Georgia Constantinou-Panayiotou: I am concerned about the justice and administrative services sector

The Founding / Managing Partner of Constantinou Panayiotou & Co LLC-GCPLAW, Georgia Constantinou-Panayiotou, has expressed a series of concerns about the justice and administrative services sector.

In an interview with InBusinessNews, as part of ‘IN Business Forecasting 2025’, Constantinou-Panayiotou speaks of the general stigmatisation of the entire body of lawyers and the profession, due to the behavior of a few.

Georgia Constantinou-Panayiotou notes an absence of visionary goals and only, at best, as she characteristically states, the basic management of issues.

"And while we know the solutions, I don't see the problems being solved," she emphasises, indicating this means that lawyers and law firms will continue to strive for their resolution to an extent that is not their responsibility and does not benefit them.

Asked about this, Founding / Managing Partner of Constantinou Panayiotou & Co LLC-GCPLAW, underlines that the international stigmatisation of Cyprus through continuous scandals, as well as the country's portrayal as the most corrupt country in the world, when not accompanied by effective state management and targeted fight against corruption, undermines investor confidence.

"A great deal needs to be done in this area, and a horizontal and universal redesign and development of mechanisms to combat corruption, as well as to promote transparency, is required, for which political determination is primarily needed," she emphasises, explaining that it is the only way to shield the place.

How do you think the Cypriot economy will perform in the new year? How optimistic are you about its prospects?

The Cypriot economy is influenced by various factors that shape its prospects for 2025, e.g. international economic conditions, political developments, developments in the real estate market, tourism, financial services, as well as government policies for growth and fiscal stability.

Considering these conditions, the prospects for the Cypriot economy can be characterised as moderately optimistic, subject to conditions.

A basic prerequisite for me is, among other things, fiscal discipline and the use of European funds through the Recovery and Resilience Fund, which will contribute to the financing of important infrastructure, green energy and digital transformation projects.

In general, under normal geopolitical conditions, if Cyprus manages to undertake the right strategies with a balanced mix of investments, reforms and social policy, it can maintain its development trajectory and achieve sustainable growth in 2025.

Who do you see as the biggest risks to our country's economy? What should be taken into consideration in order to ensure its growth trajectory?

Public debt management and fiscal discipline will continue to be challenges for 2025, despite the upgrade of our economy in the evaluation indicators, which is an excellent development.

Because we talked above about macroeconomics, I must add that this must be positively transferred to the real economy, with an improvement in the finances of households, businesses and consumers.

This objective should remain at the heart of the government's efforts. Inflation remains a significant factor of uncertainty for the Cypriot economy, especially in combination with high interest rates.

Households are particularly struggling with consumer spending and punctuality. In particular, if consumers and businesses continue to face difficulties, this could slow growth.

The government should also ensure prudent management of public finances and limit inelastic spending.

At the same time, because Cyprus is vulnerable to geopolitical crises due to its location in the Eastern Mediterranean, further escalation of military conflicts may cause disruption to economic activities, especially in the sectors of tourism, shipping and international investment.

Finally, Cyprus must strengthen the diversification of its economy by investing in new technologies, the digital economy, and green energy.

Foreign investments and what Cyprus should do

What should Cyprus do to become an even more attractive destination for foreign investments? And how important, in your opinion, are they for its economy?

First and foremost, foreign investors need a reliable judicial system and effective protection of their rights.

Starting with the Justice sector, therefore, ongoing reforms to ensure efficiency and speed in the handling of legal proceedings and business dispute cases are of vital importance and should be completed without further delay.

Along with world peace, let us hope that 2025 will be the year of the establishment and operation of the specialised Cyprus Commercial Court.

Furthermore, the investment environment should be improved by further reducing bureaucracy, digitising the state by creating a fully digital public administration that will facilitate businesses and enhance transparency.

Incentives should be offered to startups such as tax breaks, access to infrastructure and support for research. We also await the completion of the new study on tax reform, the implementation of which will take the country forward.

Additionally, targeted modern marketing campaigns should be designed and implemented in key markets (EU, Middle East, Asia) that can effectively highlight Cyprus as a stable and friendly destination for investments.

Finally, the international stigmatisation of Cyprus through continuous scandals, as well as the country's portrayal as the most corrupt country in the world, when not accompanied by effective state management and targeted fight against corruption, undermines investor confidence.

It is reasonable for an investor who hears this to be discouraged and turn his attention elsewhere.

A great deal needs to be done in this area, and a horizontal and comprehensive redesign and development of mechanisms to combat corruption, as well as to promote transparency, is required, for which political determination is needed above all. However, I am certain that it is the only way to protect the country.

Concluding this answer, one easily realises that every year we say the same things and hear the same things, without words being translated into action and we are still far from the point where we can be proud of the country's decisive progress in this field.

The sector of justice and administrative services

Regarding your company's sector of activity, how do you estimate it will develop in 2025? Are there any issues that concern you?

Regarding the justice and administrative services sector, as a managing partner of a law firm that operates in both, I am naturally concerned about various issues.

Starting with the issue of supervision of lawyers in matters of LSG, I am concerned about which body will ultimately exercise it, how effectively it will exercise it. I am concerned about the general stigmatisation of the entire body of lawyers and our profession, because of the very few.

I am also concerned about the shrinking legal resources, but also about how the brilliant young lawyers, my young colleagues who are trying to build their careers in this difficult time for the profession, with conditions of continuous supply of human resources, will be utilised.

I generally don't see visionary goals, just simple issue management at best. And while we know the solutions, I don't see the problems being solved.

This means that we will continue as lawyers, as law firms, to strive for their resolution to an extent that is not our responsibility, and does not benefit us.

What are the biggest trends/changes you expect to occur in your sector and what are the most significant challenges?

The hiring challenges that Cypriot lawyers have to manage differ from those of their colleagues in other countries, because while the private sector of justice around the world has advanced and we are talking about technology and artificial intelligence that is changing the way the legal profession operates, however, in our Cyprus, in the public sector, the drag factors do not allow progress to be made, let alone to be established.

The entire effort is limited to the digitisation of files and, at best, to ADR (audiovisual means for conducting trials), which are progressing with obstacles. Therefore, we are currently experiencing a professional field of contradictions and two speeds in Cyprus.

A strong trend that seems to be taking hold in Cypriot business is that of acquisitions and mergers. Will we see it strongly in your sector as well?

But we are already seeing it in several cases. I believe that lawyers have the business acumen and are equipped with the necessary reflexes to understand when they need to adapt flexibly and proceed with either an acquisition or a merger and join forces, in order to face more decisively the challenges of the new era that will give them a guarantee not only of sustainability, but also of further development.

The plans for GCPLAW

What can we expect in terms of your organisation's plans and development strategy in 2025? What moves do you intend to make in this direction?

The legal sector, as well as the legal and administrative services sector, is going through a crisis, and it is going through it simultaneously and in parallel. This of course has an impact primarily on law firms.

GCPLAW has adapted to the new data, we have internally modified the operating and productivity model, we have invested in training in modern fields of science and challenges, and with determination and seriousness we continue to provide our clients with the highest level of services, with the utmost professionalism, honoring our operation for twenty years.

(Source: InBusinessNews)