Following completion of the review of the firm’s financial performance for 2022, the management of Elias Neocleous & Co LLC thanked all partners and staff for their hard work and dedication.
The prominent law firm also expressed thanks to its clients, old and new, for their continued faith in the firm’s ability to meet their needs. 2022 was an unexpectedly difficult year for the Cyprus economy and its professional sector, with post-pandemic supply side induced inflation being compounded by the effects of the unanticipated war in Ukraine. Despite these negative factors, however, the Elias Neocleous & Co LLC team pulled together, demonstrating flexibility, innovation, skill and commitment, thereby enabling the firm to confound the general trend and produce a solid outcome for the year.
The firm was also proud to point out that, despite the challenging circumstances, no performance compromises were made. Elias Neocleous & Co LLC continued to produce high-quality work and progress toward long-term goals. Tier 1 ratings were once again achieved for all departments and a record number of individual lawyers were singled out for their expertise by the premier rating houses.
Elias Neocleous & Co LLC also became the only law firm in Cyprus ever to be awarded the accolade of ITR Tax Firm of the Year. In fact, 2022 saw the firm complete a number of ‘firsts’, including the full launch of ALSP, Neolaw.ai and of the Ex-Tempore Manual, the establishment of a Technology Law Department and the forging of a strategic partnership with the Cyprus Institute of Marketing to help deliver its new LLB (hons) programme launched in September.
Against this backdrop, the firm also continued to invest in the training and development of its staff, and expressed delight at seeing its entire 2021 student intake succeed in passing their Bar exams at the first attempt. The firm welcomed a new trainee intake in September, and continues to support training and development of all staff at every level across the firm.
“The firm’s ability to work at a high standard and win new clients owes much to our pioneering nature,” noted Managing Partner, Elias Neocleous, commenting on the outcome for 2022. “Our strategy will always include investing in the best technology and, equally importantly, in modern management, and quality control.
“In a world where anyone can access masses of legal information at the touch of a button, it is essential that we offer clients innovative ideas and services and give value-added advice,” he continued.
“When times are tough, it is also important to keep people motivated and our ‘Performance Acceleration Framework’ appraisal system is a key element in ensuring that we can do this. Its success has once again ensured that we can focus our training investment in the correct areas, and release performance-related bonuses earned in 2021 to our staff.
“Looking to the year ahead, we are cautiously optimistic that bonuses for 2022 will be paid on a timelier basis, and that the firm will continue to play its part in driving the growth of the Cyprus economy,” he added.