South Korean legal service firm Law-Win has recently signed a memorandum of understanding with Tax-Ro, its peer specializing in tax practice and consulting, the company said Sunday.

Under the agreement, the two companies would be able to address legal services demands of one another, which, for example, will allow Tax-Ro to handle tax practices for Law-Win clients on behalf of Law-Win, and vice versa.

In Korea, many small-sized law firms are not capable of covering what is beyond their own practice area, which span litigation, legal advice for corporations, tax and accounting practices and labor law services.

The partnership will allow Law-Win to provide both legal and tax practices to its corporate clients, Law-Win said in a statement.

Law-Win added that the partnership would serve as "the beginning of the provision" of legal services as a one-stop-shop to foreign companies that need such advice when looking to foray into the Korean market. The company looks to provide both practices to foreign companies beginning in the second half of this year.

Law-Win had earlier signed a memorandum with Brazil-based George Cunha and Japan-based J&T Partners.