"I believe the way forward lies in strengthening sectors that are more resilient. Here, investing in education and technology is key. One example is the video games industry. We have managed to attract video game companies that are at the top of the global industry. We should now examine in detail how to foster the video games ecosystem and consider cross-collaboration between this industry and its technological capabilities with other related sectors, such as the film industry," George Mountis, the Co-Managing Partner, Chrysostomides Advocates & Legal Consultants suggests.
In a recent interview with GOLD magazine, he goes on to say, "The path forward is to follow the example of Canada and other countries that have created and sustained a strong creative industry profile. The Government should hire both local and international advisors to achieve this. We need a good, well-thought-out plan, not temporary solutions."
Among other things, Mountis also talks about how client expectations have evolved while also weighing in on what he considers to be the main challenges facing the local sector.
He also discusses the impact new technologies are having on the legal profession.
How are international geopolitical tensions, trade-related uncertainty and other problems shaping the business and investment landscape in Cyprus?
The legal and business services industries in Cyprus have not remained unaffected by the macroeconomic and geopolitical happenings in our broader region. Cyprus’ economy has attracted foreign investors seeking stable jurisdictions. Services such as tourism, real estate, shipping and provision of professional services are playing a key role in the country’s economic growth. Opportunities are emerging in sectors aligned to strategic resilience and diversification.
Nonetheless, several underappreciated risks remain. Cyprus’ heavy reliance on tourism and services means that it remains vulnerable to shocks in the event of regional conflict or global slowdowns. Further structural risks include persistent vulnerabilities in the banking and real estate sectors and the growing challenge of climate-driven drought, forcing energy-intensive desalination measures that carry financial and environmental costs.
I believe the way forward lies in strengthening sectors that are more resilient. Here, investing in education and technology is key. One example is the video games industry. We have managed to attract video game companies that are at the top of the global industry. We should now examine in detail how to foster the video games ecosystem and consider cross-collaboration between this industry and its technological capabilities with other related sectors, such as the film industry. The path forward is to follow the example of Canada and other countries that have created and sustained a strong creative industry profile. The Government should hire both local and international advisors to achieve this. We need a good, well-thought-out plan, not temporary solutions.
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?
It is clear that the legal landscape is undergoing a significant transformation and we are responding by embracing innovation across every aspect of our practice. We have invested in legal technology to streamline processes, improve efficiency and deliver greater value to clients.
At the same time, we are rethinking our service delivery models to better align with evolving client expectations. Recognising that the evolving needs of our clients extend beyond legal services, we have joined forces with leading professionals in various sectors to create C Business Advisors, which provides an extensive suite of services across a range of sectors.
We believe that the future of advisory services lies in specialised solutions, defined by rising regulatory demands and data-driven strategies and expanding beyond traditional offerings.
How have client priorities evolved and, looking ahead, which areas do you expect to demonstrate the most rapid growth?
Clients today are far more focused on value, efficiency and outcomes than ever before. They expect legal services to be delivered with the same level of innovation, transparency and responsiveness that they experience in other industries. This shift means they are prioritising cost predictability, faster turnaround times and practical, business-oriented advice over traditional billable-hour models and purely legalistic responses.
Demand is also rising for multidisciplinary teams that combine legal expertise with commercial and technical insight, enabling more comprehensive and strategic support for complex challenges. This was the thinking behind C Business Advisors.
The changing landscape means that clients are now more risk-aware, digitally focused and under pressure to navigate complex regulatory environments while managing costs than ever before. As a result, we are seeing the most rapid growth in areas such as regulatory and compliance, data privacy and cybersecurity, ESG-related advisory, dispute resolution with a focus on arbitration, and sectors experiencing fast innovation, like tech and life sciences.
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 true that the Cypriot legal ecosystem faces several urgent challenges that demand solutions. Regarding the proposed Single Supervisory Authority, I would say that the legal profession is quite distinct from the overall professional services industry, with many particularities.
The proper administration of justice, where lawyers play an indispensable role, the privilege and confidentiality between client and lawyer and the rule of law are very delicate matters, and cannot be discounted directly or indirectly. I believe that the Cyprus Bar Association is able to supervise the lawyers and other professionals in the said industry and, if needed, strengthen such supervision.
Other pressing challenges include persistent judicial delays that undermine access to timely justice, a slow and fragmented digital transformation of the courts, and limited access to legal aid for vulnerable populations.
The appointment of judges to the newly created Commercial Court is also a vital element if we want Cyprus to develop into a regional Arbitration Centre. Addressing these issues is critical to ensuring a credible, efficient and future-ready legal system.
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 is poised to significantly disrupt the traditional law firm model, particularly in areas involving document review, legal research and routine administrative tasks. AI and automation are increasingly taking over these functions, previously handled by junior associates and/or paralegals, potentially reshaping the structure and economics of law firms.
As outlined previously, our firm is already leveraging technology to improve efficiency, reduce costs and provide better client service. This shift is not just about replacing human labour with technology but, equally importantly, about redefining the role of lawyers and creating new opportunities for legal professionals with the right skills.
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
