Artificial intelligence (AI) is here to take on the most demanding tasks, and Harris Kyriakides has already implemented such technologies, aiming to operate at the level of major law firms with a global presence. This is what Michalis Kyriakides, Partner at Harris Kyriakides, emphasised in his interview with InBusinessNews as part of “IN Business Forecasting 2024.”
He clarified that law firms investing in AI technology platforms will gain an advantage, describing the integration of AI into modern legal practice as the most significant trend in the field.
Specifically, he noted that, very soon, tools powered by AI will handle tasks such as the analysis of simple contracts, legal research, and drafting basic documents.
At the same time, he highlighted that mergers in the legal services sector make more sense than ever, particularly for small law firms.
Predictions for 2025
Regarding his predictions for 2025, Mr Kyriakides believes that, barring unforeseen external developments, it is entirely achievable and realistic for the Cypriot economy to perform better in 2025 than in 2024.
How do you see the Cypriot economy evolving in the coming year? How optimistic are you about its prospects?
“2024 appears to be concluding with a GDP growth rate exceeding 3%, one of the highest in the Eurozone. While this is comparatively an excellent result, I believe there is still room for measures to further strengthen the economy,” he said.
He suggested initiatives such as lowering interest rates to reduce borrowing costs and encourage investments, digitising all public sector transactions, and implementing tax reform. “Barring unforeseen external developments, I consider it entirely feasible and realistic for 2025 to be a better year than 2024.”
What do you see as the greatest risks to the country’s economy, and what should be done to ensure its growth trajectory?
“The primary risks are external factors, which both the government and private sector must evaluate promptly and effectively, and, where feasible, control. Cyprus’s deep integration with both EU and non-EU economies makes it particularly vulnerable to international economic developments.”
He added, “This high exposure means that geopolitical and trade tensions are significant risks for the Cypriot economy. Furthermore, the lack of a long-term plan for creating a competitive identity across various economic sectors (products/services) does not help mitigate these risks.”
What can Cyprus do to become an even more attractive destination for foreign investments? How important are they for the economy?
“Foreign investments are vital for the Cypriot economy. They boost employment, foster innovation, and enhance the country’s international competitiveness. The key issue lies in execution—both in terms of speed and quality of implementation.”
He highlighted the need for greater transparency, efficiency, digitisation of processes, modernisation of legal and regulatory frameworks, stable tax policies, and incentives for businesses to adopt technology and increase green energy use.
Artificial Intelligence and the Future of Legal Services
How do you anticipate your firm’s sector will perform in 2025? Are there any issues that concern you?
“For now, I see no reason to anticipate significant changes in the current landscape for 2025. Harris Kyriakides is a well-structured law firm, with excellent personnel and robust organisation. I am satisfied with the firm’s initiatives for 2024 and believe we will continue to pursue our goals with the same dedication in 2025.”
What are the major trends or changes you expect to see in your sector, and what challenges do you foresee?
“The most significant trend is the integration of AI into modern legal practice. AI is not merely here to assist—it is here to take on the most demanding tasks. Very soon, tools powered by AI will handle simple contract analysis, legal research, and drafting basic documents.”
Such tools, he added, not only save time but also enhance accuracy, allowing legal professionals to focus on strategic thinking and delivering value-added services to clients.
At Harris Kyriakides, AI technologies have already been implemented, with the aim of matching the standards of major international law firms. “It is clear that law firms investing in AI technology platforms will have an edge. They will deliver higher quality, faster responses, and lower-cost services—key attributes in the provision of legal services.”
Mergers in Legal Services
A strong trend in the business world is mergers and acquisitions. Will we see this trend in your sector?
“Indeed, 2024 has shown clear signs of recovery in mergers and acquisitions globally and in Cyprus, and I believe this will continue into 2025. In the legal services sector, mergers make more sense than ever, especially for small law firms, although they are challenging in Cyprus for various reasons.”
Development Strategy for 2025
What can we expect in terms of your organisation’s plans and growth strategy in 2025?
“Harris Kyriakides has been implementing a strategic growth plan for several years. We now have offices in all major cities in Cyprus, specialise in various legal areas, and consistently invest in technology and our people.”
He added, “We also maintain an extensive international network of partners, allowing us to participate in high-profile cross-border cases. We are continuously expanding this network.”
“Our goal is to continue delivering quality services in ways that support modern business and to safeguard the rights and interests of our clients to the highest degree, always with integrity, transparency, and professionalism.”
Read the original interview here.
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