June 19, 2009

The complicated financial system calls for creative solutions for steadfast post-crisis growth. The problem is, there aren't enough lawyers.The country's financial services industry is suffering a shortage of specialized legal service providers to work on a new legal framework.In February, the Korea Financial Investment Association was born as the Korea Securities Dealers Association, the Asset Management Association of Korea and the Korea Futures Association were merged.

With the birth of the mammoth organization coinciding with the implementation of the Financial Investment Services & Capital Markets Act, the KFIC aims to establish an advanced self-regulatory system in accordance with the law.Covering such a broad range of financial services, though, the institution is hiring only four lawyers dedicated to the area. According to Kim Yoon-soo, the personnel chief for the association, it is recruiting legal staff with experience in the field of finance, but has failed to fill the positions.