Case Studies
[Platinum] Investment contracts as told by a lawyer specializing in startups.
[Startup, Grab My Hand #4] What a Startup Specialist Lawyer Says About Investment Contracts Following the publication of an article on January 26th regarding term sheets necessary for investment contracts, Yoon Pil-gu, CEO of Bigbay Son Capital, expressed his opinion through a Facebook page comment: “It's good information, but the trap is that it’s difficult to accurately understand the meaning of these terms without experiencing them through actual contracts.” I agreed. Startups unfamiliar with contracts would find it difficult to truly experience a contract, even if they hear explanations of basic formats. So, I sought out a startup specialist lawyer working in the field. Choi Seong-ho, lawyer at Law firm Veat, was once an engineering student who dreamed of being a venture entrepreneur. He leverages his understanding and expertise in the IT industry to primarily handle startups. He currently serves as legal counsel for companies like PartyGames, Hyper Connect, and Dunamu. I heard from Lawyer Choi about what startups should be aware of when entering investment contracts. Please introduce yourself. I am a working lawyer who once dreamed of being a venture entrepreneur. I enrolled in the Seoul National University Computer Science Department in 2000 with the dream of being a venture entrepreneur. It was due to the venture boom that swept the nation in the late 1990s. However, once I enrolled, the boom disappeared as if by magic. In a situation where the flow had been significantly reversed, the era shifted towards medical and law schools, so I decided to pursue that path. It was a time of much deliberation between what I wanted to do and the flow of the times. I began studying law because I thought lawyers were weak in the IT field. To this day, fewer than 10 people from my department have become lawyers. It was a unique case, and even my classmates were amazed. I’ve always been interested in startups, so I ended up handling startup cases. There aren't many lawyers specializing in this area either. Having studied IT, I thought I could also provide feedback and, if a network was needed, I could serve as a bridge. ..... For more detailed information, please click the article title to verify. Thank you. Law firm Veat
(Foundation for Game Culture), New Chairman Appointed and 4th Term Launched
(Re) Game Culture Foundation (hereinafter referred to as the Foundation) announced on October 30, 2014 (Thursday) at 11:00 AM, held a board meeting to launch the 4th Board of Directors, and elected Jeong Gyeong-seok as the new President (現 Representative Partner of Law firm Veat). The new Board of Directors includes Kim Kyu-cheol (Director, 現 Vice President of Youngsan University), Jeon Su-hwan (Director, 現 Professor of Theory and Arts Management at Korea National University of Arts), Ha Seong-hwa (Director, 現 Lawyer of Law firm Hwacheon), and Choi Seong-ho (Auditor, 現 Partner of Law firm Zen). Furthermore, Jeong Gyeong-seok (現 Representative Partner of Law firm Veat), Lee Heon-wook (Director, 現 Lawyer at Law firm Rotech), and Do Heon-soo (Auditor, 現 Senior Executive Director of Samil Accounting) were reappointed to the Foundation’s Board of Directors. The Foundation is conducting key projects such as research and investigation related to game addiction, prevention and cooperation activities related to game addiction, and prevention and counseling support for game addiction (a national subsidy program). Jeong Gyeong-seok, elected as President through the board meeting on the 30th, stated, 'I will revitalize various projects for the promotion of game culture, including the projects currently underway, to establish a proper game usage culture and ultimately contribute to the creation of a healthy game culture.'
Legal advice for standard contracts by type of service provision intermediary site
In the case of platforms operated by Company A, it is an O2O platform that mediates between individuals seeking service provision and individuals wishing to provide services, as an intermediary site for peer-to-peer service provision. Company A intended to provide a standard contract to facilitate smooth service transactions between customers. Therefore, Law firm Veat was requested for legal consultation regarding the drafting of a standard contract that platform users could use. The corporate advisory team of Law firm Veat provided sample contracts of the most commonly used types on the platform, successfully completing the task. Thank you. Law firm Veat
Law firm Veat represented Company H (Plaintiff) and won all of the claims in this suit and counterclaim regarding a software development contract dispute.
Law firm Veat represented H Company (plaintiff), engaged in the manufacturing and wholesale of beauty appliances, home care devices, etc., in a lawsuit seeking restoration to the original condition by contract cancellation, and in a counterclaim seeking payment of the balance and delay compensation due to delay in payment of the balance, and obtained a judgment of victory in both the lawsuit and the counterclaim. In the case of software contract disputes related to IT, it is often difficult to determine the completion status of the software and to determine the party at fault, and it is also very difficult to prove it. Law firm Veat, with extensive experience in numerous software dispute lawsuits, prepared and submitted opinions in detail and specifically in this case to be easily understood even by a court with insufficient professional understanding of the technical aspects. As a result, a judgment of victory in both the lawsuit and the counterclaim was obtained. Those who need legal advice related to software development contracts should contact Law firm Veat. Those who are curious about cases of winning software development contract disputes should refer to the official blog of Law firm Veat. Thank you. From Law firm Veat
[Litigation] Represented defendant A Company and achieved a full victory in the lawsuit claiming injunction against unfair competition and other requests. Law firm Veat
[Consultation] Legal consultation regarding the wording of change notifications when revising the terms of service for applications.
1. Overview of Consultation Company A proceeded with revision of the terms of service of the application in relation to a change in the payment method within the application. Accordingly, they requested legal consultation to notify users of the application about the change in the terms of service. 2. Consultation by Law firm Veat Law firm Veat reviewed related provisions such as the “Act on the Regulation of Standard Contract Terms” and the Fair Trade Commission regulations, and conveyed recommendations regarding A’s application terms of service revision notification. In particular, Veat's corporate advisory team conducted multifaceted legal review to examine whether parts of A’s revised terms of service conflict with the current terms of service. Thank you. From Law firm Veat
[Legal Consultation] Representing A Venture Capital for Legal Review of Credit Risk regarding L Bank's investment in a public offering fund investment combination.
Law firm Veat received a request from A Venture Capital and conducted a credit risk legal review regarding L Bank’s investment in a public offering fund worth approximately 200 billion won for fundraising. We successfully completed the review. 1. Overview of Consultation A is a venture capital firm that invests in funds in the financial and corporate investment fields. Recently, A intended to recruit investors to finalize a public offering fund and received an investment intention from L Bank. A entrusted Law firm Veat with a credit risk legal review. 2. Consultation by Law firm Veat Law firm Veat, based on its previous experience with GP registration and VC-related work, reviewed the credit risk that may arise if L Bank participates as a limited liability partner in a public offering fund. We are contributing to the successful formation of the investment partnership. For more details, please refer to the content of Law firm Veat’s official blog. Thank you.
[Consultation] Legal review of total distribution contract for Automotive Management Company R's Law firm Veat
Law firm Veat received a request from R Company, which provides automobile management application services, to provide legal advice related to a contract with a master distributor managing dealerships nationwide, and made every effort to achieve successful contract conclusion. 1. Overview of the Consultation R Company, one of the companies providing automobile management application services, requested Law firm Veat to review the contract legally before entering into a contract with a master distributor managing dealerships nationwide. 2. Consultation by Law firm Veat Law firm Veat, in relation to the master distributor contract, comprehensively grasped the factual relationship between R Company and master distributor company A, clearly stated the responsibility of R Company and A Company to minimize future disputes. In particular, the Law firm Veat corporate advisory team, while handling this case, additionally specified the obligation for master distributor company A to check whether or not R Company's intellectual property rights are being infringed in the dealerships. For more detailed information regarding this consultation, please refer to the official blog. Thank you. Law firm Veat
[Consulting] Legal consultation for new platform service contract
1. Overview of Consultation Company A commissioned Law firm Veat for legal consultation regarding the drafting of contracts prior to the launch of a platform for testing programming skills. 2. Legal Consultation by Law firm Veat Law firm Veat took utmost care in drafting the contract, predicting potential issues in accordance with relevant laws such as the Civil Act and the Act on Regulation of Standard Contract Terms. Our law firm received positive evaluations from Company A due to our high understanding of software and successfully concluded the consultation. Please refer to the official blog for more details. Thank you. Law firm Veat
[Consultation] Legal violation possibility of a newly launched mobile game Legal consultation
1. Consulting Overview A game company, poised to launch a new mobile game, consulted Law firm Veat regarding potential legal issues that could arise within the game itself or the possibility of illegality in the game's operational methods. 2. Consulting by Law firm Veat Law firm Veat reviewed the current game industry law and related regulations and provided comprehensive legal advice regarding the types of prizes that the mobile game A company intends to offer, among other things. Please refer to the official blog for more details. Thank you. Law firm Veat