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Advertising and professional services · South Korea

Bae, Kim & Lee

bkl.co.kr ↗

South Korea's No. 2 full-service law firm by revenue, strong in M&A and disputes.

Hard to displace
Assessed 30 July 2026 · Evidence as of 30 July 2026
Strong structural protection; the business model survives ai pressure.
On the recordSince 30 July 2026 · Checkable from January 2027 · Every call on the record Checkpoint: FY2026 year end results confirming whether BKL holds the No. 2 rank over Lee & Ko and Shin & Kim
The call

BKL sits second in a stable Korean legal oligopoly, using Harvey to raise output per lawyer while bar rules keep outside AI tools out of courtrooms.

Bae, Kim & Lee is a major law firm in South Korea that handles court cases and gives legal advice to big clients. It is hard to replace because South Korean law says only licensed lawyers can represent clients in court or give official legal opinions, and BKL has deep relationships with judges and government officials built by its founders. The firm recently started using AI software called Harvey to help junior lawyers work faster, which means the firm is making more money per lawyer without hiring more people. The one thing that could change this picture is if clients start paying less for legal work as AI makes it cheaper to deliver, or if the firm's leadership changes in 2026 and shifts strategy.

Why
01
AI pressure: Legal AI platforms like Harvey compressing billable junior-associate hours. BKL rolled out Harvey firmwide in July 2026 to cut junior work; if fees per lawyer flatten later, AI eats margin, not headcount. Could AI do the core job? Unlikely.
02
Bigger players: Kim & Chang. Korea's No. 1 firm, 1,200+ professionals and KRW 1 trillion plus revenue, competes for the same top M&A and dispute mandates. Could a giant copy it? No, they are blocked.
03
What protects it. Korean bar rules reserve courtroom work and legal opinions for licensed attorneys, and founders' government ties built decades of client trust.
What would change this call
BKL's revenue-per-lawyer trend over the next two fiscal years post-Harvey rollout. Flat or declining figures would signal AI-driven pricing compression eroding margins.
Managing partner Lee Jun-ki's term renewal outcome around late 2026 or early 2027. A leadership change could disrupt strategy or trigger partner departures.
FY2026 year-end rankings versus Lee & Ko and Shin & Kim (published around January 2027). Would confirm whether BKL holds or loses its No. 2 revenue rank.
Key numbers
  • FY2025 revenue KRW 440.2B, up 12% YoY (2025-12-31)
  • Reclaimed No. 2 rank from Lee & Ko after six years (2026-01-14)
  • Q1 2026 revenue up 23% YoY to KRW 106.6B (2026-Q1)
Named risks
  • Managing partner Joonki Yi's three-year term ends around early 2027, succession uncertain. Severity: medium
  • Korean legal market liberalization could let foreign firms practice Korean law directly. Severity: medium
  • Harvey AI rollout (June 2026) could compress junior associate billing over 6-12 months. Severity: medium
  • Inconsistent self-reported headcount figures across firm documents complicate size tracking. Severity: low
Rivals, as read in July 2026
RivalDirectionEvidence
Kim & ChangcontestingNo.1 with 1,200+ pros and 16 consecutive Law Firm of the Year wins through 2025
Lee & Kogaining onBKL overtook Lee & Ko for No.2 revenue spot, reported 2026-01-14
Shin & Kimgaining onBKL revenue KRW 440.2B vs Shin & Kim KRW 436.3B, FY2025
YulChoncontestingYulChon leads on revenue per lawyer, KRW 760M vs BKL's KRW 736M, FY2025
Questions people ask
Is Bae, Kim & Lee profitable and growing in 2026?
Yes. BKL's FY2025 revenue hit KRW 440.2 billion (about USD 293 million), up over 12% from KRW 391.8 billion in 2023, and Q1 2026 revenue rose 23% year on year to KRW 106.6 billion, per the firm's own reporting dated 2026-05-10.
Could AI replace Bae, Kim & Lee's lawyers?
Not the licensed work. BKL adopted the AI platform Harvey firmwide on 2026-06-30 for research and drafting, but Korean law reserves courtroom representation and legal opinions for bar-admitted attorneys, and BKL requires mandatory attorney review of all AI outputs.
Who is Bae, Kim & Lee's biggest competitor?
Kim & Chang, Korea's largest firm with 1,200+ professionals and 16 consecutive 'Law Firm of the Year' wins through 2025, sits above BKL as market leader. BKL itself overtook Lee & Ko for the No. 2 revenue spot as of its FY2025 filing reported 2026-01-14.
Who owns Bae, Kim & Lee?
BKL is a privately held partnership with no external parent or disclosed outside investors, typical of major Korean law firms. Managing partner Joonki Yi (also styled Lee Jun-ki) began a three-year term on 2024-01-01 following a partner vote.
Did Bae, Kim & Lee adopt AI tools like Harvey?
Yes. BKL rolled out the generative AI legal platform Harvey firmwide, announced 2026-06-30, giving access to over 900 professionals for research, drafting and multilingual analysis, with safeguards against training data leakage and mandatory attorney cross review.
Is Bae, Kim & Lee bigger than Kim & Chang?
No. Kim & Chang remains Korea's No. 1 firm with over 1,200 professionals and revenue reported over KRW 1 trillion historically. BKL is No. 2 by revenue at KRW 440.2 billion for FY2025, reported 2026-01-14, after overtaking Lee & Ko.
Timeline
  • 2026-07-01BKL announces firmwide adoption of AI platform Harvey for 900+ professionals
  • 2026-06-10BKL hires two senior M&A/healthcare lateral partners, Kang Hyung-seok and Lee Jin-wook
  • 2026-05-10Managing partner reports Q1 2026 revenue up 23% YoY to KRW 106.6 billion; advised KKR on SK Ecoplant deal
  • 2026-04-07Co-founder Myungin Bae, former Justice Minister, dies; reported bar attorneys at 602
  • 2026-01-26Report shows BKL revenue per lawyer at KRW 736 million, second among big four
  • 2026-01-14BKL reported as Korea's No. 2 law firm by revenue, KRW 440.2 billion FY2025, overtaking Lee & Ko
  • 2025-04-22BKL hires 23-year Allen & Overy partner Chris Mainwaring-Taylor into arbitration group
  • 2024-09-30BKL signs MOU with MENA firm Matouk Bassiouny for Middle East expansion support
  • 2024-01-01Joonki Yi (Lee Jun-ki) begins three-year term as managing partner
  • 1986-12-31BKL founded by Myungin Bae, Insub Kim and Jung Hoon Lee
Revision history
30 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
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