Michael Kyprianou & Co. LLC

Ioanna Solomou, Partner at MICHAEL KYPRIANOU & CO LLC, Law Firm explains how the firm is adapting to the evolving nature of the legal sector and clients’ changing needs   What do you see as the main points that differentiate MICHAEL KYPRIANOU & CO LLC from your competitors? MICHAEL KYPRIANOU & CO LLC is one of the largest law firms in the Republic of Cyprus. The Law Firm has retained an excellent calibre of lawyers across several subject matters and jurisdictions. The Law Firm’s lawyers can advise a broad spectrum of clientele according to their needs, from corporate and commercial, intellectual property, real estate, tax, banking and finance, shipping and dispute resolutions to much more. The Law Firm advises clients across the globe on both domestic deals and intricate cross-border transactions, offering market-leading capabilities. It has offices in multiple countries, including Cyprus, Greece, Germany, Malta, Israel, Poland, the UAE, Ukraine, and the UK, making it the only firm in Cyprus with a substantive presence in so many countries. The Law Firm has been receiving excellent results with legal directories such as the Legal 500 for many years now, with several partners and associates being recognized as Leading Lawyers and Next Generation Partners. The Law Firm is also a member of exclusive and specialized networks such as the International Fraud Group, Multilaw, and World Link for Law. The Law Firm is also frequently instructed from “Magic Circle” law firms and law firms in other jurisdictions, providing local advice and support to internationally renowned firms.   Which practices do you see growing in the next 12 months? What are the drivers behind that? With the increasing complexity and risks in the economy and legal world, clients are seeking leading-edge insights and strategies for cybersecurity and data privacy. This growth is driven by the need to protect sensitive information and comply with the ever-evolving regulatory framework and landscape. Additionally, high – stakes matters are surging, and the exceptionally risky nature of these cases is driving growth in litigation requests. Furthermore, companies and businesses are implementing their strategic needs in response to the post-COVID-19 environment and ongoing geopolitical conflicts, particularly in the realm of the shipping industry, capital markets thus the mergers and acquisitions are also growing. These practices are expected to see significant growth due to the evolving legal landscape and the increasing demands and complexities faced.   What's the main change you've made in the firm that will benefit clients? At MICHAEL KYPRIANOU & CO LLC, Law Firm we are committed to continuously improving our services to better meet our clients' needs. Over the last few years, we have implemented and introduced additional procedures, technologies, and methods designed to facilitate and enhance our clients' experience. Notable advancements include the introduction and integration of advanced communication tools to ensure seamless and efficient interactions with our clients, allowing for quicker response times. Our procedures are tailored to prioritize client needs, ensuring that their concerns are addressed promptly and effectively. We have also adopted the latest technologies in the legal sector, with our IT Department constantly updating us to provide more accurate and efficient services, from document management to invoicing to case tracking and beyond. Additionally, we have refined our internal processes to reduce turnaround times and improve the overall quality of our services. These changes are part of our ongoing commitment to delivering exceptional legal services and ensuring that our clients receive the best possible support.   Is technology changing the way you interact with your clients, and the services you can provide them? Technology is significantly transforming the way we interact with our clients and the services we provide at MICHAEL KYPRIANOU & CO LLC, Law Firm. Other than having implemented advanced communication tools we have also adopted cutting-edge legal technologies that enhance our service delivery. These technologies include sophisticated document management systems and case tracking tools, which improve the accuracy and efficiency of our services. Moreover, technology has enabled us to offer more personalized and context-centric experiences to our clients. For instance, video communication has become the norm, allowing for face-to-face interactions that are more meaningful and effective. Clients can now choose from multiple channels to interact with us, such as social media, emails, SMS, and our website, providing them with the flexibility to select the method that works best for them. Overall, the integration of technology into our operations has empowered our team to focus more on our clients' needs and less on standard operating procedures, ultimately enhancing the quality of our services.   Can you give us a practical example of how you have helped a client to add value to their business? At MICHAEL KYPRIANOU & CO LLC, Law Firm we are frequently requested to assist clients in their needs, either being complex litigation issues or banking and finance transactions or even their daily business operations that affect their business needs and developments. A specific example of our team adding value to our client’s business is assisting them in achieving GDPR compliance which significantly added value to their business. The client requested us to provide them with a needed comprehensive guidance on data privacy regulations to ensure that all necessary measures were in place for handling personal data within their organization being an organization handling special categories of personal data at a large scale. We provided detailed explanations and assisted the client in respect of their GDPR compliance. Additionally, we helped them update all relevant documentation to this effect (either internally managed documents or documents presented to the public domain) to ensure full compliance. Our expertise and support in this area not only helped the client meet regulatory requirements but also enhanced their reputation and trustworthiness in handling sensitive information. This collaboration exemplifies our commitment to delivering exceptional legal services and adding value to our clients' businesses by ensuring they are well-equipped to navigate complex regulatory landscapes.   Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? Clients are indeed looking for stability and strategic direction from their law firms, especially in the current economic and geopolitical climate. At MICHAEL KYPRIANOU & CO LLC, Law Firm, we are committed to providing our clients with the stability and strategic direction they seek. Over the next three years, we envision the Law Firm continuing to grow and adapt to the evolving legal landscape. We aim to further enhance our capabilities in dispute resolution, cybersecurity, data privacy, capital markets, financial services and real estate which are all driven by the increasing complexity and risks in the economy and legal world. Additionally, we plan to expand our presence in key international markets, leveraging our existing offices in multiple countries. By continuously improving our services and adopting the latest technologies, we will ensure that our clients receive the best possible support and guidance in navigating their legal challenges efficiently and effectively.

What do you see as the main points that differentiate MICHAEL KYPRIANOU & CO. LLC from your competitors? MICHAEL KYPRIANOU & CO. LLC is one of Cyprus’ largest full-service firms and we are able to advise our clients on a broad spectrum of their businesses, from corporate and tax matters to dispute resolution. It is one the few Cyprus firms with 3 offices in the main cities of Cyprus (Nicosia, Limassol and Paphos). Its international presence has expanded significantly with offices in Greece (Athens and Thessaloniki), Malta, the United Arab Emirates (Dubai), the Ukraine (Kyiv) and, the most recent addition, London in the UK. We are the only firm in Cyprus which has a substantive presence in so many countries. We are invited members of exclusive and specialised networks such as the International Fraud Group, a select group of 20 firms specialising in asset tracing and recovery (as well as Multilaw and World Link for Law). We combine our close relationship with other international law firms and our international presence to provide assistance worldwide for our clients’ benefit. That’s a real differentiator for us. Furthermore, we are frequently and repeatedly asked to partner with firms in other jurisdictions, providing local advice and support to internationally renowned firms. Which practices do you see growing in the next 12 months? What are the drivers behind that? The Cyprus Council of Ministers with the aim to further encourage Foreign Direct Investment and to attract high net worth individuals to settle and do business in Cyprus, has approved very recently a series of changes in the Cyprus Investment Program in order to make it more targeted and trustworthy. The said changes will take effect from May 2019. Very briefly, there is now a requirement on the applicant to hold a Schengen Visa, a mandatory contribution to the Foundation for Research and Innovation will have to be made and the investment must be retained for a period of at least five years instead of three years. We believe that the said changes will not have an adverse effect in the number of people applying to obtain Cyprus citizenship and this practice will continue to grow. Additionally, the establishment of a Cyprus Commercial Court, which will accommodate and attract high-value commercial disputes, is underway. Initially, the plan was for the Cyprus Commercial Court to be set up in the beginning of 2018, however there was some delay as it was later decided for the Admiralty cases to be also dealt by the new court under its new name ‘Commercial and Admiralty Court’. We are following these developments closely and we understand that the Legal Service will soon complete the legislative review of the relevant bill that has been prepared by the Ministry of Justice. The establishment of this new Court which will deal with cases of a commercial nature only if the disputed amount exceeds €2.000.000, is highly anticipated as it will provide a quick resolution to commercial disputes (the goal is for such disputes to be resolved within 9-12 months from filing). This would obviously provide more confidence to clients when choosing Cyprus as a jurisdiction in which to establish and operate their business. What is important to note is that the new Court will have the possibility to hear disputes in relation to international transactions when none of the parties has its residence in Cyprus, provided that the parties have agreed in writing that the dispute should be heard by the said new Court. A judgment of such a Court would easily be enforceable in all EU Member States but may also be enforceable outside of the EU, depending on the applicable international conventions or bilateral treaties concluded between the Republic of Cyprus and the relevant foreign country. Accordingly, we believe that the new Court will be a new alternative to international commercial dispute resolution. Furthermore, the Cyprus funds industry has also been developing for the last few years, especially after the recovery of the economy following the financial crisis and the sovereign rating of the country being upgraded to investment grade. The latest developments in the legal and regulatory sector, and the continuous efforts of the Cyprus Securities and Exchange Commission (“CySEC”) to modernize and enhance the regulatory regimes and stay compliant with European standards, have had a very positive impact on the sector, with the number of funds and assets under management growing rapidly in the last years, and the outlook for the future looking promising. The Registered Alternative Investment Fund (“RAIF”) is one of the latest investment vehicles introduced in the last amendment of the Law; the novelty introduced lies with the fact that these Funds, contrary to traditional AIFs, will not fall under the sphere of regulation of CySEC, and hence need not be licensed by the Commission. To fulfil the managerial, compliance and supervisory needs of a RAIF, the Law stipulates that an Alternative Investment Fund Manager (“AIFM”) must be appointed to provide the necessary services essential for the functioning of the Fund. What's the main change you've made in the firm that will benefit clients? To ensure that our firm is best in class, in all respects, in the markets we operate in, we refocused substantial internal resources to further improve the way our firm is managed; that is, identify and implement improvements in the way we work. To that end, we recruited a manager with a legal background from the UK, with experience both from law firms and in-house legal teams to lead the way. As we bring about improvements to the way we operate and manage our business, our lawyers’ time will be freed up to deal with what matters most – serving our clients. Clearly, our clients only stand to benefit from this change! Is technology changing the way you interact with your clients, and the services you can provide them? It does! We always try to keep abreast of the latest technological developments to make efficiency gains and adapt to an increasingly popular agile working culture. We try to keep clients up to date by posting about the latest amendments to legislation and new interesting judgments on the firm’s website and also sharing these links via social media. We also appreciate that clients may need to contact us outside regular office hours for very urgent matters and we can always be contacted via a number of different channels. This is always balanced with the need to ensure that communications and the clients’ information remain secure at all times. Furthermore, we have easy and speedy access to online worldwide databases, an essential for legal research purposes. Finally, our experienced in-house IT department ensures that the firm’s operations run smoothly and securely. Can you give us a practical example of how you have helped a client to add value to their business? MICHAEL KYPRIANOU & CO. LLC was set up more than 25 years ago and since then we have provided effective and efficient legal solutions for our clients numerous times, taking into consideration not only the legal but also their business needs and objectives. Therefore, it is difficult to identify only one practical example. We take pride in ensuring that our clients receive the best possible service at all times. We always ensure that we really understand what is at stake for the clients’ businesses. We believe that the most important skills in building any client relationship are listening and flexibility which means thinking outside the box, on the spot and under pressure. It also means that we appreciate that great service can vary from client to client and that by asking the right questions and addressing the clients’ concerns promptly and efficiently, we can always be one step ahead. Particularly in relation to the area of Dispute Resolution, which I specialise in, we have been successful in complex and high value court cases in which novel points of law were raised. Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? Nowadays the clients expect us to have a deeper understanding of their needs and industry specifics, in order to be able to provide them with strategic directions and not merely legal advice. Our diverse team of lawyers with their combined skills and insightful knowledge of various industries across different jurisdictions, can provide holistic guidance in relation to strategic business directions. In the next three years, we aim to expand our international presence and grow our market share by taking the time to attract and retain the best talent and remain a leading law firm, supporting its domestic and international clients’ needs on an everyday basis.