Navigating Challenges and Opportunities: The Future of the Legal Sector in Cyprus Amid Economic Turmoil
Cyprus lawyers are facing big challenges due to the difficult economic situation that have touched Cyprus. The banking crisis will surely affect not only investors and foreign companies but even local firms which consequently will have an impact on the legal sector in Cyprus. However it’s not necessary that it will lead to a loss of the volume of legal work in Cyprus, as a crisis beyond its negative consequences, can be a good time for opportunities. Legal firms in Cyprus will need to restructure their work, focus on different international markets and be creative. After all lawyers in Cyprus have an advantage not only because of their knowledge’s and expertise but because of their experience of the past. After the occupation of the north part of Cyprus and the tragic consequences, lawyers in Cyprus managed in a very short period of time to strengthen the Cyprus legal sector’s role internationally and develop Cyprus as a business center. We believe that the austerity measures in Cyprus will definitely change people’s way of thinking; they’ll be more inventive, productive with more solidarity which will eventually create a more steady state.
However the European institutions should focus on how to gain back their credibility and respect from the citizens of the member states as their decisions have radically changed the way the EU residents perceive EU in general. A healthy long term policy seems to be absent. The gap between north and south European countries grows steadily. EU institutions violate the sovereignty of the member states by forcing a haircut of savers money. How legal is this and how justified are EU’s decisions, are some of many questions that rose up the latest period, not only among Cypriots but among EU residents. Many lawyers question how justified the latest decisions of Eurogroup are. Consequently we believe that the banking crisis in Cyprus will have bigger costs for EU rather than for Cyprus.
By the editorial team of LiC (Lawyersincyprus.com)
