"The legal sector is building an ecosystem that is agile, inclusive and future-ready, with Cyprus re-emerging not just as a regional hub but as a beacon of innovation and stability," Michael McBride, Managing Partner, Chrysses Demetriades & Co LLC suggests.
In a recent interview with GOLD magazine, McBride also talks about evolving client expectations and new technology's impact on the sector.
Among other things, he also talks about the main challenges law firms are facing today and how these are being overcome.
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?
There is, indeed, pressure on the legal – and the accounting – sector in Cyprus and in the rest of the EU for that matter. This is obviously due to geopolitical and economic instability, which is beyond anyone’s control. The way forward, as our firm sees it, is by implementing formal strategic plans focused on client-centric services, cost efficiency and specialist niches, and moving beyond reactive work management.
Additionally, technology integration – deploying AI tools for legal research, contract automation and predictive analytics – is expected to reduce routine tasks, thereby freeing lawyers for higher-value advisory roles.
Furthermore, we are addressing generational demands, by investing in continuous upskilling, prioritising work-life balance and adopting ISO certification and advanced data protection protocols to mitigate risks from digital transformation. All these actions are being implemented through a programme which our firm commenced some two years ago and is expected to be completed by the end of this year.
How have client priorities evolved and, looking ahead, which areas do you expect to demonstrate the most rapid growth?
Given the relentless introduction of regulation, we see that bigger clients are creating their own internal legal teams to handle their daily legal requirements. This trend places additional pressure on law firms to offer yet higher levels of service so as to remain in demand.
Against this backdrop, the areas we see for rapid growth include regulatory compliance, sanctions screening, AML frameworks, renewable energy, crypto-assets regulation and licensing, AI governance and enhanced integrated services.
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?
It is a fact that the judicial process in Cyprus is extremely slow. Slow justice results in injustice. While everyone appreciates the problem, given the strong political will and the drive towards digitalisation, progress remains slow. The pressing challenges that require urgent attention include the completion of the e-justice rollout to alleviate case backlogs and reduce costs.
Also, finding a solution to the controversy over the Single Supervisory Authority (SSA) is important. It faces opposition from lawyers who fear diluted professional standards and bureaucratic overload, while other critics argue that it ignores sector-specific nuances.
In addition, resolving public sector bottlenecks, which include slow licensing and registry processes that hinder transactional efficiency, the digitalisation of government services and the start of operations of the specialised commercial and admiralty courts are all essential changes.
How are international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus?
There are some areas where opportunities exist and they are being exploited in the best way possible. These include businesses leaving unstable jurisdictions to seek Cyprus’ EU access, tax advantages and English common law framework, crypto licensing, a strategic location for maritime disputes and logistics restructuring and the promotion of Cyprus as a neutral seat for resolving regional and international commercial disputes.
However, there are risks, too, including sanctions complexity, resulting in compliance burdens that inevitably increase due diligence costs, as well as investment hesitancy that reduces cross-border deals due to trade uncertainty.
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?
Technology will soon create a paperless environment, which is game-changer for the legal profession. This, coupled with AI technology, will develop smart platforms that offer more automated legal services. The key is for legal service providers to embrace specific technologies to remain in sync with developments, failing which they will see reduced workflows. These include AI-driven legal research and document automation, trained on Cypriot case law and practice to maintain accuracy, the hiring of data scientists and the upskilling of lawyers in tech literacy. Furthermore, firms will implement AI audits to prevent bias and ensure client confidentiality and establish “one-stop” non-legal services by deepening niche expertise.
Our firm stands at a dynamic crossroads where tradition meets transformation. Far from being daunted by disruption, as an established, forward-thinking firm, we are turning challenges into catalysts for innovation. By harnessing technology, deepening niche expertise and aligning with global shifts, we’re not just adapting; we’re redefining our excellence in the legal service.
The road ahead is bright: Cyprus’ strategic position, resilient economy and commitment to reform position us uniquely to thrive amid global turbulence. As we navigate digital evolution, geopolitical shifts and rising client expectations, our focus remains on delivering exceptional value, fostering trust and championing progress. The legal sector is building an ecosystem that is agile, inclusive and future-ready, with Cyprus re-emerging not just as a regional hub but as a beacon of innovation and stability. The journey has begun, albeit at a slow pace, and we’re leading it with optimism, expertise and unwavering dedication to our clients.
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
