"Clients are no longer looking only for narrow legal answers; they want practical support that helps them manage regulatory, commercial and operational challenges. This creates opportunities in areas such as compliance, data protection, technology, energy, transactions and sector-specific advisory work," George Mountis, the Co-Managing Partner of Chrysostomides Advocates and Legal Consultants, notes.
He also suggests that, "By 2030, I expect the Cypriot legal profession to be more specialised, more technology-driven and more closely connected to broader business advisory work."
In a recent interview with GOLD magazine, Mountis also shares his thoughts on the principal barriers to the successful reform of Cyprus' judicial system and discusses how the Screening of Foreign Direct Investments Law has impacted cross-border transactions.
The Co-Managing Partner, in addition, talks about the sector's adoption of AI, and weighs in on how firms are handling Inflation and rising operational costs.
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?
As the European Commission notes in its 2026 Rule of Law Report, Cyprus has made significant progress in judicial reform but its success depends on effective implementation, which continues to move slowly. Reforms have been legislated, launched or partly implemented but it is questionable whether they have resulted in any improvements to the system’s effectiveness and day-to-day operation.
The principal barriers to successful reform are, therefore, the gap between legislation and operation, which results in persistent delays, backlog pressure and an underdeveloped court administration system. There is also a risk of reform fatigue, linked to declining confidence in the project. We need to move from reform design to operational implementation with tangible results by addressing each of these barriers with clear timelines, accountability and measurable outcomes.
With the Screening of Foreign Direct Investments Law now in force, how does the new regime affect cross-border transactions?
The new FDI screening regime adds an important regulatory layer to cross-border M&A transactions involving foreign investors. It does not change Cyprus’ openness to foreign investment but it does mean that certain transactions must now be assessed much earlier in the process. Where a non-EU, non-EEA or non-Swiss investor seeks to acquire a significant participation in a Cypriot business operating in sensitive sectors, notification may be required before completion. This can also apply when the investment is made through an EU-based entity that is ultimately owned or controlled by third-country investors.
In practical terms, parties will need to build FDI analysis into due diligence, transaction timetables and conditions precedent, particularly in sectors such as energy, financial services, healthcare, digital infrastructure, media, defence and critical real estate.
What has the process of adopting AI been like for law firms?
AI adoption is becoming inevitable, not only for law firms but for businesses in general. Within the legal profession, however, it raises particular concerns and sensitivities. AI can improve efficiency and help lawyers manage their time more effectively, especially in process-heavy tasks such as research, document review and summarisation.
Client expectations are also changing alongside these technological developments. Clients have access to AI-generated information, which is often incomplete or inaccurate, and they increasingly expect faster responses and greater cost efficiency. This raises questions around pricing, value and the role of legal judgement.
The main risk is not AI itself but its uncontrolled use: compromising confidentiality, mishandling data, relying on outputs without proper review or failing to verify sources and citations. Nonetheless, AI should be adopted – but responsibly.
Inflation and rising operational costs are squeezing law firms. How are these challenges reflected in how lawyers conduct their business?
Inflation and rising operational costs have forced law firms to look more carefully at how they run their business. The answer cannot simply be to pass costs on to clients, because clients are facing the same pressures and are increasingly focused on cost predictability, efficiency and practical value. Law firms therefore need to be more disciplined in pricing, matter management, use of technology and the efficient deployment of teams.
How do you envision the Cypriot legal profession evolving by 2030? Do opportunities exist for expansion into new lines of business?
By 2030, I expect the Cypriot legal profession to be more specialised, more technology-driven and more closely connected to broader business advisory work. Clients are no longer looking only for narrow legal answers; they want practical support that helps them manage regulatory, commercial and operational challenges. This creates opportunities in areas such as compliance, data protection, technology, energy, transactions and sector-specific advisory work. This was also part of the thinking behind C Business Advisors: to complement our legal services with specialised expertise and offer clients a more integrated response to the challenges they face.
This interview first appeared in the August editon of GOLD magazine. Click here to read it.
