George Mountis: Cyprus does not have the capacity to get its rebranding wrong

“Proper marketing and rebranding is a very delicate and difficult exercise and we do not have the capacity to get it wrong this time,” George Mountis, Co-Managing Partner, Chrysostomides Advocates & Legal Consultants suggests.

He was commenting on the state of the legal and wider professional services’ sector and including strategies should be adopted for Cyprus’ substantial rebranding initiative to rehabilitate its reputation abroad.

“By emphasising regulatory reform, promoting strategic sectors, enhancing infrastructure and education, fostering international relations and implementing effective marketing campaigns, Cyprus can successfully rebrand itself as a dynamic, reliable and attractive destination for global business,” Mountis suggests.

He also comments on other current challenges to the local legal sector and shares his thoughts on where the sector is heading.

What strategies should be adopted if a substantial rebranding initiative is to be undertaken with the aim of restoring Cyprus' reputation within the international business community?

Rebranding Cyprus' image in the international business community involves a multifaceted and strategic approach that leverages its unique strengths, addresses past challenges and projects a forward-looking vision. Recent efforts to improve transparency and regulatory compliance, especially in the financial sector, should be promoted and highlighted. The same applies to reforms and adherence to international standards, in an effort to counterbalance any negative perceptions. Further strategic incentives should be introduced for startups, tech and games companies to attract these high-growth industries and increase Cyprus’ footprint in the sector on a European level. Education and the ability to produce highly skilled personnel from our own higher education institutions is of paramount importance. By emphasising regulatory reform, promoting strategic sectors, enhancing infrastructure and education, fostering international relations and implementing effective marketing campaigns, Cyprus can successfully rebrand itself as a dynamic, reliable and attractive destination for global business. Moving from ideas to actions, Cyprus could benefit from expert advice, derived from local as well as international marketing and communication specialists. Proper marketing and rebranding is a very delicate and difficult exercise and we do not have the capacity to get it wrong this time.

Let's move on with the failed rollout in January of the e-justice system. How did the profession react to this setback and how has it affected your firm's operations in particular?

Cyprus has continuously found itself at the bottom of the list of EU countries in terms of the judicial system’s efficiency and, as such, reforms are required to decentralise, improve and speed up the administration of justice. The failed rollout of the much-awaited e-justice system caused significant disruption to the daily operations of the court system, law firms and legal professionals alike, who were unable to complete or view electronic filings for a substantial period of time, due to constant system failures. Luckily the Supreme Court responded swiftly to industry pressures and directed the reinstatement of the previous electronic system. The industry was very frustrated with these developments but had no choice other than to adapt to the new circumstances.

Macroeconomic challenges and geopolitical strife have led to the contraction of the local industry in recent years. How do you assess its present state?

The industry has indeed experienced a contraction – especially those firms which had been focusing on Russian clients. Of course, it remains an industry that is evolving, not only in response to impinging economic and geopolitical challenges but also to the disruption and changes imposed by the ever-expanding digital landscape and the adoption and use of AI. Law firms are looking for new ways to attract and enhance business, exploring new markets and service offerings.

Given these challenges, are Cyprus law firms identifying and pursuing new revenue opportunities by tapping into new markets or introducing new service offerings?

Diversification is key. It is of paramount importance for lawyers to be able to understand not only the specific legal issue that clients face but also their overall operation and business. This will enable the lawyers to identify other areas where a client needs support and to provide a more complete and holistic solution to the problem at hand. Once they are in a position to do this, then the path towards expansion and diversification becomes more obvious, since advisory services can be offered to clients, either by the lawyers themselves or by joining forces with other professionals. Technology in all aspects of economic activity has created new opportunities for lawyers as well. Tech law, IP law and data protection are becoming very relevant in many industries and lawyers are expanding their offering in such areas. Clients are, of course, becoming even more demanding and firms should focus on the fact that what is required of them is a more personalised, user-centric experience, with client experience placed at the heart of the offering. In this respect, the refinement of processes and the improvement of service delivery are vital.

Meanwhile, other industries are taking market share from law firms by providing ‘one-stop solutions’ to clients. Do you foresee this trend driving consolidation within the legal sector? Can law firms adapt to this competitive landscape?

While the trend for the provision of one-stop solutions by other industries undoubtedly poses a threat to traditional law firms, it also drives them to innovate and adapt. By strategically diversifying their services, focusing on client-centric approaches, enhancing operational efficiency, building strategic partnerships, and leveraging technology, law firms can remain competitive. Consolidation within the legal sector is also on the rise and this leads to expanded service offering (with clients benefiting from diverse expertise across legal areas, as well as more cost-effective solutions), access to new markets and clients, operational efficiency, enhanced technological capabilities, risk diversification and enhanced brand value and reputation.

The Finance Ministry plans to introduce a single authority to supervise the whole of the professional services sector, as part of broader efforts to improve the country’s image abroad. What are your thoughts on this?

The legal profession is quite distinct from the overall professional services industry, with many particularities. The proper administration of justice, where lawyers play an indispensable role, the privilege and confidentiality between client and lawyer and the Rule of Law, are very delicate matters and cannot be discounted directly or indirectly. I believe that the Cyprus Bar Association is able to supervise lawyers and other professionals in the said industry and, if needed, strengthen such supervision.

This interview first appeared in the August edition of GOLD magazine. Click here to view it.