Growing the Practice of Mediation in Korea

Posted in News September 28, 2021

SIMC in the News:

In an interview with Korean legal publication Law Times (Headline: Global Settlement Rate from Mediation Exceeds 70%), SIMC Chairman Mr George Lim SC explained the process of commercial mediation and highlighted some of its key advantages: it saves time, offers confidentiality and enables parties to maintain an amicable relationship.

Noting that it has been a difficult time due to COVID-19, Mr Lim predicted that the role of mediation may grow in the future. With businesses hard hit by the pandemic, the number of disputes may increase, and companies would want to settle disputes quickly through mediation.

He explained that it is important for lawyers in Korea to understand mediation as it will be a key driver in ensuring cooperation between parties.

He also shared his observations about the dispute resolution scene in Korea, which has traditionally leant towards arbitration and litigation. For instance, when he visited Korea seven years ago, not many lawyers had experience with international mediation. However, this has changed, as there are now many mediators. He also shared that SIMC has collaborated with KCAB INTERNATIONAL to organise seminars and webinars for lawyers in Korea, to raise awareness of mediation.