This paper examines how Korean legal service industry liberalization and regulatory reforms affect value-added and job creation in the Korean economy. Using Korean legal service industry exports and multinational enterprises' FDI data during the period 2006-2011, this paper finds that Korean legal services exports cumulatively increase 3.4 trillion won by the year 2020, and they creates 3.2 trillion won value-added and 43 thousand jobs as a result of Korean legal service reforms. The following tasks across government and private sectors should be done to reform significantly legal service industry. First, domestic law firms must improve its global competitiveness by specialization, organization, and sizing-up of the law firms. Second, partnership between lawyers and law-related licensed professionals should be permitted when law firms decide to open foreign affiliates, and legal service export supports such as insurance and finance need to be increased. Third, by shifting the paradigm on domestic legal services, large law firms' access to foreign legal markets, educating internationally-focused lawyers, and foreign employment of lawyers must be driven forward more aggressively.