"Global volatility – driven by geopolitical tensions, trade fragmentation and regulatory uncertainty – is reshaping investment patterns. In this context, Cyprus is increasingly seen as a jurisdiction of relative stability, legal certainty and strategic geographic positioning," Elias Neocleous, Managing Partner, Elias Neocleous & Co LLC suggests.
In a recent interview with GOLD magazine, he elaborates, "As an EU and eurozone member, Cyprus offers seamless access to European markets, a familiar common law framework and a mature professional services sector, making it attractive to companies and individuals seeking predictability, regulatory coherence and a gateway between Europe, the Middle East and North Africa."
Neocleous also talks about the elements pushing law firms to rethink how they are delivering legal services.
The Mahaing Partner among other things, also discusses evolving client priorities and shares his expert view on which aspect of the legal industry do you expect to be most disrupted by technology over the next five years.
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?
Our operations have always been guided by the principles of adaptability, innovation and continuous improvement – values that have enabled us to grow steadily through turbulent times. Upskilling and fostering a culture open to change remain central to our strategy, ensuring that our people are equipped to meet evolving client expectations. We closely monitor developments to be prepared, by innovating and investing in new service areas. As the first law firm in Cyprus with a dedicated Legal Technology department, we embraced digital transformation long ago, while our in-house AI legal tool – Neolaw.ai – will be instrumental in revolutionising our infrastructure and supporting the integration of advanced technologies into the delivery of our legal services, while creating added value to our clients.
How have client priorities evolved and, looking ahead, which areas do you expect to demonstrate the most rapid growth?
Client priorities have evolved along two tracks: personal expectations and strategic business needs. On a personal level, clients – particularly High Net Worth Individuals and family offices – now demand a more responsive, tech-enabled and holistic service experience. They expect legal advisors to be technically excellent, proactive, accessible and digitally fluent, while also providing greater transparency and predictability in costs. Clients increasingly expect clarity, not only on outcomes but also on value, and they are holding firms accountable for efficiency. Technology and AI tools are becoming instrumental in delivering on this expectation, helping to streamline processes, reduce administrative overheads and provide more accurate cost forecasting. On the business side, there is a shift toward long-term risk mitigation, regulatory resilience and strategic agility. Clients look to us not just for transactional support but for legal foresight across their operations – anticipating regulatory change, managing cross-border complexity and structuring for growth and continuity. We expect continued growth in areas such as litigation, cross-border M&A, corporate restructuring and asset protection – particularly as clients in sectors like financial services, technology, shipping and real estate navigate increasingly volatile geopolitical and regulatory environments. At the same time, the accelerating integration of technology into business life is driving demand in emerging areas such as data protection, cybersecurity, AI regulation and digital governance. These are no longer niche concerns but central to risk management and legal strategy across industries.
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?
One of the most pressing challenges facing the local legal ecosystem is the systemic delay in the administration of justice, compounded by the slow pace of court digitalisation. Lawyers struggle to operate effectively when the justice system lags behind modern standards or client expectations. Meanwhile, clients demand efficient, tech-driven legal services, while the limited size and profit margins of the Cypriot market make meaningful investment in innovation challenging. Retaining and attracting clients – particularly international ones – requires agility but, ultimately, our services are closely tied to the country’s performance as a stable and competitive investment destination, which is subject to significant geopolitical pressures. The legal profession does not operate in a vacuum; it follows the broader ecosystem.
How are international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus?
Global volatility – driven by geopolitical tensions, trade fragmentation and regulatory uncertainty – is reshaping investment patterns. In this context, Cyprus is increasingly seen as a jurisdiction of relative stability, legal certainty and strategic geographic positioning. As an EU and eurozone member, Cyprus offers seamless access to European markets, a familiar common law framework and a mature professional services sector, making it attractive to companies and individuals seeking predictability, regulatory coherence and a gateway between Europe, the Middle East and North Africa. We are witnessing strong interest across technology-led sectors, especially fintech, regtech and digital services, alongside shipping and tourism – both of which are evolving through digitalisation and sustainability-linked investment. Energy security in Europe is also creating opportunities in green energy and infrastructure, with Cyprus well-positioned to attract investment in renewables and regional energy corridors. Our tax framework supports this momentum. Cyprus offers a number of competitive incentives for corporations and individuals – particularly highly skilled professionals and entrepreneurs considering relocation. These include beneficial regimes for non-domiciled residents and IP Box incentives, complemented by a lifestyle proposition that combines safety, natural beauty and a Mediterranean quality of life that continues to attract international talent. That said, challenges remain. The increasing weight of international compliance requirements is a burden for both service providers and clients, while Cyprus’ small, open economy remains exposed to regional instability – especially in the Eastern Mediterranean – and to global economic shocks. Preserving attractiveness will require continued investment in institutional capacity, digital transformation, transparency, good governance and legal reform.
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?
The greatest disruption will be felt in high-volume, low-complexity areas such as document review, basic contract drafting and administrative work – tasks increasingly handled by AI with speed and precision. This is upending the traditional legal cost structure and accelerating the move from hourly billing to value-based models, rewarding insight and outcomes rather than time spent. At the same time, powerful forces – from agile tech startups and alternative service providers to global software giants – are forcing a fundamental rethink of the traditional law firm model. In this evolving landscape, lawyers will need to move up the value chain, embracing roles that require judgment, empathy and strategic thinking. The question we should be asking is what does it mean to be a legal professional in a world where a machine might one day know more law than any human ever could? Perhaps the lawyer of the future will not be just a practitioner but a curator of AI’s expertise and brilliance.
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
