Limassol’s Self-Made Millennial Entrepreneurs

Interview of Michalis Economides, Advocate & Legal Consultant | CEO of Chambersfield Economides Kranos Law firm | Gold Magazine July 2020

Michalis Economides studied at Queen Mary University of London and University College London (UCL) before becoming a Barrister-at-Law from Lincoln’s Inn.

As he tells GOLD, the idea of founding his own law firm began to take shape during his legal studies.

“When I was in the UK, I had the privilege to work in a major law firm, handling various arbitrary, corporate and court cases. Through my interactions with fellow professionals and my experience of operating in that environment, I realized that the legal profession could fulfil me and give me a solid purpose: offering advice and services to business and individuals, assisting in dispute resolution and providing solutions to personal or business problems”.

Michalis Economides decided to follow his instincts regarding the profession, and as he gave more thought to what he could do to contribute to any changes and improvements, he moved a step further:

“I realized that, to make the desired changes, I needed to have my own law firm, and that is what led to the formation of Chambersfield Economides Kranos.”

Seven years after its establishment, Chambersfield Economides Kranos has a physical presence in nine countries.

Its experienced team of lawyers undertakes cases that fall within the scope of litigation and arbitration, corporate and commercial law, admiralty and shipping, banking and finance, competition law, criminal law, debt recovery, employment law, energy law, European law, family law, immigration law, tenancy issues, intellectual Property law, internet business law, real estate and tax law.

Meanwhile, the firm’s sister company, GFA Trust, provides corporate, fiduciary and commercial services in more than 21 jurisdictions.

“The uniqueness of Chambersfield Economides Kranos mainly relies on the composition of its team,” says the founder. “Our team consists of experienced, determined, highly educated and knowledgeable professionals sharing an unparalleled passion for their profession. They embrace the firm’s vision and recognize that each case is important and unique, irrespective of the client’s status. Consequently, we personalize our recommendations and solutions to enhance the materialization of each client’s goal”.

Of course, the journey has not been easy, given that the firm was founded at what some might consider the most difficult time in the country’s recent history: April 2013.

“If I could highlight two of the most crucial challenges we have faced, I would have to mention the 2013 banking crisis, during which only essential business transactions were taking place in Cyprus, and, of course, this year’s coronavirus pandemic, which has practically stopped the world and changed global business thinking. Both of these unprecedented crises were very stressful and demanded that we implemented a thorough, open-minded and groundbreaking way of thinking in order to deal with them successfully”.

In addition to those two major crises, law firms face other significant challenges: “I believe that the legal sector needs to enter the digital era dynamically and embrace it by simplifying and speeding up all its procedures with the aim of improving communication among all the involved parties,” says Michalis Economides.

“The last decade has given us solid proof that our generation must always be alert and have a Plan B for handling crises. Nowadays, due to digitalization, there are no limits or restrictions on the flow of information, but this means that a crisis can occur at any time, spreading like wildfire and affecting national and international markets alike. So, preparation, fast response and participation in the digitalization system is essential if firms are to continue their business operations.”

The goal of the firm is to further expand its operations in the international market, aiming to offer clients comprehensive international services with a local touch.

At the same time, Chambersfield Economides Kranos will continue to implement its customer-centric approach, as it cherishes and strengthens customer relationships and develops its business operations.

“Undeniably, clients want law firms that not only offer them high-calibre legal and corporate services but are partners in this relationship, complying with the notions of loyalty, trust, professionalism, personalisation, respect and understanding,” says Michalis Economides.

“Chambersfield Economides Kranos is a law firm that prioritizes its clients’ needs and personalizes the proposed solutions in such a way that they yield exceptional results in each case or project.”