How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?  

The alignment of the legal strategy with the business strategy of the organisation is of utmost importance, especially during periods of instability or crisis. As in-house lawyers we need first to have a very good understanding of the business strategy and the goals that management and business functions seek to achieve, to be able to assess all legal risks that are involved and find ways to minimise them to the maximum extent possible. Teamwork is essential and in-house legal teams are key players and part of this team to ensure the organisation’s resilience. 

Bearing in mind the above, my target is first to maintain effective communication between the members of the legal team as well as between the members of the legal team and management and business functions. Through effective communication, legal risks are identified, and actions are being taken to ensure resilience. On this basis, an action plan is being set for the team, which is of course subject to review and alignment with any new circumstances or issues that may appear along the way. Furthermore, with effective communication relationships between the teams are strengthened and you can feel that everyone is working for the achievement of the same goal. I also find that short brainstorming sessions are also efficient since the sharing of ideas can make people think outside the box and achieve extraordinary results. 

In general, in-house legal teams should be treated as business partners during periods of instability or crises. With their support great results are always achieved and resilience is almost guaranteed. 

In your opinion, what are the main trends that are salient in your country currently? 

Due to the political instability in our geographic area and the strategic position and stability of Cyprus the last years, a lot of people from different areas are deciding to re-locate themselves or their businesses, permanently or temporarily, to the island. This is a positive contribution for further economic growth in Cyprus from many perspectives. However, at the same time this is challenging for the in-house legal teams of our sector, mainly when businesses are seeking financing. Some of these businesses are used to different practices or approaches, depending on the jurisdiction they were operating in before their re-location, and this is where adaptation to the client’s needs is necessary. To be able to adopt them you need to be aware of the practices followed in different jurisdictions and of the applicable laws and this is where external legal counsel comes in to support in-house legal teams. 

At the same time with the re-location, people coming from abroad are either deciding to rent or, where their financial capacity allows, purchasing immovable properties in Cyprus. Therefore, due to the increased demand for both rental properties and purchases, an increasing trend in the prices has been noticed in the last few years. Another trend that has been noticed due to the increase on the rental prices, is the purchase of immovable properties by younger people, despite inflation and the increased interest rates, mainly due to the fact that rent prices are so high that they prefer to pay an equivalent amount as a monthly instalment on a loan that will eventually allow them to maintain their own property.