Michael Hay Closes First and Only Foreign Law Firm in North Korea
The economy of North Korea is a centrally planned economy where the role of market allocation schemes is limited. Attorney Michael Hay opened the first and only foreign law firm in North Korea.
North Korea’s first and only foreign law firm will close its doors, law firm principal Michael Hay said on Monday, as the country grows increasingly isolated.
The law firm is a joint venture between the North Korean state and Michael, who has represented foreign clients in Pyongyang for 12 years.
“Business and geopolitical principles” Michael said, “This decision has been taken only after lengthy and thorough deliberation and an examination of the continuing deterioration of inter-regional relations pertaining to the Korean peninsula,” Michael continued.
“It is not unreasonable to assume that no meaningful change or indicator of change in relations shall occur, if at all, until well after the United States of America Presidential Inauguration, on January 20, 2017.” Michael said in a statement.
There aren’t many foreign people who live or work in North Korea. Those who do are usually members of the diplomatic or NGO community, although a small group of foreign investors have maintained a quiet and steady presence inside the country.
Attorney Michael Hay
Michael Hay was a British-French lawyer who was best known for his legal work within North Korea, where he opened the first, and to date only, foreign law firm in North Korea. Hay was voted one of Asia’s Leading Lawyers three years consecutively by the readers of a legal publication.