The Legal 500 welcomed guests on Thursday to the inaugural GC Summit Cyprus 2020.
With approximately 60 of the leading in-house lawyers in attendance, the event reflects the growing importance of in-house legal practice to businesses in both Cyprus and the wider region.
The summit drew heavily on the practical, hands-on experiences of general counsel and private practice advisors.
The contributing speakers have extensive experience in and awareness of the most pressing and relevant issues within the legal profession, and are constantly coming up with new ways in which lawyers can add value to business in a range of contexts.
This could be through oversight of a transformational transaction, handling business-critical disputes, regulatory and competition inquiries or ensuring data protection systems and policies are fit for purpose.
The support of speakers during the run-up to the conference meant their views were reflected in the topics and content of the sessions enjoyed throughout the day.
The summit also benefited from the support and insight provided by some of the leading law firms active in the region.
The first issue addressed was Alternative dispute resolution with Cyprus’ New Civil Procedure Rules, which have been described as revolutionary. These changes will have major ramifications throughout the legal sector as standardised procedures may result in alternative dispute resolution becoming widespread. The panel in question discussed how in-house lawyers can adapt to the changes as well as the advantages and disadvantages of this approach.
The next panel convened on the issue of corporate restructuring. This is a complex and highly detailed endeavour in any jurisdiction but conducting such a project in Cyprus poses challenges due to the island’s unique legal system. The panel discussed how to successfully navigate this demanding issue.
The new reality of negative interest and its effects on Cyprus companies was the topic of the third panel. With deposits reaching an all time low in late 2019, the question posed was whether negative interest is the new normal in the Cypriot financial system and by extension the business environment. This would have major implications for the business strategy of companies across the economy. The panel discussed what measures in-house council should make to safeguard against negative interest rates.
Rounding off the day was a panel on contractual clauses. The changes in the Cypriot legal landscape over the next decade will have tangible effects on contracts and agreements. With this in mind, the panel engaged in a robust discussion of what this will mean for in-house council in Cyprus and what to look out for.
The event was brought together by sponsors Chrysostomides Advocates and Legal Consultants, Elias Neocleous & Co LLC and Harris Kyriakides law firm.
The Legal 500 will continue to work on new and innovative ways of bringing experts together, whether through its range of in-house publications or its ever-growing calendar of events.
