2022 was an unexpectedly difficult year for the Cypriot economy and the professional services sector
“Following the completion of the evaluation of the company's financial performance for 2022, the management of Ilias Neokleous and Co. Ltd. would like to thank all its partners and staff for their hard work and dedication,” the company said in a statement.
The announcement in detail
We would also like to thank our customers, old and new, for their continued trust in our ability to meet their needs. 2022 was an unexpectedly difficult year for the Cypriot economy and the professional services sector in particular, due to both the inflation caused after the pandemic and the unpredictable war in Ukraine, as well as the other consequences of this war for Cyprus. However, despite these negative factors, our team, demonstrating flexibility, innovation, competence and dedication, allowed the company to reverse the general trend and present a solid and very successful result for the previous year.
We are also proud that, despite the difficult conditions, no compromises were made in performance. The company continued to provide high-quality services and achieve its long-term goals. First-tier rankings were once again achieved for all departments and a record number of individual lawyers were singled out for their expertise by the leading rating agencies. Elias Neokleous and Co. Ltd. is also the only law firm in Cyprus that has ever been awarded the ITR Tax Firm of the Year award. 2022 found the firm achieving a number of “firsts”, including the full launch of ALSP (alternative legal services provider), Neolaw.ai and, the Ex-Tempore Handbook, the establishment of a Tech Law Department and launching the strategy of the partnership with the Cyprus Institute of Marketing to help implement its new LLB (hons) program which started in September. In this context, we have continued to invest in the training and development of our staff and were delighted to see all of our 2021 trainees pass their Bar exams at the first attempt. We also took on new intern recruitment last September and continue to support the training and development of all staff at every level of the company.
Commenting on the 2022 result, our Managing Partner, Ilias Neokleous, noted: “Our company's ability to work to high standards and win new clients is attributed to our innovative nature. Our strategy will include, always with the same weight, both investment in the best technology as well as modern management and quality control. In a world where anyone can access a wealth of legal information at the click of a button, it is important to offer clients innovative ideas and services and provide value-added advice. When times are tough, it's also important to motivate our people, and the Performance Acceleration Framework appraisal system is a key tool in making sure we can do that. The success of this scheme has once again ensured the ability to focus our training investment in the right areas and reward our staff with performance bonuses for 2021. Looking ahead to next year, we are cautiously optimistic that the 2022 bonuses will be paid on a more timely basis and that the company will continue to play its role in promoting the development of the Cypriot economy”.