Seum, a Staunch Backer of Korean Startups [Boutique Firm Story]

[Boutique Firm Story]

Seum was founded in July 2012 by lawyers including Managing Partner Jung Ho-seok, formerly of Shin & Kim, and Lee Byung-il, formerly of Bae, Kim & Lee. The firm was launched with a clear aim: to become the best legal partner for startups. Its name, Seum, also carries the meaning of “building companies.”

At the time, advising startups and venture companies was still an unfamiliar and largely untapped area in South Korea’s legal market. Major law firms were focused on litigation and advisory work for large corporations, while newly established small IT companies often struggled to access proper legal services because of high fees and steep barriers to entry.

Jung came to that realization while helping a startup run by a junior colleague. What those companies truly needed, he found, was not litigation support after disputes arose but early-stage legal advice to assess risks and put the right contract structure in place from the outset.

Despite skepticism from people around him who questioned why small companies would need legal counsel, he launched Seum in 2012 with a lean team of four lawyers.

Seum’s operating model also differed from that of traditional law firms. It learned and executed quickly like a startup, and offered practical alternatives based on a deep understanding of technology and business models. That approach helped it grow rapidly, earning a reputation as a problem-solver for promising startups and accelerators.

One of its signature cases was advisory work for crypto exchange Korbit. Korbit was founded in 2013, when South Korea had yet to put in place regulations for virtual assets. Seum advised the company on early fundraising and overall operations, helping it launch the business successfully.

Webtoon platform Lezhin Comics is another notable example. Lezhin Comics was the first company in South Korea to introduce a paid model for webtoons. In 2013, when the idea of paying to read digital comics was still unfamiliar, Seum worked with Lezhin Comics to establish the legal basis for that business model, reinforcing its role as a key adviser.

Other notable mandates included advising AI ad-tech startup Corca on a pre-Series A fundraising round worth 7 billion won ($5.1 million) and legal-tech startup LBox on a Series B investment round worth 20 billion won ($14.5 million).

Seum’s reputation for smoothly handling investment advisory work for startups eventually reached large corporations as well. With many startups operating in IT-related fields, major technology companies also began knocking on Seum’s door. The firm has provided legal advice to Naver, Kakao and Danggeun, among others.

After years of rapid growth, Seum has evolved into a comprehensive business law firm offering one-stop support across the full corporate management cycle through affiliates including Seum Patent and tax firm Seum Tax. It has also built infrastructure to support Korean startups’ overseas expansion by establishing a subsidiary in California and linking clients with local specialists.

The firm also operates Seum Rocket, a reasonably priced all-in-one service for early-stage founders, and continues social contribution activities aimed at putting the value of shared growth into practice. Seum is regarded as having startup and IT capabilities on par with major law firms, and attention is turning to its next steps.

Kim Jung-woo, Hankyung.com reporter enyou@hankyung.com