| The firm normally charges fees on an hourly basis unless a retainer agreement has been entered into with the client. In either case, disbursements incurred in connection with professional services are billed separately and are not included in such hourly charges or in the retainer amount which may be agreed upon. | |
| If a retainer agreement is entered into, a monthly fee is fixed for legal services rendered during each month of a fiscal year. The monthly fee shall be paid without reference to the number of hours devoted to client matters. The monthly retainer may be adjusted upwards or downwards by mutual agreement in subsequent fiscal years if the retainer proves to be inequitable to either the Firm or to the client in terms of the actual time devoted to the client's business. Litigation and special projects are not included in the retainer amount. | |
| If the case referred relates a litigation or arbitration, a client is free to choose one from the following two ways : |
| 1) | to go all the way of hourly charges, which will be |
| US$450 per hour for D. C. Lim, M. H. Ha, M. H. Chung, attorney, US$300 per hour for other attorneys, US$120 per hour for para-legals plus costs, which will include, among others, stamp tax, costs for delivery of documents, securities to be paid by court orders, compensation of witnesses, if any, etc., and reimbursements. For such purpose, a prepayment of certain amount as a retainer, corresponding to the size of the case, will be needed. |
|
| 2) | to pay lump-sum in the form of advances and contingencies, which will be |
| calculated as follows: | |
| (1) attorney's fee for each instance as initial payment : |
VALUE OF CLAIM |
RATE |
| 1£©1,000,000 Won or less | (value of the claim¡¿10%)¡¿130% |
| 2£©more than 1,000,000 Won | {(value of the claim£ 1,000,000)¡¿8%£« 100,000}¡¿130% |
| 3£©more than 3,000,000 Won | {(value of the claim£ 3,000,000)¡¿7%£« 260,000}¡¿130% |
| 4£©more than 5,000,000 Won | {(value of the claim£ 5,000,000)¡¿5%£« 400,000}¡¿130% |
| 5£©more than 10,000,000 Won | {(value of the claim£ 10,000,000)¡¿4%£« 650,000}¡¿130% |
| 6£©more than 50,000,000 Won | {(value of the claim£ 50,000,000)¡¿3%£« 2,250,000}¡¿130% |
| 7£©more than 100,000,000 Won | {(value of the claim£100,000,000)¡¿2%£«3,750,000}¡¿130% |
| 8£©more than 500,000,000 Won | {(value of the claim£100,000,000)¡¿1%£«11,750,000}¡¿130% |
| Contingency fee for each instance will be in the same amount or pro rate in case we win wholly or partly. |
| (2) | stamp tax | |
| i) for the first instance | ||
VALUE OF CLAIM |
RATE |
| under 10,000,000 Won | value of the claim¡¿0.005 |
| 10,000,000 to under 100,000,000 Won | value of the claim¡¿0.0045£« 5,000 |
| 100,000,000 to under 1,000,000,000 Won | value of the claim¡¿0.004 £« 55,000 |
| 1,000,000,000 Won or more | value of the claim¡¿0.0035£«555,000 |
| ii ) for the 2nd instance : 150% of stamp tax for the 1st instance iii£©for the 3rd instance : twice the stamp tax for the 1st instance |
||
| (3) | advances of the costs for services of documents, etc. : ca. 30,000Won for each defendant |
|
| (4) | Deposit of security of the procedural costs, in case the defendant demands so for the reason that yourselves are foreigners having no offices, nor residences in Korea. | |
| (5) | Other costs like compensation of witnesses, etc. may also be charged. |
Copyright ¨Ï 2000 Lim, Chung & Suh, Attorneys at Law. All
Rights Reserved.
Suite 1110 Daewoo Center 541 5-Ka Namdaemoon-ro, Chung-gu, Seoul, 100-706, Korea.
Tel.+82-2-777-0550 Fax.+82-2-754-0077 E-mail:ldc77@law-limcs.com