“By 2030, I believe the legal profession will have become more international, more technology-driven and significantly more specialised. New opportunities will continue to emerge across technology, financial services, renewable energy, shipping and complex cross-border transactions,” Elias Neocleous, Managing Partner at Elias Neocleous & Co LLC.
In an interview with GOLD magazine, he discusses the evolving legal business model and the adoption of AI.
The modernisation of Cyprus’ judicial system has faced a number of significant implementation challenges. With the Commercial and Admiralty Courts yet to become fully operational, the iJustice platform experiencing delays and case backlogs continuing to affect court efficiency, what do you believe are the principal barriers to successful reform? What recommendations would you make to ensure that various initiatives deliver their intended objectives?
Cyprus has taken important steps towards modernising its justice system through specialised Commercial and Admiralty Courts, new Civil Procedure Rules and the gradual digitalisation of court services. The challenge today is no longer designing reform – it is implementing it effectively and without delay. That requires more than legislative change. It requires a change in mindset and culture across the justice system. Reform must be driven by urgency, accountability and a genuine willingness to embrace modern ways of working. Delays in the administration of justice, limited resources and the slow adoption of technology continue to undermine efficiency and investor confidence. A modern economy requires a modern justice system. Continued investment in digital infrastructure, judicial capacity and effective case management is essential but equally important is fostering a culture that embraces innovation and continuous improvement. If Cyprus can combine structural reform with a modern mindset, it will significantly strengthen both the rule of law and its competitiveness as an international business centre.
With the Screening of Foreign Direct Investments Law now in force, how does the new regime affect cross-border transactions?
The new FDI framework represents an important evolution of Cyprus’ regulatory landscape. It aligns the country with the wider European framework while strengthening the protection of strategic national interests. For cross-border transactions, regulatory planning and due diligence have become even more important, particularly in sensitive sectors. Our experience to date has been encouraging, with the authorities demonstrating a pragmatic, responsive and business-oriented approach. That is precisely the direction Cyprus should continue to follow. Foreign investment remains one of the life bloods of the Cypriot economy. While robust screening is both necessary and desirable, it must be accompanied by transparent decision-making, proportionate regulation and efficient review processes. Excessive bureaucracy or unnecessary delays risk discouraging investment and undermining Cyprus’ competitiveness as an international business centre. The challenge is to strike the right balance between protecting legitimate national interests and preserving an attractive, predictable and investor-friendly environment.
What has the process of adopting AI been like for law firms?
Artificial intelligence is transforming legal practice faster than most anticipated. Routine work such as document review, due diligence and basic contract drafting is increasingly becoming algorithmic, allowing lawyers to focus on higher-value strategic advice. At the same time, AI raises important questions around confidentiality, accuracy, accountability and professional ethics. The real issue, however, extends beyond technology. AI has the potential to reshape society itself. Lawyers therefore have a vital responsibility to ensure that innovation develops within an appropriate legal and ethical framework. The rule of law has always been the foundation of stable and prosperous societies. Without it, innovation risks creating uncertainty rather than progress. Used responsibly, AI has the potential not only to transform legal services but to enhance our quality of life and contribute to a more prosperous and harmonious society.
Inflation and rising operational costs are squeezing law firms. How are these challenges reflected in how lawyers conduct their business?
Law firms are facing the same commercial pressures as every other business. Rising costs, increasing regulation and more demanding clients mean that efficiency is no longer optional. Clients expect greater transparency, predictable pricing and measurable value. This is accelerating the shift from traditional hourly billing towards value-based pricing, supported by technology that improves efficiency without compromising quality. The firms that succeed will be those that combine commercial discipline with legal excellence, embrace innovation while preserving trust and continue investing in their people because, in an increasingly technological world, human judgment becomes even more valuable.
How do you envision the Cypriot legal profession evolving by 2030? Do opportunities exist for expansion into new lines of business?
By 2030, I believe the legal profession will have become more international, more technology-driven and significantly more specialised. New opportunities will continue to emerge across technology, financial services, renewable energy, shipping and complex cross-border transactions. At the same time, the legal business model itself will continue to evolve as technology companies, alternative legal service providers and AI platforms redefine client expectations. Routine legal work will increasingly become automated, allowing lawyers to move further up the value chain towards strategic advice, commercial problem-solving and trusted client relationships that technology cannot replicate. Success will increasingly be measured by insight and outcomes rather than hours recorded. As B.F. Skinner observed, “The real problem is not whether machines think, but whether men do.” Perhaps the defining question for our profession is not whether AI will know more law than we do – it almost certainly will – but what it will mean to be a lawyer in that world. I believe the lawyers of the future will not compete with artificial intelligence; they will become the curators of its expertise, combining machine intelligence with human judgement, ethics and wisdom. Ultimately, technology should never diminish the legal profession’s purpose. On the contrary, it should empower lawyers to fulfil it even better by strengthening the rule of law, supporting business and contributing to a more just and prosperous society.
This interview first appeared in the August edition of GOLD magazine. Click here to view it.
