Case Studies
Legal Due Diligence for Pharmaceutical and Bio Companies
Law firm Veat conducted legal due diligence for a pharmaceutical and biotech company at the request of a venture capital firm (hereinafter "client"). Legal Due Diligence (LDD) is an important procedure to thoroughly check the legal status of a company before planning an investment or concluding a major contract. Especially in the pharmaceutical and biotech industry, professional legal due diligence is necessary because legal risks exist in various areas such as research and development, manufacturing, and sales. Based on the characteristics of the pharmaceutical and biotech company, we thoroughly analyzed the current situation, identified legal risk factors, provided solutions for stable operation, supported investors to clearly recognize the company's risks, and enabled stable investments. In particular, Law firm Veat meticulously reviewed the company’s capital raising, research and development, and legal issues related to manufacturing and sales in this legal due diligence. Also, as a company producing pharmaceuticals, we verified pharmaceutical-related licenses such as pharmaceutical manufacturing, item approval, GMP (health functional food) approval, and inclusion of state strategic technology, and reviewed numerous research and development and sales contracts. Based on its extensive know-how in investment and legal due diligence, Law firm Veat performed the legal due diligence for this pharmaceutical and biotech company efficiently and professionally. 5 Points for Legal Due Diligence of a Pharmaceutical and Biotech Company 1. Review of Capital Raising Method If a company relies heavily on dividends to shareholders and the issuance of general bonds for capital raising, there is an advantage of increasing the flexibility of capital raising, but there may be issues such as adjusting the interests of shareholders, legal regulations arising from the issuance of bonds, and the protection of creditors. 2. Review of Pharmaceutical Manufacturing Licenses For pharmaceutical and biotech companies that manufacture pharmaceuticals, it is necessary to review the status of pharmaceutical manufacturing licenses, item approvals, and GMP (Good Manufacturing Practice) approvals and state strategic technology. It is necessary to review whether GMP (health functional food) approved facilities comply with safety and quality management standards. 3. Review of Research and Development and Sales Contracts The pharmaceutical and biotech industry concludes various contracts in the process of developing new pharmaceuticals through research and development (R&D) and commercializing them. We review numerous research and development contracts and sales contracts, checking for any legal issues in the contract terms and ensuring that the company is legally protected by appropriate clauses. 4. Review of Patent and Intellectual Property Protection Status Intellectual property is a core asset of the pharmaceutical and biotech industry, and patent and intellectual property protection are important. It is important to understand the status of protection of patents and other intellectual property held by the pharmaceutical and biotech company, and to verify any lawsuits and legal issues related to infringement. If intellectual property is not adequately protected, there is a risk that competitors may use the technology without authorization, which may reduce the company’s competitiveness. 5. Review of Safety & Health & Environment (SHE) Regulations Compliance Safety & Health & Environment (SHE) regulations are essential conditions to prevent safety issues and environmental pollution that may occur in the pharmaceutical manufacturing process. It is necessary to review compliance with related regulations, and it is also essential to provide recommendations for solutions to reduce potential legal risks in the future. Legal due diligence for investment is an important step to determine the success of the investment, and it is a stage to provide investors with reliable information by meticulously reviewing the company’s financial structure, operational risks, and intellectual property protection situation, and to build a trustworthy relationship between the company and investors. Law firm Veat provided legal advice to both the company and investors by thoroughly analyzing the special needs of a pharmaceutical and biotech company and the regulatory requirements related to pharmaceuticals, in addition to the basic role of legal due diligence in the advice process. If you need legal advice regarding legal due diligence, pharmaceutical and biotech, or investment, please contact Law firm Veat. Thank you. Law firm Veat
[Law firm Veat TIP] Understanding Photo Copyright Protection Standards Through Precedents
Law firm Veat’s TIP (Technology Intellectual Property) team contributed a detailed explanation of photographic copyright protection standards to Platum, a specialized media platform for startups. The development of the digital age has greatly increased the importance of copyright protection, including unauthorized copying and use of photographs on online platforms. This column details the criteria for photographs to receive legal protection as copyrighted works, and precedents regarding recognition of originality. [This link] allows you to review this column. The column published by Law firm Veat’s TIP team provided useful information to photographers and content creators who take and share photographs regarding copyright protection. Whether a photographic work is protected depends on how its originality and uniqueness are recognized. Such originality and uniqueness can be complex and detailed according to copyright law, and we recommend seeking advice from legal professionals to safely protect your work. We encourage you to more securely protect your rights to your creations. Law firm Veat’s TIP team, specializing in intellectual property rights, including photographic copyright, provides in-depth advice on legal issues related to photographic copyright. If your photographs are used without permission or a copyright dispute arises, we provide prompt and systematic legal services to protect your valuable creations. If you have any questions regarding copyright protection, please feel free to contact Law firm Veat. Thank you. Law firm Veat
Virtual YouTuber (VTuber) era, clearly define your rights with a character usage agreement!
Law firm Veat recently received a request from planning company A (hereinafter referred to as "the client") to draft a character usage agreement for a popular virtual YouTuber (hereinafter referred to as "Vtubers") on an online broadcast platform. Recently, Vtubers who broadcast on online broadcast platforms conduct broadcasts using characters or avatars they created to communicate with viewers, and are active on various platforms such as YouTube and Twitch, forming fan bases through not only broadcast content but also their unique characters. They have the advantage of being able to showcase a wide range of broadcast content as they can be presented in popular form in a vast virtual world. The male Vtubers 'PlayB' who won the weekly popularity award for four consecutive weeks on the largest domestic music platform, attracted 70,000 audience members at an offline concert, demonstrating the growth potential of the Vtuber industry. The domestic Vtuber market is still in its early stages, but investment firms and entertainment companies are showing great interest in the Vtuber business, actively investing in related companies and preparing for the debut of virtual idols. 'Scone' and 'Over the Hand' have developed Vtuber content production solutions and are expanding as a Vtuber MCN (Multi-Channel Network) after attracting investment, and 'Bloom D' is gaining attention for its AI deep learning-based technology. [ View details of Vtuber-related article] Law firm Veat has drafted character usage and copyright protection agreements related to Vtubers, clearly protecting the rights of both the character developer and the Vtuber by ensuring that the character developer protects their intellectual property rights and the Vtuber can generate revenue based on the character. Key points of the Vtuber character usage agreement 1. Rights ownership and usage method The Vtuber and the character developer have different rights regarding the character and broadcast content, which are their creations. A Vtuber character can itself be the subject of intellectual property rights, and the copyright related to it belongs to the creator who developed the character. However, since the broadcast content created by the Vtuber using this character can also be recognized as an independent work, the copyright for the content may belong to the Vtuber. Law firm Veat minimizes the possibility of various legal disputes that may arise in this relationship by clearly distinguishing the rights of each party and specifying the rights ownership and usage method between the character copyright holder and the Vtuber in the contract. 2. Revenue sharing Generally, the Vtuber broadcasts and generates revenue using the character, while the character developer holds the copyright for the character and can generate revenue from it. Law firm Veat has written character revenue sharing items for the Vtuber and character developer by clearly defining how the Vtuber can use the character on the broadcast platform and how revenue generated in that process is distributed to prevent unnecessary legal disputes. As mentioned above, by including specific conditions regarding intellectual property rights ownership for characters and broadcast content, revenue sharing for each broadcast form, etc., in the contract to minimize the possibility of disputes between the parties, it has been made possible for both the Vtuber and the character developer to agree under reasonable conditions. Law firm Veat boasts extensive experience and expertise in the field of character copyright protection and broadcast content intellectual property rights. In particular, it handles various legal issues related to intellectual property rights, revenue sharing, and broadcast platforms, and has provided essential legal advice to startups and various platform-related businesses. Law firm Veat’s TIP team has a track record of leading numerous successful cases in the field of intellectual property rights, and Attorney Oh Seung-jong, who leads the TIP team, has accumulated unparalleled expertise in copyright and intellectual property rights through various positions such as Chairman of the Korean Copyright Committee and Chairman of the Korean Copyright Law Society, and is active as a Community Expert of the Korean Copyright Committee, and Attorney An Il-woon, who has extensive experience in ICT regulatory sandbox and empirical service legal consulting, and Attorney Jeon Yong-hwan, etc., participate as major members, handling various intellectual property rights-related disputes such as copyright, trademark, and design rights, and providing detailed legal advice on copyright and intellectual property rights legal issues that may arise in business. If you need legal advice regarding Vtubers, YouTubers, broadcast platforms, copyrights, and intellectual property rights, please contact Law firm Veat. Thank you. Law firm Veat
Law firm Veat Songdo-young, Managing Partner, Selected for Leading Lawyers 2024 TMT Division
Law firm Veat’s Songdo-young representative lawyer, has been selected for the ‘Leading Lawyers 2024’ TMT division by Legal Times. Legal Times highlighted professional lawyers who are active on the front lines of corporate legal affairs in various fields as ‘Leading Lawyers 2024’ special feature. Leading Lawyers is comprised of lawyers who have excelled in various legal fields, and includes major law firms and individual lawyers. The selection criteria include expertise in legal practice, performance, client evaluations, and recommendations from fellow lawyers, selecting experts who are trusted in the legal community. Law firm Veat’s Songdo-young representative lawyer was selected for the ‘Leading Lawyers 2024’ TMT division, recognized for deep expertise in key areas such as personal information, game & e-sports, blockchain, and electronic commerce in conjunction with the advancement of the Fourth Industrial Revolution, which has expanded to include AI. Law firm Veat’s Songdo-young representative lawyer has been appointed as an arbitrator of the Online Advertising Dispute Settlement Committee, demonstrating expertise in the legal field related to online advertising, and has been appointed as a member of the Innovative Financial Review Committee and the IT Blockchain Committee of the Korean Bar Association, and as a member of the Metaverse Self-Regulation Committee, actively leading the way in regulatory innovation in areas such as ICT convergence, metaverse, AR/VR, smart cities, and mobility regulatory sandbox, and received the Prime Minister's Commendation for the ‘2020 Day of Science and Information and Communications’ in recognition of these achievements. Law firm Veat is providing professional and outstanding services in the TMT field, based on a deep understanding and practical experience in legal issues arising from the latest technological changes. Furthermore, Law firm Veat also possesses high expertise in regulatory advisory services related to new technologies such as personal information protection, electronic finance, metaverse, and blockchain. Based on this expertise, it has successfully carried out various projects such as ICT regulatory sandbox, mobility regulation, and smart cities. Law firm Veat will continue to provide innovative legal advice in response to changes in the legal market in the technology, media, and communications fields, and will continue to strive to provide the best legal solutions to clients. For more details of this article, please refer to Legal Times ([리걸타임즈 특집=Leading Lawyers 2024] TMT). Thank you. Law firm Veat
Protecting Trade Secrets at the Forefront, Law firm Veat's Legal Advice on Non-Compete Obligations
Law firm Veat received a request from a semiconductor manufacturing company to review the validity of non-compete obligations for employees and to provide advice on response measures in the event of a violation. Law firm Veat Startup Attorneys reviewed the validity of non-compete agreements concluded between the client and employees and explored legal response measures in the event of an obligation breach. Specifically, they provided guidance on evaluating the validity of non-compete obligations and the specific legal measures that could be taken if a valid non-compete obligation was violated, supporting the client in safely protecting their assets and trade secrets. Furthermore, if the non-compete obligation is valid, the client can respond to violations through methods such as filing a claim for damages, applying for an injunction to prohibit infringement of trade secrets, and filing criminal charges. Law firm Veat evaluated the pros and cons of each response measure based on the obligation breach and presented the optimal strategy based on the company's situation. In particular, Law firm Veat analyzes the employee's unfair competition behavior even in trade secret infringement cases requiring technical expertise, and based on this, presents damage assessment and proof methods to provide effective legal assistance. The necessity of non-compete obligations and legal review
[202410] Monthly Veat October Issue_Can We Be Safe from Copyright Infringement in the Age of Artificial Intelligence?
Law firm Veat **주요 업무** Major Business Areas **소송·분쟁 해결** Litigation & Dispute Resolution **기업 법률 자문** Corporate Legal Consulting **지적 재산권 보호** Intellectual Property Protection **국제 거래 지원** International Trade Support **M&A 자문** M&A Consulting **개인 법률 자문** Individual Legal Consulting Law firm Veat is a full-service law firm providing comprehensive legal services to both domestic and international clients. Our experienced lawyers are committed to providing the highest quality legal representation in a wide range of practice areas. We are located in the heart of Seoul, South Korea, and serve clients throughout the country and around the world. We believe in building strong relationships with our clients and working closely with them to achieve their goals. **법무법인 비트** specializes in providing legal solutions for businesses and individuals. We have a proven track record of success in litigation, corporate law, intellectual property, international trade, and M&A. Our team of lawyers is dedicated to providing the highest quality legal advice and representation. Law firm Veat is committed to providing our clients with the best possible legal services. We are a full-service law firm, and we have the expertise to handle a wide range of legal matters. We are also committed to providing our clients with the most up-to-date legal information. If you are looking for a law firm that can provide you with the legal advice and representation you need, please contact Law firm Veat today. **문의** Inquiries [email protected] +82-2-XXX-XXXX Law firm Veat [https://www.veat.co.kr/](https://www.veat.co.kr/)
Law firm Veat, Partner Attorney An Il-woon, Korea Copyright Committee Open Source SW License Specialized Education Lecture
Law firm Veat's An Il-woon partner attorney is acting as an instructor in the open-source SW license specialist education program conducted by the Korean Copyright Committee. This education is a course for developers, IT managers, and legal experts who want to understand the utilization and legal issues of open-source SW, and Law firm Veat's IT specialist attorney An Il-woon partner attorney will be in charge of the advanced course and conduct the education based on his expertise in the IT, software, and intellectual property rights fields. Law firm Veat partner attorney An Il-woon will cover the topic of 'Understanding open-source SW and licenses and dispute cases' in this education, and is planning to deliver a wide range of knowledge from the concept of open-source SW to various license types and frequently occurring dispute cases in practice. Through this, education participants will be able to improve their legal understanding of open-source SW and acquire practical knowledge that can be applied in the field. Open-source software is gaining attention as a tool that accelerates innovation by providing developers with code accessibility and modification rights. However, when using open-source software, there is a risk of copyright infringement or license violation, so it is important to properly manage these legal risks. Law firm Veat provides in-depth legal advice on open-source licenses and other legal issues that may arise in the 'IT/software' field, and supports startups and IT-related companies to operate their businesses stably. Law firm Veat is responding quickly to the latest IT legal issues such as NFT, blockchain, future technology fields, data protection and personal information related fields, keeping pace with the changes in the IT industry, and providing differentiated legal services covering 'IT' and 'law' to various technology-based companies including startups. Law firm Veat will be a trusted partner for companies pursuing digital innovation. For more details about the 2024 open-source SW license specialist education, please refer to the link below, and if you need IT legal advice, please contact Law firm Veat. [2024 open-source SW license specialist education] Thank you. Law firm Veat"
Company fund embezzlement employee prosecution agency case, Law firm Veat’s strategic approach
Recently, Law firm Veat received a request from a client who had discovered that a financial management employee had misappropriated approximately 700 million won of the firm’s funds for personal use and proceeded with legal action against the employee. The employee had used the company’s corporate card for personal travel and luxury purchases over a period of more than a year, illegally using company funds. The client discovered this fact during regular corporate card usage reviews and immediately fired the employee and entrusted Law firm Veat to handle the prosecution of the employee. What laws could the employee’s misappropriation of company funds violate? ◾ Criminal Code Article 355 (Embezzlement and Breach of Trust) ① A person who has possession of another’s property and embezzles it or refuses its return shall be sentenced to imprisonment for not more than five years or a fine of not more than 150 million won. ② A person who handles another’s affairs and gains property or causes a third party to gain it by an act contrary to his duty, thereby causing damage to the principal, shall be subject to the same punishment as in the previous paragraph. Article 356 (Embezzlement and Breach of Trust in Office) A person who commits an offense under Article 355 of the Criminal Code in the course of his or her duties shall be sentenced to imprisonment for not more than ten years or a fine of not more than 30 million won. According to the Criminal Code, if a person who has possession of another’s property embezzles it or refuses its return (embezzlement), or if a person who handles another’s affairs gains property or causes a third party to gain it by an act contrary to his duty, thereby causing damage to the principal (breach of trust), they shall be sentenced to imprisonment for not more than five years or a fine of not more than 150 million won (same law, Article 355, paragraphs 1 and 2). Furthermore, it can be confirmed that if such embezzlement or breach of trust is committed contrary to one’s duties, a more severe punishment is imposed with imprisonment for not more than ten years or a fine of not more than 30 million won (same law, Article 356). Law firm Veat, based on a deep understanding of the aforementioned Criminal Code regulations, carefully reviewed whether the employee who misappropriated the client's funds was deemed to be a person in possession of the client’s property or a person handling the client’s affairs, and whether the crimes of embezzlement or breach of trust under the Criminal Code were established. ◾ Special Act on Punishment of Specific Economic Crimes (hereinafter "Specific Economic Crimes Act") Article 3 (Aggravated Punishment for Specific Property Crimes) ① A person who commits an offense under Article 347 (Fraud), Article 347-2 (Computer Fraud), Article 350 (Extortion), Article 350-2 (Special Extortion), Article 351 (applies only to habitual offenders under Article 347, 347-2, 350, and 350-2), Article 355 (Embezzlement and Breach of Trust), or Article 356 (Embezzlement and Breach of Trust in Office) shall be subject to aggravated punishment if the amount of property or property benefit obtained by the offense or caused to be obtained by a third party (hereinafter “benefit amount” as defined in this Article) is 500 million won or more, according to the following classifications: 1. If the benefit amount is 50 billion won or more: imprisonment for life or imprisonment for more than five years 2. If the benefit amount is 500 million won or more but less than 50 billion won: imprisonment with work for more than three years According to the Special Act on Punishment of Specific Economic Crimes, if a person commits embezzlement or breach of trust or office embezzlement or breach of trust, and the amount of property or property benefit obtained by the offense or caused to be obtained by a third party is 500 million won or more, they shall be subject to aggravated punishment (same law, Article 3, paragraph 1). Law firm Veat, based on an accurate understanding of the aforementioned regulations and related legal principles, conducted a review to determine whether the employee’s misappropriation of company funds was subject to aggravated punishment under Article 3, paragraph 1, of the Special Act on Punishment of Specific Economic Crimes, based on thorough evidence gathering. Law firm Veat’s Response Strategy Law firm Veat focused on thorough evidence collection and record management from the outset of the case. In particular, they secured the company’s corporate card usage history, as well as the employee’s confession and related records, to lay the groundwork for proving the charges of embezzlement. Furthermore, they prepared a crime manifest for the case, so that the investigative authorities could quickly and accurately understand the employee's criminal actions, and comprehensively performed the tasks of proxy prosecution and communication with the investigative authorities on behalf of the client. Through these procedures, Law firm Veat proved the employee’s criminal facts, and the prosecutor was able to indict the employee for violation of the Special Act on Punishment of Specific Economic Crimes (breach of trust). As Law firm Veat has a high level of understanding of financial management-related laws, they have quickly resolved complex legal issues related to company fund misappropriation. In particular, Law firm Veat has accumulated extensive experience and know-how by systematically analyzing company internal documents and accounting data in the process of evidence collection, helping the investigative authorities understand the case clearly and proceed with the necessary legal procedures smoothly. Based on their experience in corporate legal affairs and financial law consulting, Law firm Veat demonstrates outstanding capabilities in responding to financial crimes within companies. If you require legal assistance related to financial crimes, we recommend that you receive tailored legal advice from Law firm Veat, which provides the optimal solutions. Thank you. Law firm Veat
[202409] Monthly Veat September Issue_The world's first 'Virtual Convergence Industry Promotion Act', what is it after all?
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[Veat] 'ALB Korea Law Award 2024' Finalist Selected in Four Categories
Law firm Veat was selected as a finalist in four divisions – "Korea Law Firm of the Year," "Boutique Law Firm of the Year," "Managing Partner of the Year (Boutique Firm)," and "Korea Deal Firm of the Year" – at the "ALB Korea Law Award 2024" hosted by Asian Legal Business (ALB). ALB is a world-renowned legal media outlet under the global media group Thomson Reuters, and is celebrating its 12th "ALB Korea Law Award" this year, recognizing law firms and lawyers who have been recognized for their expertise and contribution in various fields. Korea Law Firm of the Year Bae, Kim & Lee DR & AJU Kim & Chang Lee & Ko Minwho Law Group Veat Law Firm Yoon & Yang Boutique Law Firm of the Year InterLEX Rosetta Legal Kang & Partners Minwho Law Group Peter & Kim Veat Law Firm Managing Partner of the Year (Boutique Firm) Kap-You (Kevin) Kim – Peter & Kim Kim Kyung-Hwan - Minwho Law Group Jaehoon Lee – InterLEX Sungho Choi – VEAT Law Firm Korea Deal Firm of the Year Bae, Kim & Lee Kim & Chang Lee & Ko Shin & Kim VEAT Law Firm Yoon & Yang Yulchon The ALB Korea Law Award is highly regarded because it is selected by an independent review committee consisting of more than 25 senior legal professionals and industry leaders who conduct a rigorous review, and holds an important position in the domestic legal industry. Law firm Veat is pleased to be selected as a finalist in four divisions – "Korea Law Firm of the Year," "Boutique Law Firm of the Year," "Managing Partner of the Year(Boutique Firm)," and "Korea Deal Firm of the Year" – recognizing the firm's expertise and contribution. Law firm Veat has proactively identified legal issues that clients may face in a rapidly changing legal environment and has provided effective legal advice based on this. Going forward, Law firm Veat will continue to grow together in various legal fields, such as successful M&A for startups, corporate advisory services, intellectual property protection, information protection and data regulation response, as a law firm representing Asia beyond Korea. Thank you. Law firm Veat