Interview with: Olivier Marquet and Stephan Pastor, Managing Partners

What do you see as the main points that differentiate CMS from your competitors?

Olivier Marquet: Surely the breadth of our offering across different fields of law which enables us to provide local and international clients with a one-stop-shop service for all their legal challenges, both in counselling and litigation. Most of our associates have practiced abroad and speak multiple languages, which is a true advantage for the highly international clientele of the Principality. The other factor would be the size of our firm – we have grown to be the largest law firm in Monaco, with 6 partners and over 80 members, including more than 50 associates and a professional support team, so we are well equipped to handle a large variety of files.

Stephan Pastor: We also found a good balance between being a local and an international law firm at the same tame. This year we are celebrating 15 years of our firm and we are proud of our strong local roots. We have observed the development of Monaco’s economy and we have grown with it, which gave us a profound understanding of the market’s rules and our clients benefit from that. In 2017 we joined the CMS network, composed of 80+ offices in 45+ countries, with over 5,500 lawyers worldwide, making us the only law firm in Monaco with such significant international reach. This glocal approach is very useful for clients because most of our cases have both Monegasque and cross-border aspects.

 

Which practices do you see growing in the next 12 months? What are the drivers behind that?

Stephan Pastor: Monaco is a very attractive place for investors, and we see a growing demand for advice in different areas of business law. The increasing number of foreign nationals looking to set up in Monaco also keeps our Private Clients and Real Estate teams busy. There are also some legislative changes coming up, including Monaco’s version of the GDPR, new regulations for real estate professionals, changes to employment law and many more. So, I would say that each one of our practices will face new challenges.

Olivier Marquet: The Moneyval Report had a significant impact on all market players in Monaco, as it resulted in new regulations and obligations which companies from different sectors must follow. So there is an increasing need for advice in compliance matters. There are also many global issues that are challenging for our clients – unstable political context, sanctions which impact different business sectors, ESG obligations, increasing cyber security risks. We observe a growing uncertainty so the need for legal guidance is also increasing.

 

What’s the main change you’ve made in the firm that will benefit clients?

Stephan Pastor: Firstly, we have enlarged our Tax Law team, which is now fully staffed to advise both private clients and businesses on all their tax matters. Secondly, CMS has entered into a global partnership with Microsoft for Copilot and Harvey, one of the world’s leading generative AI platforms, which will help us provide quicker, more efficient solutions to our clients. Finally, in 2023 we joined the Executive Committee of the CMS Network, which gives us a special leverage to promote Monaco and its economy among our international business partners and actively participate in the definition of the group’s strategy. This keeps us up to date with the newest global trends and threats within the legal sector, and these insights are also beneficial for our clients.

 

Is technology changing the way you interact with your clients, and the services you can provide them?

Olivier Marquet: In times when business is all around technology, we have to think what technology does for our clients and how we can use it in their favor. At CMS we use it in two ways: internally, to organize our work and provide a seamless delivery for our clients and assure the highest levels of security, and externally (clients also go through tech transformation and need advice on these issues). It is essential to keep an innovative mindset – not get overwhelmed by technology but make the best use of it. The legal industry is a very human sector, so lawyers are (luckily!) irreplaceable, but we can take advantage of the IA to augment productivity and streamline workflows across ​​​different parts of legal work, such as contract analysis, due diligence, summaries of meetings or legal texts, creating initial drafts etc. Our goal is to help clients see and shape what is going to happen in the future, and we use technology to do it in a quicker and more efficient way.

 

Can you give us a practical example of how you have helped a client to add value to their business?

Stephan Pastor: The structuring of our teams around distinct areas of law enables our clients to get a one-stop-shop advice. It is a very common case for us to have a client contacting us for advice in, for example, business law, with a matter that finally also implicates tax, real estate or employment law. Entrepreneurs who work with us on matters related to their businesses often contact us if they need advice in family law. I think that this synergy is very beneficial for our clients, who can entrust all their legal matters to a single firm, able to handle them from A to Z. We create ad-hoc, dedicated teams of associates, we brainstorm the case, and we are able to see it from many different perspectives, as each area of law has its own challenges and solutions.

Olivier Marquet: We also add value by exchanging quality information which has an impact on our clients’ businesses. We organize the sharing of our know-how to effectively provide our customers with practical information, enabling them to implement concrete solutions which, from a legal point of view, protect their interests and/or create additional value for them.

 

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

Stephan Pastor: In three years’ time we would like to keep the same dynamics as we have now – focusing on our clients’ success, implementing innovation, developing our litigation and counselling practices equally, with teams passionate about their work and clients who feel listened to and reassured by our assistance. Our core mission will stay the same – building true partnerships with our clients, defending their interests in Monaco and ensuring their success.

Olivier Marquet: I think that the legal industry is currently facing a real challenge, since the high quality of advice and global capacity are taken for granted by most clients. We always have to be one step ahead. It is crucial to innovate and modernize the firm, surprise clients with creative approach. Great technical skills are no longer enough – today it is essential to be a trusted advisor who is able to foresee the challenges that clients face and help them shape what’s coming. This is the advantage we still have over the IA. Given its growing presence I would say that it is becoming a threat and an opportunity for lawyers, and we should have a clear approach towards AI – use it where it can help us save time, but also think of the added value only a human lawyer can bring. I think that in three years’ time our soft skills will be aligned with the needs of an AI work organization.

 

What do you think are the top three things most clients are looking for and why?

Stephan Pastor: Availability, pragmatism and being listened to. Lawyers should understand that clients invest in our work in order to get pragmatic solutions to their problems, or new ways helping them develop their business. From our experience, clients like being involved in the strategy and being in control of their matters, which are sometimes very personal. While we are working on a case, clients become part of the team in a way – we are working together to obtain the best outcome. It is also very useful for them to have one law firm which can take care of all their legal issues, which knows how they operate, how they work and think. We build true partnerships with clients and it makes us proud that we have stable, long-term relationship with many of them over the years.

 

How did the Monegasque market evolve in the last 15 years, since the creation of your firm in 2009?

Olivier Marquet: Over the past years, I’ve observed a number of fundamental trends that have had an impact on the Principality of Monaco. First and foremost, internationalization has gained momentum, making Monaco an international center in every respect, particularly in the legal sphere. Secondly, sound budgetary management by the State, which has enabled the Principality to invest massively in first-rate infrastructures while keeping the level of State debt perfectly under control. Thirdly, the impact of all Monaco’s international commitments on local legal standards and on the Principality’s businesses.

 

What are the values at heart of CMS?

Olivier Marquet: We are proud of our firm’s culture, which is based on five essential values illustrating how we approach our work. Through Beginner’s mind we address the need of keeping a fresh mind regardless of how many years of experience we have, not giving in to routine and always doing our work with meticulous care. Team Player means that we are accountable to our teammates and clients and that we are stronger as a team – this synergy creates the added value. Work is play means that the work should bring sense and excitement to every member of the firm. More than expected means that we are not only responsible for solving our clients’ legal problems – we want to become their trusted legal partner and shape their future with them. We want to offer our clients value they can’t find anywhere else.

Stephan Pastor: The last one, Think Ethic, reflects our ESG commitments. We want our team members to feel that by being a part of CMS they can do some good. We engage in many charity initiatives, both locally and on an international level together with the CMS network. We have an internal group focusing on our ESG policy, whose job is to introduce simple, but consequent actions in the office aiming to reduce our carbon footprint, paper waste etc. This value also stands for our inclusive HR culture.