won last year, a growth of about 9.5%. In a recent interview, YK CEO Kang Kyung-hoon anticipated revenue would exceed 200 billion won this year while focusing on improving service quality alongside growth.
These aggressive strategies by YK aim to combat a collapsing ecosystem in the legal market. Analysts believe this will significantly impact the Seocho-dong law firm market. The legal market is facing increased polarization, as large firms dominate cases, threatening the livelihoods of independent lawyers.
Many "locker lawyers," who register shared office addresses, are emerging, while numerous young lawyers commute to Starbucks, relying on overdrafts to cover monthly deficits of 1 million won due to insufficient case assignments.
A lawyer in Seocho-dong remarked that most independent lawyers are focused on maintaining their status and not earning 150 million won annually.
He noted that the YK recruitment notice greatly affects junior lawyers in their third to fifth years, who are competing based on merit while losing client trust and facing deficits, often searching for meeting space in cafes.
However, clear limitations exist, creating a cycle affecting top-tier lawyers at the top 10 law firms. The starting salary for new recruits at these firms ranges from 130 million to 170 million won.
A large law firm lawyer mentioned that even those without a sales network eventually see their base salary rise to around 200 million won as they gain experience, creating little reason to leave.
Law Firm YK is recruiting experienced lawyers with a base salary of over 150 million won. The firm aims to shift from industry practices focused on seniority to a performance-based compensation system to attract young, skilled lawyers.
On the 15th, the legal community noted that YK posted job openings in its Police Criminal Group and Litigation Group with these salary conditions. Besides the pre-tax base salary, a separate annual performance bonus based on business results will be offered.
The firm will prioritize opportunities for participation in high-reward cases based on performance. A YK official stated that recruitment will focus on exceptional compensation, emphasizing that seniority does not guarantee competence.
The official also noted a commitment to securing top talent to enhance the quality of legal services. Additionally, YK plans to raise the salaries of existing lawyers over four occasions to align with new hire conditions.
The firm reportedly has the financial resources to support such compensation.
After earning 154.7 billion won in 2024 and rising to 7th in the industry, YK recorded 169.4 billion won last year, a growth of about 9.5%. In a recent interview, YK CEO Kang Kyung-hoon anticipated revenue would exceed 200 billion won this year while focusing on improving service quality alongside growth.
These aggressive strategies by YK aim to combat a collapsing ecosystem in the legal market. Analysts believe this will significantly impact the Seocho-dong law firm market. The legal market is facing increased polarization, as large firms dominate cases, threatening the livelihoods of independent lawyers.
Many "locker lawyers," who register shared office addresses, are emerging, while numerous young lawyers commute to Starbucks, relying on overdrafts to cover monthly deficits of 1 million won due to insufficient case assignments.
A lawyer in Seocho-dong remarked that most independent lawyers are focused on maintaining their status and not earning 150 million won annually.
He noted that the YK recruitment notice greatly affects junior lawyers in their third to fifth years, who are competing based on merit while losing client trust and facing deficits, often searching for meeting space in cafes.
However, clear limitations exist, creating a cycle affecting top-tier lawyers at the top 10 law firms. The starting salary for new recruits at these firms ranges from 130 million to 170 million won.
A large law firm lawyer mentioned that even those without a sales network eventually see their base salary rise to around 200 million won as they gain experience, creating little reason to leave.
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