Simmons & Simmons' Hong Kong office has taken back a consultant who left the firm six months ago to join Sidley Austin Brown & Wood
Korean lawyer Jae Chul Lee has returned to Simmons as a consultant to the Hong Kong office's financial markets practice. He rejoins the firm from Sidley, together with former Simmons lawyer Peter Kwon and Sidley lawyer Sewon Kang. Both are Korean and join as senior assistants. The bolt-on of Lee's Korean team is the latest swap between the US and UK firms. In May, Sidley raided Simmons' Hong Kong litigation and arbitration team, taking senior associate Charles Allen as a consultant, together with two other lawyers. Lee's team adds to Simmons' expertise in structured finance, securitisation, repackagings, derivative transactions and other capital markets work. Lee had been part of the Simmons team that advised Korea Asset Management Corporation on its first international securitisation of non-performing loans. Simmons head of financial markets Mark Dawkins said: "We've been growing in Asia in the past six months. We've opened a finance practice in Tokyo, which has taken where we are in Hong Kong that bit further, and we've developed a good track record in Korean work." Commenting on the Korean market, he added: "I think there's potential there. The Korean market is very interesting. It needs to be watched closely because of the political situation, but we certainly see that market providing the potential for growth."