A leading US law firm has been allowed to offer legal consultancy services in South Korea, the Ministry of Justice said Sunday.

Latham & Watkins was permitted on Thursday to open the branch in Seoul to provide international law-related consultancy services and other services with local law firms, it said. 

Latham & Watkins, founded in 1934, is the world's highest-grossing law firm, with US$2.65 billion in annual revenue.

The firm is considered one of the most prestigious and profitable law firms in the world. 

Seoul has been opening its market in stages so as to allow local and foreign firms time to adjust, with next March's opening to be the third and last phase. The first liberalization occurred with the free trade agreement with the United States going into force in March 2012.

The office will be opened in the city's business district of Yeouido, officials said. (Yonhap)