Interview Michalis Economides, Advocate & Legal Consultant | CEO of Chambersfield Economides Kranos Law firm Article Publication
G: How do you expect the legal sector to develop in the years to come?
M.E. : The legal sector is one of the most traditional service sectors which follows, the rules and regulations in a disciplined and strict manner.
On the other hand, the modern, digitalized business world has no limits, restrictions or protections against the ruthless competition, so speed is essential.
In my opinion, unavoidably, the legal sector should be expected to fully comply with all the requirements of the new era and completely harmonize its operations in order to cope with the changes, since rapid technological developments are in a way, “forcing”, the legal sector to enter the era of digitalization.
A brief example is the technological advancement that took place some years ago, with the AML Directives. In their efforts to comply with the Directives, legal firms obtained software to assist them in performing the thorough due diligence processes requested for each legal entity or individual. Therefore, they had to invest, comply and be part of the overall digitalization of the era in order to continue their operations.
This is just one example. Many others will follow in the near future. Technology is an opportunity that the profession needs to embrace, simplify and comply with, to speed up the relevant procedures and improve communication between all parties involved.
G: As a young lawyer, what are your personal and professional goals and aspirations?
M.E: My personal and professional goals are:
- To expand our law firm’s activities to third countries with the main aim of promoting Cyprus as an ideal investment business hub.
- To further enhance the firm’s activities within Cyprus and abroad.
- To develop more partnerships overseas and to optimize our cross – border services.
- To continue the development of our firm’s technological systems, with the aim of reducing idle time.
- To constantly promoting the Cyprus Investment Programme and encourage Foreign Direct Investment.
- To emphasize the personalized legal / business consulting services provided by the firm.
I believe that when we set our goals, we must have a proper and calculated plan in order to achieve them.
G: In your opinion, how can the legal system be improved in order to make Cyprus’ business environment more attractive?
M.E: “Time is Money” according to the well-known saying in the business sector. The notions of security, trust, fast response and a good legal framework are some of the most important pillars when attracting foreign investments. Whatever the advantages of the investment plans or opportunities presented by a country, investors are always looking for rapid and fair solutions to potential problems that they may face during their investments or business operations.
Nowadays, business operations run in fast mode, so it is important for Cyprus to establish itself as a safe investment destination where speed, reliability and trust are the main characteristics. In order to achieve this, the legal system should be upgraded and digitally transformed, so that in the event of a possible breach an agreement or dispute, any claim should be treated in an efficiently timed manner and not in a 4-8 years’ time.
Therefore, I would argue strongly that the first thing Cyprus must improve, in order to make its business environment more attractive, is its legal system, making it fully digitalized and perfectly compatible with today’s digital era.