Following completion of the review of the firm’s financial performance for 2022 the management of Elias Neocleous & Co LLC would like to thank all partners and staff for their hard work and dedication. We would also like to thank our clients, old and new, for their continued faith in our 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, our 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.
We are also proud to say that, despite the challenging circumstances no performance compromises were made. The firm continued to produce high-quality work and progress its 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 to ever 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, we continued to invest in the training and development of staff and were delighted to see our entire 2021 student intake succeed in passing the Bar exams on the first attempt. We also welcomed a new trainee intake in September and continued to support the training and development of all staff at every level across the firm.
Commenting on the outcome for 2022 Managing Partner, Elias Neocleous noted, “The firm’s ability to work at a high standard and win new clients owes much to our pioneering nature. 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. 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.”