"The most pressing challenge remains the delay in the adjudication of cases and it is imperative to find solutions in relation to this matter. Speedy and effective justice is a right that we owe to the citizens of our country and, at the same time, it will open the door for more important businesses to choose to invest in Cyprus," Menelaos Kyprianou, the Managing Partner of Michael Kyprianou Law Firm suggests.
In a recent interview with GOLD magazine, Kyprianou also talks about evolving client expectations and the most pressing challenges facing the legal profession today,
Among other things, Kyprianou, in addition, discusses how international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus.
Evolving client expectations, disruptive technology and growing competition are forcing law firms to rethink the way they deliver legal services. How is your firm adapting to this new reality?
A critical factor for a law firm to do well in this competitive environment is the quality of its workforce and how motivated it is. Within our firm, we have therefore adopted an open and meritocratic progression scheme. Based on this, all our lawyers, from the day they are recruited, know that there is before them a clear and agreed route to equity ownership. Progress is assessed using measurable criteria, so that each lawyer knows that it is strictly dependent on them as to what they can accomplish within the firm.
At the same time, we try to provide our team with effective technological tools and assistance and to keep abreast of developments in the increasingly dynamic field of technology.
Finally, we place emphasis on our lawyers’ continuous development, not only as regards their legal capabilities but also as regards the shaping of their personalities. We are proud of the fact that many of our leading lawyers and partners have been with us for many years, having begun as trainee lawyers at our firm.
How have client priorities evolved and, looking ahead, which areas do you expect to demonstrate the most rapid growth?
The business environment is becoming ever more demanding and competitive and this, in turn, leads clients to have greater expectations from their law firms. A deep understanding of the subject, the provision of clear advice and cost-effectiveness rank high in clients’ expectations but, above all, a client will appreciate honesty and being treated with respect.
Regarding the second part of the question, as a country we are presently experiencing rapid growth in the real estate sector in Limassol, Paphos and Larnaca, with the latter city in particular transforming into a new investment hub with infrastructure development. I expect all this to continue, whilst the industry will remain strong in areas such as shipping, corporate law and intellectual property.
The local legal profession is facing internal headwinds, from the stalled e-Justice system to the uncertainty surrounding the proposed Single Supervisory Authority. In your view, what are the most pressing challenges that need to be addressed?
I think it is important to first note what has been achieved these last few years and then to see how we can build on this. Harbouring the idea that nothing ever gets done is not helpful. We can therefore mention the adoption of the new civil procedure rules, court specialisation and digitalisation, which has at least begun with the implementation of the i-Justice system (which is not to be underestimated).
Additionally, certain initiatives such as alternative dispute resolution methods and legal aid are currently being discussed. We must now press forward with the completion of the digitalisation process for the courts and consensus must be found in relation to the proposed Single Supervisory Authority, which will have a positive effect on our continuous efforts to present our country as a reputable business centre.
The most pressing challenge remains the delay in the adjudication of cases and it is imperative to find solutions in relation to this matter. Speedy and effective justice is a right that we owe to the citizens of our country and, at the same time, it will open the door for more important businesses to choose to invest in Cyprus.
Promoting alternative dispute resolution (ADR) methods can significantly help alleviate this problem as will the aforementioned use of digital technology by the Cyprus courts. Leveraging technology will enhance efficiency, especially given the shortage of judges (with Cyprus being one of the countries with the lowest number of judges in the EU proportionately to its population).
How are international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus?
We know that, as a small open-island economy, Cyprus is vulnerable to external shocks from geopolitical tensions, which can affect critical matters such as energy and commodity prices, tourism, foreign investment flows and migration. I think that all we can do is to focus on matters within our own control.
The strong reform efforts over the last decade have benefitted the economy and we should now maintain this ongoing reform momentum. Issues we should focus on are the implementation of the reforms in the green and digital transitions set out in our Recovery and Resilience Plan, the further diversification of our export and energy markets, of tourist markets and products, and the further internationalisation of higher education and healthcare services.
Finally, which aspect of the legal industry do you expect to be most disrupted by technology over the next five years and how are you preparing for it?
It is interesting that, in a 2023 report, Goldman Sachs concluded that the legal profession is in the top two professions with the highest exposure to automation, estimating that 44% of legal work could be automated with artificial intelligence. Matters are moving very rapidly in this area and it is difficult to make predictions.
However, three areas which presently seem likely to be affected are legal research, contract review and, very interestingly, outcome prediction – meaning that, by analysing large amounts of data, artificial intelligence will be able to identify patterns in cases and predict the outcome of a case. This will, indeed, be fascinating to follow.
(Original photo by: TASPHO)
This interview first appeared in the August edition of GOLOD magazine. Click here to view it.
