Park Sang-hoon (left), managing partner of Yoon & Yang, and David Kim, CEO of Cadmus Korea, hold up a memorandum of understanding document Friday. (Yoon & Yang)
South Korean full-service law firm Yoon & Yang said Monday it has partnered with US-based consulting service company Cadmus Group to address the new demand for legal services in the wake of Korea’s toughening regulation over occupational safety.
The partnership will allow Yoon & Yang to assist Korean companies with identifying risks and help them be better prepared for their disaster response mechanism, Yoon & Yang said in a statement.
Under a memorandum of understanding signed Friday, Yoon & Yang’s legal services will be integrated with disaster safety consulting services by Cadmus, based in Waltham, Massachusetts.
Cadmus has been dedicated to developing a program for disaster and risk identification and evaluation targeting public infrastructure companies, private companies and research institutions in the United States.
The news comes against the backdrop of the introduction of the Serious Accidents Punishment Act, coming into effect in January, which holds Korean business owners accountable for an occupational disaster and subjects them to criminal punishment of at least one year in jail or a fine of up to 1 billion won ($845,000).
The partnership “not only allows Korean companies to effectively respond to the Serious Accidents Punishment Act, but also to help Korean businesses to effectively respond to invisible trade barriers represented by environmental, social and governance (factors),” Park Sang-hoon, managing partner of Yoon & Yang, said in a statement.
By Son Ji-hyoung (email@example.com)