Could you share an example of a time when you came up with an innovation that improved how your legal team works and did not come at a large expense?  

Τhe legal department was struggling with time-consuming document review and preparation process, which required multiple rounds of edits and revisions. The legal team decided to create a shared common folder which allows members of the team to upload specimens of various documents, agreements, letters and other documents for common use. This led to positive outcomes and in particular: 

Collaborating on documents in real-time allows team members to make edits concurrently, speeding up the overall drafting process. This also eliminated the need for sequential edits and revisions which could be time consuming. 

Having a repository of standardised templates for commonly used documents, agreements, letters and other legal documents reduced the need to create such documents from scratch each time, saving valuable time, whilst it ensured consistency in the language, format and content. 

By centralising past documents and agreements, the legal team can easily reference and reuse materials from similar cases. This prevents reinventing the wheel and reduces the need to review and revise documents prepared for similar scenarios in the past. 

By eliminating redundant tasks such as drafting standardised documents and repeatedly reviewing similar agreements, the legal team can allocate their time and resources more efficiently to focus on other critical tasks. 

The shared common folder acts as a centralised repository of legal knowledge, making it easier for team members to access relevant materials and leverage the collective expertise of the team. 

 In summary, the legal team’s decision to implement a shared common folder for document collaboration has led to improved efficiency, standardisation, workflow, productivity and overall time savings at no cost. It is a great example of leveraging technology and effective teamwork to streamline processes and achieve better outcomes in the legal domain. 

What are the most significant cases or transactions that your legal team has recently been involved in?  

The legal team has been recently involved in transactions that had to do with debt to asset swap agreements, arbitration proceedings in the UK between our organisation and another CI in Cyprus, purchase of loan portfolio, mergers and acquisitions, acquisition of banking business of other CIs operating in Cyprus. 

How important is choosing to work with external lawyers who align with your company’s values? Are you likely to reconsider what firms you work with based on this?   

Choosing to work with external lawyers who align with our company’s values can be highly important for several reasons. It goes beyond just legal expertise; it is about finding partners who understand your organisation’s strategic mission, culture, and ethical principles. 

When lawyers share our company’s values, they are more likely to understand the mission, objectives and ethical standards of our business, something which can lead to more consistent decision-making and an aligned legal strategy. Also, they are more likely to collaborate effectively with our in-house legal team and other departments. This synergy can result in more efficient legal strategies and better outcomes. Additionally, when lawyers are aligned with our values, this can result in more productive and lasting partnerships based on mutual understanding and trust whilst they are more in the position to identify and address legal risks aligned with our company’s risk appetite. Also, working with legal professionals who are known for ethical practices can enhance our company’s credibility and reputation and are more in the position to provide more effective, business-oriented, innovative legal solutions that align with our company’s forward-thinking initiatives rather than suggesting more conservative approaches that may conflict with our company’s culture.  

Given these factors, it may be prudent to consider working with external lawyers who share our company’s values although it may not always be feasible to align perfectly with all values, and legal expertise and competence are still paramount.  However, if there are significant conflicts in values or with our company’s principles, it might be worth exploring alternative options that provide a better fit. Ultimately it is about finding a balance between values’ alignment and the legal expertise necessary for our company’s success.