Case Studies
[Bloomberg] Achieved 2nd place in M&A league table for Q1 2023
Law firm Veat achieved 2nd place in the 2023 Q1 Bloomberg M&A League Table based on the number of transactions. Law firm Veat provided legal advisory services for 19 investment and M&A transactions (based on transaction value exceeding 1 billion won) in the first quarter of 2023. Under the leadership of partners and attorneys at law firm Veat, including CEO Seongho Song and Dongyoung Song, they achieved 2nd place, a 3-step rise from the top 5 in the previous year. Legal Times evaluated that boutique law firms are thriving in this transaction volume-based 2023 League Table. (See related article) As a leading boutique law firm, law firm Veat started its 2023 Q1 with the top 2 in M&A legal advisory services, proving its strength in investment/M&A legal advisory. Law firm Veat will be a law firm dedicated to creating synergy with the growth of client companies, based on its experience and know-how in investment/M&A, alongside numerous venture and startup companies. Thank you. Veat Law Firm.
[Blockchain] NFT Issuance Contract Drafting and Legal Review
Block chain platform A Co. felt the necessity to sign contracts with content providers in order to create and sell NFTs, so it commissioned Law firm Veat to draft NFT issuance contracts and conduct legal review. Law firm Veat, from the perspective of platform operator A Co., drafted an NFT issuance contract to take full responsibility for receiving digital content from content creators and distributing it. The copyright of the content received from the content creator is held by the respective copyright holder, and a contract structure was provided to grant only the authority to create and distribute it as an NFT. NFTs (Non-fungible Token) are recognized for their advantages, such as their scarcity, which is difficult to replace, and their value as collectibles. In the case of NFTs, they are a means of digitizing existing assets, and are particularly active in the art sector. However, if someone uses content created by others without legitimate rights for artwork, it could escalate into copyright disputes, so it is recommended to consult with a lawyer who has a mutual understanding of NFTs and copyrights before creating and distributing content. Law firm Veat actively provides professional and effective legal services to those in need of copyright assistance, by organizing a TIP team with lawyers from a science and technology background. If you need legal advice on blockchain industry, such as an NFT issuance contract, or need assistance related to copyright, please contact below ‘Contact Law firm Veat’ Thank you. Law firm Veat
[Legal Times] "Boutique Law Firm" Introduction to Law Firm Veat
Law firm Veat was featured as a ‘boutique law firm’ by Legal Times. Legal Times’ ‘boutique law firm’ highlighted one of the boutique law firms leading the way based on expertise and customized services for clients. The firm detailed the law firm’s strengths and key case studies. In Legal Times’ ‘boutique law firm,’ Veat Law Firm was recognized for its expertise in advising venture · technology companies. The boutique law firm classified it as an IT specialist law firm and introduced lawyers specializing in IT, IP, M&A, and providing legal services based on IT, such as fintech, games, and O2O. Notably, cases such as disputes arising from software developers requesting application development that resulted in prolonged delays, the drafting of terms of use and privacy policies, and the creation of consent forms, as well as advising on ‘personal information and terms of use,’ and as a ‘M&A’ powerhouse, providing legal advice for Petfriend, a pet-specialized mall, with a ‘M&A’ legal advisory of over 100 billion won. In addition, Veat was introduced as a representative business case showcasing the firm’s expertise, including 32 transactions totaling $416 million in the Bloomberg M&A league table for the first half of 2022, comprehensive advice on SAFE investment agreements and employment agreements for a foreign company providing augmented reality (AR) services, and successfully leading an investment of 70 billion won for creative tech company, Giantstep, on behalf of Naver. Interest was focused on various legal services performed by Veat Law Firm, including legal advice on Korea’s regulatory sandbox. Thank you. Veat Law Firm Dream
[Investment] Contract Drafting and Legal Review
Law firm Veat received a commission from global blockchain consulting company A and drafted and reviewed the sales transfer agreement. Client A requested the drafting of a sales transfer agreement regarding the content of expanding its business. Law firm Veat concretized the subject matter of the sales transfer and provided individual transfer procedures, taking into account the fact that multiple investors existed for the client’s assets, guiding the client on matters such as investor consent. Given that the assets subject to the sales transfer included financial assets, licenses, and corporate vehicles, as per the Commercial Act, Law firm Veat guided the client on procedures such as name transfer and contract succession. As the sales transfer is subject to restrictions under the Commercial Act, if there are no other agreements, the transferor is prohibited from engaging in similar business operations in special cities, provincial cities, cities, and counties for 10 years, and at the agreed-upon time, within 20 years, within the scope that does not exceed 20 years, only in special cities, cities, and counties adjacent to the same special cities, provincial cities, cities, and counties. Therefore, please discuss the scope and size of the sales transfer agreement, as well as various sales transfer conditions such as M&A, with experienced lawyers who have expertise in M&A. Law firm Veat possesses abundant experience in various M&A cases, including business/sales transfer, and is recognized as a leading M&A legal advisory firm, having ranked in the TOP5 of the ‘2022 Annual Bloomberg M&A League Table’ and as a ‘Finalist’ in the ‘Korea Deal Firm’ category for two consecutive years in the ‘ALB Korea Award 2022’. If you require differentiated legal advice related to business/sales transfer or M&A, please contact Law firm Veat as indicated below. Thank you. Law firm Veat
Law firm Veat participated in an event hosted by the Korean Blockchain Business Cooperation Association.
The Korea Blockchain Business Association will hold a networking party titled ‘Blockchain Association’s Night’ on May 25, 2023 (Wed) as follows. Song Woo-seok, a lawyer at Veat Law Firm, has been appointed as a legal advisor of the Korea Blockchain Business Association. He is actively involved in the event through sponsorship and lectures on the monthly meeting of the Korea Blockchain Association, focusing on the topic of “NFT Legal Issues: Everything So Far”. 'Blockchain Association’s Night’ (organized by the Korea Blockchain Business Association) Date: May 25, 2023 (Wed) 6:00 PM Location: 13, 1st Floor, 119 Gil, Nonhyeon-ro 119, Gangnam-gu, Seoul Veat Law Firm is providing comprehensive legal advice in the blockchain field, including legal advice and activities for major domestic and foreign virtual asset exchange companies and blockchain companies, drafting English contracts, risk management, and so on. Thank you. Veat Law Firm.
[Investment] Legal Review of Investment Agreement due to New Business Entry
Law firm Veat undertook legal review of investment agreements resulting from a new business venture for A, a capacitor manufacturer. A wanted to have the legal review to verify that there were no conflicting parts between the existing investment agreement and the new business venture before entering a new business. In cases of startups that have raised investment, many times, to start a new business or establish a subsidiary and begin business in another area, it is necessary to obtain consent from investors. This is because unforeseen things can be expected at the point of investing in the new business, which becomes a key factor influencing the investment decision, and it is often stipulated in the investment agreement that when entering a new business venture, consent must be obtained from the investor. Law firm Veat based on this content, derived the consent content and types that investors should acquire, and reviewed the conditions to obtain consent from investors and provided guidance. During the process of coordinating various investments, investment agreements are drafted based on agreed-upon Term-sheets. Because these investment agreements influence multiple investment stages, it is recommended that both the investor and the client, ensure satisfaction by having experienced lawyers review and draft the investment agreement from the initial investment stage. Law firm Veat is a global leader in the investment sector and was selected as a Finalist for Korea Deal Firm in the ‘ALB Korea Award 2022’ for two consecutive years, and it achieved 2nd place in the Bloomberg M&A league table in Q1 2023, proving its strength in investment advisory. If you need an investment agreement or investment agreement legal review, please contact Law firm Veat as indicated below. Thank you. Law firm Veat.
[Privacy Protection] Legal Review of Questions Regarding Private Information Related to Wholesale (B2B) Order Websites and Systems Operation
Offline sports goods company A requested a legal review regarding wholesale (B2B) order sites and systems operations and personal information protection to Veat Law Firm. Veat Law Firm advised on whether personal information consent is required when entering names, email addresses, or obtaining information through other documents or paths, and what necessary actions are needed to comply with the law regarding appropriate consent methods as stipulated in the Personal Information Protection Act. Depending on whether the criteria such as information and communication service revenue or daily average user count are met, the scope of mandatory audits can be differentiated based on whether the information and communication service is accessible through the external information and communication network. When operating information and communication services that meet specific criteria, all of them may be included in the certification scope, even if they are not included as a certification subject, so we provided guidance on Information Protection and Personal Information Protection Management System (ISMS-P) and Personal Information Protection Certification System. Furthermore, Veat Law Firm reviewed whether the information is classified as advertising information under the Information and Communication Network Act and advised on appropriate consent collection methods, and we reviewed the occurrence of data processing outsourcing and overseas transfer, and provided guidance on necessary actions such as items disclosed in the Personal Information Protection Policy. Veat Law Firm holds qualifications for ISMS-P certification audit personnel and has a personal information protection team led by Partner Lawyer Baek Seung-cheol, who was selected by the Korean Bar Association as an ‘IT specialist’, and Counselor Jo Eun-byeol, who was appointed as a member of the Personal Information Protection Committee’s Information Disclosure Deliberation Committee, who provide legal advice based on their experience handling various cases involving personal information while managing personal information protection effectively. If you need legal assistance regarding personal information protection, please contact Veat Law Firm through the Inquiry below. Thank you. Veat Law Firm.
[Copyright lawsuit] Won full victory in a lawsuit seeking recovery of undue profits represented by a record management company (defendant).
Law firm Veat’s Oh Seungjong Attorney represented the record company (defendant) in seeking reimbursement of unjust enrichment by analyzing the claims of Bworks Co., Ltd. (plaintiff) and winning in both the first and appeal trials. The internationally famous song (hereinafter “C Song”) composed by a Swedish songwriter was also widely popular in Korea, particularly thanks to the performance by renowned Korean singer Kim Dong-kyu (baritone). Specifically, Bworks added Korean lyrics to the song without the songwriter’s permission, and subsequently, a lawsuit was filed seeking reimbursement of unjust enrichment due to the demand for ownership of copyright shares and payment of royalties. Therefore, Oh Seungjong Attorney of Law firm Veat argued that the proceedings were conducted in accordance with the pre-agreed terms, effectively proving the plaintiff’s claims were unfounded. Notably, 1) the fact that A directly contacted B to confirm B’s opinions regarding copyright and other related matters, and 2) the existence of a legitimate agreement through C’s representation, who was authorized to handle B’s business affairs. As a result, the court dismissed Bworks’ claim for confirmation and reimbursement of unjust enrichment, and Oh Seungjong Attorney of Law firm Veat successfully secured a complete victory. There have been numerous cases of foreign songwriters’ famous songs being adapted into “remix songs” – songs with Korean lyrics added without the songwriter’s permission – and performed widely in Korea. This case is significant as a case that can be referenced in disputes related to copyright and its usage fees. Law firm Veat leverages its extensive experience in handling numerous copyright-related legal consultations and lawsuits to provide assistance to clients with their legal issues and dispute resolution. Notably, the TIP team, led by Senior Attorney Oh Seungjong, specializes in copyright and intellectual property rights cases and boasts a substantial record of successful outcomes. If you require assistance with copyright matters, please contact Law firm Veat. To learn more about Senior Attorney Oh Seungjong, who handled this case, please refer to this link. Thank you. Law firm Veat
[Copyright] Advertising content plagiarism response plan legal review
Law firm Veat was commissioned by O2O platform company A to conduct a legal review regarding strategies for responding to the plagiarism of advertising content. Company A was using the majority of the platform’s content phrases directly, and Veat was contacted because they wanted to discuss ways to legally respond to this unauthorized copying of content. Law firm Veat identified a case where damages were awarded for copyright infringement due to the unauthorized copying of advertising content. We analyzed this case and compared it to the case, examining parts that could be considered creative and the potential for a cease and desist order and a claim for damages. Regarding this case, Veat’s legal team carefully examined the company’s content, distinguishing between parts that could be considered creative and the potential for a cease and desist order and a claim for damages. Specifically, when the primary goal is to stop the other company’s unauthorized copying, we advised sending a certified letter, including a comprehensive review of all potential legal options that Company A could pursue against the other company. Law firm Veat offers enhanced services in the areas of copyright and intellectual property, with a TIP (Technology, Intellectual Property) team led by attorney Oh Seungjong, a specialist in these fields. If you need assistance with copyright or intellectual property matters, please contact Law firm Veat at your convenience. Thank you. Law firm Veat
[CoinDesk Korea] Senior Foreign Attorney Song Woo-seok discusses the background of US sanctions against Binance and the exchange's position in an interview.
Mr. Seong-woo Seok, former Head of Legal Counsel at global virtual asset exchange Binance, analyzed Binance’s sanctions by U.S. authorities and the exchange’s actions through a written interview with CoinDesk Korea, a leading domestic blockchain media. Related article : CoinDesk Korea_Regulation hitting Binance, this time ‘target’ is ‘safety’ Law Firm Veat meticulously analyzes global regulatory trends related to the blockchain industry, proactively identifying the impact on the industry. If you need legal advice related to the blockchain industry, please contact Law Firm Veat at any time. Thank you. Law Firm Veat wishes you well.