U.S. law firms are already beginning to tap into the Korean legal market now the Korea-U.S. free trade agreement is about to go into effect.

The Justice Ministry said Wednesday that seven American law firms, including Paul Hastings and Ropes and Gray, have applied for registration to open offices in Korea. Once they pass the ministry's assessment, they can immediately start providing consultation on American law and other legal services.

Paul Hastings, which has long expressed an interest in opening a Seoul office, says it plans to hire up to 20 lawyers for the local branch, who will advise on inbound and outbound investment. Ropes and Gray says its new office will focus on corporate, intellectual property and regulatory work.

British legal giant Clifford Chance has already taken similar steps to begin business here.