Managing Partner, Elias Neocleous, reflects on the changing face of the legal profession in Cyprus.

1) What do you see as the main points that differentiate Elias Neocleous & Co LLC from your competitors?

We continue to stand apart from our competitors in three distinct ways, exceptional service delivery, our drive for innovation, and our commitment to help drive the Cypriot economy forward.

Firstly, our firm is driven by a common-sense approach to solving complex legal challenges in what is an evolving business landscape. Our clients rely on us for our integrity and multidisciplinary, pragmatic approach to helping them comply with evolving regulatory and legislative frameworks and to secure successful, cost-effective commercial and legal outcomes. We focus on maintaining professional excellence in an environment where our talent can also develop and thrive. We do this by combining our resourceful knowledge base with groundbreaking AI and machine learning technologies to deliver added value to our clients and to distinguish us from our peers. We seek to fully understand every client to ensure our legal feedback and service delivery is performed to the highest level. Additionally, our firm continues to enhance internal processes through globally recognized ISO accreditations and ESG objectives. In 2023, we achieved re-certification with ISO 9001:2015 and received certification with ISO 45001:2018, highlighting our commitment to excellence in quality management and occupational health and safety standards. Further, a comprehensive audit of the firm’s Human Resource functions and of its Health and Safety procedures saw our firm accredited by the Cyprus Employers and Industrialists Federation (OEB), with ‘Sound Industrial Relations 204 (SIR 2014)’. The certification confirms the firm’s commitment to safeguarding the professional and personal well-being of its employees.

Secondly, our firm is committed to taking strategic risks as we explore new markets and expand our range of services for clients. For instance, Neolaw.ai, our award-winning ALSP, integrates cutting-edge technologies like machine learning, AI, and natural language processing, to serve as a valuable legal assistant and knowledge hub for both in-house and practicing lawyers in Cyprus and abroad. Additionally, our 'Technology Law' department excels in aiding high-tech startups, early-stage businesses, and companies looking to relocate to Cyprus. Our Legal Tech Hub also empowers our firm to explore new possibilities and push boundaries in legal service delivery. We leverage people, technology, services, and global partnerships to create efficient ways of working. This ensures the longevity of our firm and benefits our clients in a digitalized future.

Finally, we aim to facilitate the ongoing development and growth of our talent through cutting-edge development programs, interactive learning, and meaningful work, and are committed to community engagement through multiple CSR activities. This includes the delivery of service that increases economic, social, and environmental outcomes for our clients and the communities in which they operate, and initiatives to raise the standing of the professional sector in Cyprus. Locally, our CSR initiatives encompass a broad spectrum of activities, from environmental sustainability and community engagement to ethical business practices and employee empowerment. We take pride in supporting local health initiatives and educational and cultural programs. We are also committed to promoting justice and equality within the wider community, working on pro bono projects to ensure access to legal guidance and representation for all.

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

While I anticipate growth across most practice areas in our firm, I consider technology and cybersecurity, artificial intelligence, ESG (Environmental, Social, Governance), fintech, and possibly Restructuring and Insolvency law to play a pivotal role in this trajectory.

The pandemic, along with the Cyprus government's goal to position the country as a hi-tech hub, significantly boosted the use of technology and emphasized the importance of cybersecurity. This convergence has propelled the sector to become one of the country's fastest-growing industries, boasting an impressive average growth rate of 15% over last 10 years, surpassing all other sectors of the economy. This creates increased opportunities for our Tech Law team due to rising demand for legal expertise in technology related fields (AI, machine learning, cybersecurity, intellectual property rights, data privacy, etc). The growing popularity of cryptocurrencies, crypto assets, digital banking, digital transactions, and blockchain technologies is also generating an increased demand for legal expertise, especially in the context of AML directives and regulatory compliance.

ESG's prominence is on the rise too, driven by both increasing regulatory demands and a global shift towards sustainability within the corporate realm. With a broadening awareness in this domain and our commitment to ESG principles, coupled with our legal knowhow, we anticipate a growing client base. Finally, the events in Ukraine coupled with UK and US sanctions, the ongoing Israel-Palestinian conflict as well as an environment of high inflation and high interest rates, has created a turbulent market that is impacting businesses significantly. We expect to see an increase in restructuring and insolvency activities as a result.

3) What's the main change you've made in the firm that will benefit clients?

We are actively exploring ways to empower our lawyers in embracing legal tech and technology tools, including AI, to enhance the quality, conciseness, and depth of our legal service delivery. Through the widespread adoption of tech-driven solutions, we are accumulating greater business and legal expertise, which is made available to and shared with clients, helping them to address specific challenges in today’s business landscape. This approach is reshaping the mindset of our firm’s professionals, helping them grasp the rapid pace of change happening globally, and reaffirming our role as a useful, relevant, and vital legal resource for our clients. Moreover, we’re also adapting our business model internally to ensure longevity and sustainability in the face of a changing world.

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

Absolutely, technology will forever transform the way we engage with our clients and deliver services. We view these changes as opportunities to enhance our client offerings rather than challenges to be feared. Embracing emerging technologies enables us to operate seamlessly across the globe. Clients can conveniently connect with us online, saving time and expenses for routine matters. Moreover, technology grants us swift access to a wealth of information, including global legislation, case law, emerging trends, and geopolitical developments. It has also expanded our service portfolio to include areas such as cyber and data security. Looking forward, the evolution of artificial intelligence presents exciting possibilities, particularly for our Intellectual Property Team, opening up new avenues for innovation and growth.

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

Drawing on our cumulative legal and business expertise across global industries, sectors, and geographies, we ensure a more pragmatic approach to service delivery. This involves integrating both legal advice and strategic business insights to facilitate growth and achieve successful legal outcomes for our clients. With the ability to tap into multidisciplinary specialists across our firm’s practice areas, we also provide unique technical know-how to address all aspects of law in a world flooded by regulation, ensuring compliance for our clients.

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

Most definitely. But simultaneously, they are also looking for firms with an innate drive to deliver legal solutions that anticipate the challenges of a digitised world. We strive to build teams with access to the tools and resources required to deliver an exceptional client experience. We aim to develop future leaders who will best serve the legal profession, and in turn, provide a differentiated, strategic service to clients based on expertise and trust. Our clients recognise our extensive experience across diverse markets, deals, legal systems, negotiations, and political landscapes. They rely on us to leverage this expertise effectively in assisting them with their varied goals, whether it's expansion, downscaling, or acquisition. This level of support is not only crucial today but will also remain indispensable in a world that will definitely be shaped by the advent of AI for years to come.