Category: Issue 11.7

Over the past five years, I have had the privilege of serving as a legal manager for clients across diverse industries, providing me with a unique perspective on the evolution of legal technology and the broader digital transformation within the legal sector. While it is true that the legal profession tends to be a late adopter of new technologies due to its inherent conservatism, I see a significant and positive shift in recent years.

Adoption of Legal Project Management

Legal Project Management (LPM) is gaining traction as law firms and bigger corporations with legal departments in CEE seek to improve the delivery of legal services. LPM involves the application of project management principles to legal cases, ensuring that projects are completed on time, within budget, and to the satisfaction of clients (including internal ones).

Outsourcing Routine Legal Tasks and Nearshoring to CEE

Legal Process Outsourcing (LPO) is becoming a common practice in CEE. Routine legal tasks such as document review, legal research, and compliance monitoring are being outsourced to specialized service providers. This helps firms reduce costs, improve efficiency, and focus on high-value tasks.

The CEE region itself is emerging as a hub for nearshoring legal services. Western European and North American law firms are increasingly outsourcing legal work to CEE countries due to their skilled workforce, cost advantages, and geographical proximity. This trend is driving growth in the legal services market and fostering the development of specialized LPO firms in the region. It is not uncommon for European headquarters to utilize, for instance, a Czech law firm to streamline and distribute their legal requests across various countries in Europe.

Focus on Client-Centric Services

Law firms are increasingly adopting client-centric approaches, emphasizing the importance of understanding client needs and providing tailored solutions. This shift is driven by the competitive legal market and the demand for high-quality, responsive legal services. Firms are leveraging technology to enhance client communication, offer real-time updates, and deliver value-added services. This approach goes hand in hand with LPM and LPO.

Remote Work Technologies, AI, and Document Automation

The COVID-19 pandemic has accelerated the adoption of remote work technologies within the legal sector. Law firms in CEE have embraced video conferencing, cloud-based document management systems, and collaborative tools to facilitate seamless remote work. This transition also led to the emergence of virtual law firms operating exclusively online, offering flexible and cost-effective legal services. I wonder if clients will eventually shift to using legal services online, much like they have transitioned to buying clothes, groceries, or even cars online. This change could potentially challenge current giants in the legal market by significantly reducing costs.

AI and machine learning technologies are being increasingly integrated into legal practice. Legal tech startups in CEE are developing AI-driven tools for contract analysis, legal research, and predictive analytics that help law firms and corporate legal departments automate routine tasks and make data-driven decisions. These technologies significantly enhance efficiency, accuracy, and cost-effectiveness. AI tools streamline contract review, expedite data mining, and predict litigation outcomes, enabling data-driven decision-making but challenges like data privacy, security, and integration with existing systems need careful management.

Document automation tools are changing the drafting and management of legal documents. By automating repetitive and time-consuming tasks, these tools enable lawyers to focus on more complex and strategic aspects of their work. This trend is particularly noticeable in transactional law, where standardized documents can be generated quickly and accurately. It is encouraging that law firms are embracing this trend, actively investing in this area, and developing or supporting such legal platforms and solutions.

GDPR and Cybersecurity

In the aftermath of the General Data Protection Regulation (GDPR), data protection has emerged as a paramount concern among legal professionals throughout CEE. Law firms and enterprises are committing substantial resources to implement strict cybersecurity measures, ensuring GDPR compliance and safeguarding confidential client data. This proactive strategy includes adopting state-of-the-art encryption technologies, secure communication channels, and conducting regular audits of data protection practices. On the other hand, the GDPR and the stringent data protection legislation in CEE are currently hindering the rapid integration of new technologies and posing significant challenges for technology startups aiming to penetrate the market.

Cyber-attacks are a persistent threat annually impacting businesses. It is no wonder that companies invest significant resources in training their personnel and carefully selecting vendors who meet high cybersecurity standards. I personally appreciate the growing collaboration between legal departments and IT within corporations to establish robust policies aimed at preventing cyber-attacks as a positive outcome. Such close cooperation is increasingly essential across various business areas within corporations.

Conclusion

The legal technological and management trends in CEE are driving significant improvements in the delivery and management of legal services. The adoption of digital technologies, the rise of legal tech startups, the emphasis on cybersecurity, and the implementation of modern management practices are reshaping the legal landscape. These trends are enhancing efficiency, reducing costs, and improving access to government, positioning CEE as a dynamic and innovative legal market. As these trends continue to evolve, they will undoubtedly play a crucial role in the ongoing transformation of the legal sector in CEE.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

In our Looking In series, we talk to Partners from outside CEE who are keeping an eye on the region (and often pop up in our deal ticker) to learn how they perceive CEE markets and their evolution. For this issue, we sat down with Marc van Campen, Partner at Van Campen Liem in Amsterdam.

CEELM: What was your first interaction with the CEE region?

Van Campen: My journey in CEE began in 1997. When I joined Baker McKenzie in Amsterdam that year, we were just starting our practice focused on private equity and venture capital in CEE. Back then, we had a few funds like Barings Communications Equity (Emerging Europe), Poland Partners (predecessor of Innova), and Enterprise Investors with early activities centered on Poland, the Czech Republic, and Hungary. The projects were primarily in telecoms, cable TV, and fiber, as well as early-stage tech sectors. By the early 2000s, we expanded southward to Slovenia and Romania with Studio Moderna being an early client, our focus broadened to include the Balkans and ex-Yugoslavia, particularly the northern parts, and we gradually moved into Bulgaria.

In 2005, at a CEE Private Equity conference, I suggested to a client that we discuss Turkiye. It was a new market for us, with Turkven being a notable first mover in that market. This marked our entry into Turkiye, where we saw significant activity until the political events of 2015. After the attempted coup in 2016, Turkiye’s market slowed.

CEELM: What was the main focus for you throughout these years?

Van Campen: From 1997 to now, our work has revolved around two main areas: establishing funds in the CEE region and structuring deals and investments for funds. CEE has been a significant market for us, and although we also worked in countries such as the UK, Spain, and Italy, over 60% of our funds were focused on CEE. We set up Dutch and Luxembourg structures, primarily from our Amsterdam office, coordinating with Baker McKenzie teams or local lawyers across Warsaw, Prague, Vienna, Kyiv, Moscow, and more.

In 2012, we left Baker McKenzie, taking a team of about 30 people as we wanted to establish a law firm with a strong focus on PE and VC in CEE. It was a rather “pleasant divorce” – we maintained our client base and relationships, making for a smooth transition. After less than a year, we decided to establish a Luxembourg office to offer our clients a choice between Luxembourg and Amsterdam models for the structuring and formation of VC and PE funds, as we wanted to give them an unbiased recommendation of which jurisdiction would work best.

CEELM: As for the current pipeline, what has been keeping you busy in the last 12 months?

Van Campen: Over the past 12 months, deal activity has been relatively modest, mirroring global trends. There have been a few exits and new venture rounds, but these have not been straightforward. Most of the transactions have involved private equity firms selling to international buyers, and new deals have been scarce.

Over the years, CEE companies have shown remarkable robustness, able to withstand and navigate difficulties effectively. This persistence has allowed them to continue expanding. We are seeing a trend where local managers, who have matured and grown, are shifting from local structures to international ones. For start-ups, this often means moving from a local entity to a holding company outside the region. This strategy simplifies subsequent rounds of venture capital or private equity funding, as investing terms are typically easier to implement and enforce in jurisdictions like the Netherlands.

CEELM: What was the evolution of the CEE region and how would you describe the changing dynamics of the market?

Van Campen: In the early days in the CEE region, we handled many large deals. Over time, however, the focus has shifted more toward mid-market transactions. While we still engage in big deals, the average size has decreased. We now often work on deals with the value of the tens of millions rather than hundreds of millions of euros. This shift seems to be a natural evolution in the market. Regarding funds, we deal with a variety, but regional CEE funds typically aren’t massive. Most are between EUR 25 million and EUR 500 million, with few exceeding EUR 500 million.

In terms of specific markets, over the past decade, Hungary has seen a gradual, but consistent decline in deal activity. Conversely, Poland remains strong, and Romania has a robust presence, though finding deals there can be challenging. We’ve observed a significant increase in venture capital activity in Romania, and Bulgaria, thanks to a pool of talent and opportunities. Recently, there’s been a surge in activity in Croatia, Serbia, and Slovenia.

As I mentioned earlier, Turkiye’s market started picking up around 2003-2005, with an initial focus on a few funds. Between 2005 and 2015, there was a boom in venture capital, especially in early-stage funds. However, post-2016, international interest waned due to political issues, and local private equity companies began focusing on smaller, venture-type deals. Turkiye has seen a rise in new venture funds, notably in gaming, with less emphasis on large acquisitions. The local stock market and IPO scene are relatively healthy but not overwhelmed with activity. Additionally, Turkish investors and managers, who excel in their field, often expand their investments across Europe. These ventures often involve the Turkish diaspora – successful entrepreneurs and investors who reside in the US, UK, and other countries and are actively engaging in deals outside their home countries.

CEELM: As for the local specifics, which markets in the CEE region do you find more promising or challenging?

Van Campen: In terms of challenging markets, Ukraine, for example, is very difficult right now. We had projects in Moldova, but they were put on hold when the war started. Technically, we could proceed, and there is interest in setting up ventures in Ukraine, but progress is slow. There is potential for rebuilding, though Western European funds are hesitant due to the proximity to Russia, affecting interest in nearby countries like Romania, Poland, and the Baltics. Of course, despite global hesitation, institutions like the EIF and the EBRD continue to support these regions, making it easier to stimulate smaller deals and venture capital activity, even if large-scale deals are less frequent.

On the promising side, Poland remains most attractive for investors due to its maturity and ease of doing business. The Czech Republic is also investor-friendly but small with limited activity. Turkiye is appealing primarily for venture and gaming sectors, less so for other areas. Additionally, interest in Croatia is growing, especially with its integration into the Eurozone and Schengen area, attracting dedicated investment funds. Slovenia, though historically good, is not an easy market but remains relevant alongside Croatia.

In the Baltics, we don’t see much activity, which could be a blind spot for us. It might be that they have effective local structures and don’t need external frameworks like those in Amsterdam or Luxembourg.

CEELM: Finally, what is your perspective on internationals in CEE – how will their presence evolve?

Van Campen: Over my 27 years in the CEE region, I’ve witnessed significant changes among international law firms. Firms like Linklaters, White & Case, and Weil, Gotshal & Manges have established and then closed offices in various jurisdictions. My former firm, Baker McKenzie, maintained key offices in Warsaw, Budapest, and Vienna, covering much of their CEE operations from these locations. Many large firms have withdrawn to focus on more lucrative markets in the UK and Germany. Dentons and CMS have remained strong in the region, but the trend for larger firms is to consolidate rather than expand, due to higher potential earnings elsewhere. This has left room for smaller firms to enter the market, especially as clients in CEE are more cost-conscious and seek value for money.

I don’t foresee major international firms opening new offices in the CEE. Instead, we might see more closures unless these firms have a solid foothold. Smaller firms have more opportunities to thrive. Looking forward, there could be potential for increased regional cooperation among Southeast European law firms. However, the diverse legal systems and small economies, such as in the former Yugoslav countries, pose challenges for unified operations.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With industry-specific software emerging left and right, the legal industry was not left behind. To explore some of the trends in this regard, we asked: What are some of the specific legal tech platforms you use?

Vaclav Bily, PRK Partners: In our office, we use mainly two legal tech solutions – SingleCase and Legito.

SingleCase is used as a data management system and for the general management of clients and legal cases. Legito is a smart contract solution in which we internally keep templates of often-used legal documents to allow us to both centralize our know-how and to be more efficient in our work due to automation within the platform (e.g., its connection to the Czech Commercial Register). We of course also use legal information systems such as ASPI or Beck for legal research in laws, court decisions, and legal literature.

In addition, we currently use many other digital tools albeit not being a specific legal tech solution. This namely includes access to LLMs currently through ChatGPT, AI-assisted translations through Deepl (which our attorneys can quickly and easily access through an internally developed client connected to Deepl API), or Signi, a Czech platform for electronic signatures.

Finally, we are also currently testing several legal tech solutions such as SingleDraft (an AI-powered MS Word plugin) or Advomate (an AI-assisted legal research tool). We are also in discussion with Semantee.ai on the development of an AI-assisted document search namely to be used in due diligence processes.

Josef Donat, Rowan Legal: At Rowan Legal, we are continuously innovating our services, including the involvement of legal tech external tools – for example for document automation or whistleblowing. We are also innovating internally to continue to improve the cooperation and exchange of know-how of our internal teams.

In recent months, in cooperation with Legal Systems, we launched and further developed a document automation system. Our clients thus have an innovative tool at their disposal, thanks to which they significantly save time when preparing and revising contractual documentation. We also introduced and further developed a whistleblowing solution called Smartwhistle, in which we combined the legal service with the WhistleLink technical solution.

We are also closely monitoring developments in the field of artificial intelligence. In the past year, we have started to use several tools for so-called smart research or for revising anonymized documentation based on defined parameters. We are also working on improving the internal chatbot, which helps, among other things, with the onboarding of new colleagues.

Tarik Guleryuz, Guleryuz Partners: At Guleryuz Partners, we are particularly interested in developing our business and improving efficiency through the use of technology, and we use several platforms to this end.

First of all is our internally developed app for time management and billing, which we named Ticker. Ticker allows us to manage the financial and time-management aspects of client management, such as making time entries, tracking costs, or automatically generating invoices in line with our engagement with the client.

Secondly, we use iManage for our document management needs, which is now almost the industry standard for document management and enables us to efficiently categorize and keep our documents organized.

Apart from the management-purposed use of technology, we are keen to use and develop technologies contributing to time and cost efficiency in any work-stream of a law firm. For these purposes, we have founded Delege Lata, an artificial intelligence research company specializing in AI research and development in the legal field. While the product – Delege Lata Associate – is still in development, it will simplify workflows, especially for our litigation team, as it is being purpose-built as an AI to handle drafting in litigation and arbitration. We have been testing the product in-house at Guleryuz and will unveil it to the general legal world in the coming months.

Pal Jalsovszky, Jalsovszky: The principal legal tech software that we use is Legito, which is a tool designed for contract automation. For three years now we have been working on uploading our main contractual provisions to Legito. Further, our firm uses Henchman, a very intelligent tool for searching clauses in our own database. Other than this, we have been using Luminance for more than five years to enhance the efficiency of our due diligence reviews. And lately, we started to use KLERQ, a Dutch-based software, helping us to put together our Legal500, Chambers and Partners, etc., submissions.

Other than these tools specifically designed for lawyers we are using various other software in our daily routine. Most notably, we benefit from Active Campaign, a CRM solution. In addition, we use Qlikview for our internal controlling and management accounting purposes.

Kostadin Sirleshtov, CMS: At CMS we use our Lupl platform – a radically simple software platform for lawyers to plan, organize, and deliver legal work. Usually, legal professionals do not have a central system for managing work, so they spend their days switching between tools and systems.

With Lupl, we have greater visibility – a bird’s eye view of everything relating to our matters with flexible views. We always know where tasks and deadlines stand across all matters and review all activities in real-time. It allows us to streamline tasks – to assign tasks, set priorities, and ensure balanced work distribution among our team, effortlessly managing our team’s workload.

Lupl helps us create customized workflows – we define the steps, tasks, and deadlines for each matter, assign roles and responsibilities to team members, and track the progress and status of each workflow. It provides integrated knowledge – easily capturing firm expertise and experience, thus enhancing efficiency and reducing the time spent searching for data.

Perry Zizzi, Dentons: Dentons is exploring numerous technologies to make our work more efficient.

I’m part of a pilot of 100 lawyers using Harvey AI for document analysis and review, information retrieval, and legal drafting. This gives us useful first drafts, but outputs still need to be reviewed by experienced lawyers. We are also piloting Microsoft Copilot, which is used for summarizing documents/data, creating first-draft correspondence, and doing research.

We are also using eDiscovery tools such as Luminance, Relativity, Nuix, and Brainspace to read and search large sets of documents to identify crucial information in short timelines. We have recently started using Azure AI Studio and its latest language models to develop chatbots that enable lawyers to analyze the latest developments, trends, and opportunities in their sectors or practice areas.

Our award-winning Purple Sea is an interactive data-driven solution, built internally on PowerBI, which is used by lawyers and business development professionals to identify white space and opportunities to expand client relationships. We also have a number of automated financial reporting tools built on Power BI.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

Nazali Tax & Legal Managing Partner Ersin Nazali and Kinstellar Managing Associate and Head of Employment Kristina Pavlovic talk about their firms’ summer internship programs – the crucial bridge between academic learning and practical experience for law students.

Internship Intake and Selection Criteria

Both Nazali and Kinstellar have well-defined criteria for selecting their summer interns, ensuring they attract dedicated and capable candidates.

“Our law firm consists of different areas (departments),” Nazali begins. “Within this scope, each department requests summer interns in accordance with their workload. Generally, each department has two to three summer interns each month. Our summer intern program covers three months, from June to August.” As for Kinstellar, Pavlovic says that the firm typically takes “two to four summer interns each year, mostly depending on the volume of work during the summer and the time our lawyers can devote to the candidates.”

Moreover, Nazali reports that their firm’s HR department is the one that selects the summer interns. “Their criteria are the academic year of the student (only second and third-year students are selected), the intern’s letter of interest, foreign language skills (with English being a must), previous intern programs, in case of third-year students, and social activities such as debate clubs and social responsibility projects,” Nazali outlines. As for Kinstellar’s selection criteria, Pavlovic reports that academic standing and English fluency are paramount. Aside from that, Pavlovic says that the “candidate’s enthusiasm to understand the way an international corporate law firm works, what we do in practice, and their readiness to spend a month of their summer working and learning” are also major selection criteria.

University Partnerships and Internship Structure

The way firms engage with educational centers and structure their internship programs plays a significant role in shaping interns’ experiences.

“We don’t have specific university partnerships, but we are attending universities’ career days programs,” Nazali says. “Through these programs, we easily meet different students and these students have a chance to learn about our office internship program.” As he puts it, the firm’s aim is to show the “enforcement part of our work that is not shown at university.”

“Traditionally, we partner with the Belgrade University’s Faculty of Law and its student association, ELSA,” Pavlovic says for Kinstellar. “In recent years, we have also engaged students from foreign universities interested in learning about international law firms operating in the local market and Serbian jurisdiction and legislation.”

Continuing, Pavlovic says that, “through the internship, the intern gains insight into what life of a Junior Associate at an international law firm entails, what are the expectations and challenges in practice.” At Kinstellar, each summer intern gets one of the firm’s Associates as a mentor. “Being attached to a mentor, the intern is mainly associated with one practice group. However, depending on the workload, they also receive tasks from Associates in different fields,” Pavlovic explains. “In addition to working on legal matters and serving clients, our interns frequently engage in various research and business development activities.”

Nazali also outlines that their legal interns do research, draft the results of their legal analysis, create presentations about new regulations, write articles, visit the courts with lawyers, and much more.

Conversion to Full-Time Hires and Intern Experience

The ultimate goal for many interns is to secure a full-time position post-graduation. Both firms have systems in place to facilitate this transition, offering a pathway from internship to full-time employment.

“After their internship program, each Partner gives feedback to the HR department,” Nazali says. “In case an intern makes an application for a legal intern program, if the feedback is positive, our HR team selects the intern as a legal intern candidate and the process moves forward.” As a general rule, Nazali shares that the firm’s default approach is to select “previous summer interns as our next legal interns.”

“Some of the most successful lawyers within our office started as our summer interns,” Pavlovic chimes in. “Others went studying abroad or decided to opt for different careers. In any instance, the feedback they gave us indicated that the internship at our law firm was a valuable learning experience, helping them determine their future career paths.” Not only that but Pavlovic also happily shares in conclusion that “many friendships developed among team members. We love to have interns among us because they bring a special energy and enthusiasm to our work atmosphere.”

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

Once known for its financial turbulence, the Greek economy is showing strong growth. Bahas, Gramatidis & Partners Managing Partner Marios Bahas and Drakopoulos Partner Mika Lalaouni discuss key sectors and major drivers of the turnaround.

Greece’s Economic Comeback

In the face of global challenges, Greece’s economy has shown remarkable resilience. “Amid the geopolitical crises in Ukraine and the Middle East and their impact on the international economic environment, the Greek economy remains resilient,” Lalaouni notes. “It is noteworthy that, in 2023, Greece recorded the second-largest improvement in fiscal fundamentals at the Euro area level. According to the latest OECD Economic Outlook (May 2024), growth is projected to continue at 2.0% in 2024 before picking up to 2.5% in 2025.” This projection, she highlights, “reflects the country’s continued efforts to support the market through improvements in all key economic indicators.”

Bahas further emphasizes this transformation: “The current market situation in Greece represents a significant improvement compared to previous years. Following a severe financial crisis, the Greek economy has recovered substantially.” According to him, “In recent years, there have been positive GDP growth rates, contrasting with the negative growth during the crisis. The investment climate has become much more favorable, with increased levels of both foreign and domestic investment. Unemployment rates have fallen – though they remain higher than the European Union average. Business confidence has improved significantly, with more companies being established and existing ones expanding their operations.”

Lalaouni underscores recent trends in foreign investment, noting that “according to UN Trade and Development’s 2024 World Investment Report, FDI inflows to Greece reached USD 8.451 billion in 2022 (the highest FDI inflow since 2002) compared to USD 6.32 billion in 2021 and USD 3.21 billion in 2020.” Moreover, Lalaouni highlights the strength of the labor market, stating it “remained strong in 2023 with the unemployment rate falling to 11.1% from 12.4% in 2022.” However, Lalaouni also points out challenges in the economy, mentioning that “annual Harmonised Index of Consumer Prices (HICP) inflation decreased to 4.2% (from 9.3% in 2022) mainly due to the decrease in energy prices, however, prices of processed foods, and non-energy industrial goods and services remained very high in 2023 and contributed negatively to inflation rates. Still, the HICP inflation is ‘expected to decline more gradually in 2024 and 2025 to 2.7% and 2.0%, respectively,’ according to the European Commission’s macroeconomic forecast.”

The Sectors Shaping the Future

As Greece continues to recover, some sectors are playing a pivotal role in its economic resurgence. “Several key sectors are driving the economic boom in Greece,” Bahas notes. “The tourism sector continues to be a major growth driver due to the increasing number of visitors each year. The real estate market is also growing significantly, with substantial investment in both residential and commercial properties, driven in part by the Golden Visa program. Additionally, the renewable energy sector is expanding rapidly, particularly in wind and solar power. The technology sector – especially in terms of start-ups – is attracting significant venture capital, further boosting economic growth. Moreover, the shipping industry continues to be a world leader, contributing significantly to the overall economy.”

“Private consumption, goods and services exports, and investment remained the key drivers of GDP growth which grew by 2.0% in 2023 compared to 2022, according to the Financial Stability Review of the Bank of Greece,” Lalaouni adds. “In particular, in early 2024 Greece attracted direct investments mainly from Germany, France, Italy, and China (Hong Kong in particular) with a focus on manufacturing, telecommunications, transportation, and real estate.”

High-value projects are further underscoring this momentum. Bahas points to the Hellinikon Project, “a multi-billion euro redevelopment initiative in Athens that is transforming the former airport site into a modern urban area with commercial and residential spaces.” The privatization of the ports of Igoumenitsa, Heraklion, and Volos, according to Lalaouni, amounted to “EUR 84.2 million, EUR 80 million, and EUR 51 million respectively.”

In addition to these developments, significant investments from major companies signal confidence in Greece’s future. “Microsoft has announced plans to establish a data center region in Greece,” Bahas states, “representing a significant investment in the country’s technology infrastructure.” Furthermore, Bahas notes that “Cosco Shipping continues to invest heavily in the Port of Piraeus, expanding its capacity and facilities and establishing it as a key logistics hub.”

Eldorado Gold is also making strides, with Bahas adding that the company is “investing in gold mining operations, contributing to the growth of the mining sector.” Additionally, “numerous international hotel chains and property developers have also made significant investments in the tourism sector, further boosting economic growth,” he reports.

Lalaouni says that the recent IPO of AIA in Greece attracted significant interest. “The offering of 90 million AIA shares to investors both in Greece and abroad,” she reports, “resulted in a commencement trading price of EUR 8.20 per share, at the upper end of the price range.” This debut, according to her, underscores a growing confidence in Greece’s economic outlook.

What’s Driving the Growth?

Bahas emphasizes that several key factors have contributed to the positive shift in the Greek market outlook: “Political stability has improved investor confidence and fostered a more predictable business environment. Economic reforms have led to better fiscal stability and economic performance. Continued financial support from the European Union has been instrumental in stabilizing and growing the economy. Sustained growth in tourism has had a positive multiplier effect on other sectors such as retail, hospitality, and transportation.” In addition, he notes, “investments in infrastructure, including the modernization of ports and airports, have significantly improved connectivity and trade, further contributing to the positive market outlook.”

Moreover, Lalaouni highlights that “investment, supported by the disbursements of the EU Recovery and Resilience Fund and by the continuous improvement of banks’ health, is one of the main growth drivers of the Greek economy and is expected to remain as such in the coming years.” Further, she stresses, “export of goods and services contributes significantly to the growth rates,” while consumption “will pick up in 2024 as real wage increases, employment gains, and strong tourism inflows support incomes and spending.” 

Lalaouni concludes that “Greece’s commitment to reforms over the past decade along with the achievement of its key fiscal targets rebuilt trust and attracted foreign investors.”

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

An in-depth look at George Zohios of AKL Law Firm covering his career path, education, and top projects as a lawyer as well as a few insights about him as a manager at work and as a person outside the office.

Career:

• AKL; Partner; 2016-present
• AKL; Senior Associate; 2009-2016
• Christianos and Partners Law Firm; Associate; 2008-2009

Education:

• University of Manchester; LL.M. in International Commercial Law; 2005
• National & Kapodistrian University of Athens; LL.B.; 2004

Favorites:

• Out-of-office activity: Swimming and traveling with my family
• Quote: “Ring the bells that still can ring. Forget your perfect offering. There is a crack, a crack in everything. That’s how the light gets in.” – Leonard Cohen
• Book: Underworld by Don DeLillo
• Movie: Dead Man by Jim Jarmusch

Top 5 Projects:

• Advising Alpha Bank regarding refinancing and re-leveraging financing for Astir Palace Vouliagmenis S.A., owner of one of the most luxurious and historic hotels in the Athens Riviera.

• Advising Alpha Bank regarding financing for HPH Pelagia Single Member Societe Anonyme, a company owned by Hines Group, for the acquisition and development of Out of the Blue Capsis Elite Resort in Crete.

• Advising Alpha Bank on the acquisition and development financing related to Goldman Sachs Asset Management’s purchase of the five-star Theophano Imperial Palace Hotel and the four-star Athos Palace and Pallini Beach hotels (G Hotels) in Chalkidiki, Greece.

• Advising Piraeus Bank regarding financing for the construction and operation of a Six Senses six-star hotel in Porto Heli, Greece.

• Advising the National Bank on acquisition financing for one of the most significant and impactful acquisitions in the food industry sector in recent years, involving the purchase of food companies, including ION, Greece’s leading chocolate manufacturer.

CEELM: What would you say was the most challenging project you ever worked on and why?

Zohios: The most challenging project I ever worked on was advising Alpha Bank on acquisition and development financing related to Goldman Sachs Asset Management’s purchase of the five-star Theophano Imperial Palace Hotel and the four-star Athos Palace and Pallini Beach hotels (G Hotels) in Chalkidiki, Greee. This was one of the most significant transactions in Greece’s tourism sector in recent years, enhancing the country’s portfolio of high-end investments. Managing the financial aspects required a deep understanding of the luxury hospitality industry, including the dynamics of high-end clientele, premium service standards, and luxury branding. Additionally, coordinating with Goldman Sachs, a global leader in investment banking, added another layer of complexity. Navigating complex contractual agreements, brand standards, and operational protocols specific to Goldman Sachs, while ensuring alignment with the financing structure and objectives, was a significant challenge.

CEELM: And what was your main takeaway from it?

Zohios: My main takeaway from this project was the importance of adaptability and comprehensive industry knowledge. Successfully managing such a high-stakes transaction required a deep understanding of industry-specific dynamics. Additionally, working with a major global player like Goldman Sachs underscored the need for clear communication and precise alignment of objectives across all parties involved. This experience significantly enhanced my problem-solving and strategic thinking skills.

CEELM: What is one thing clients likely don’t know about you?

Zohios: One thing clients likely don’t know about me is that I am an avid swimmer. This hobby has taught me the value of perseverance, discipline, and strategic planning. These skills translate into my professional life, where I approach complex projects with the same dedication and focus, ensuring that I deliver the best possible outcomes for my clients.

CEELM: Name one mentor who played a big role in your career and how they impacted you.

Zohios: One mentor who played a significant role in my career is our Co-Managing Partner Alexandros Kosmopoulos. His guidance and expertise have been invaluable to my professional development. Alexandros taught me the importance of strategic thinking and meticulous attention to detail. He encouraged me to approach challenges with a solution and business-oriented mindset and always emphasized the value of integrity and ethical conduct in our profession.

Under his mentorship, I gained confidence in handling high-stakes transactions and learned to navigate complex financial landscapes. He also fostered a culture of continuous learning and professional growth, inspiring me to stay informed about legal trends and innovations.

CEELM: Name one mentee you are particularly proud of.

Zohios: One mentee I am particularly proud of is George Athanassiou, a Senior Associate at AKL. George has embraced the high-quality and ethical standards of our firm, consistently demonstrating a strong work ethic and attention to detail. He is incredibly hardworking and always eager to learn new things.

Since joining the firm, George has shown remarkable growth and a deep understanding of transactional law. Despite his young age, his ability to handle complex cases with precision and professionalism is truly impressive. His commitment to our firm’s values and his outstanding performance make me confident that he will continue to achieve great success in his legal career.

CEELM: What is the one piece of advice you’d give yourself fresh out of law school?

Zohios: Stay passionate and be persistent, focused, and consistent. Enjoy the ride, as being a lawyer is both a challenging and rewarding profession. Embrace every opportunity to learn and grow and always uphold the highest standards of integrity and excellence.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

Over the past years, Slovenian businesses have increasingly turned their attention to the Western Balkans, identifying the region as a promising hub for investment and expansion. Ketler & Partners Partner Kevin Rihtar, Kavcic, Bracun & Partners Managing Partner Matej Kavcic, MP Law Partner Marko Prusnik, and Senica & Partners Managing Partner Katarina Kresal discuss key sectors of interest and examine the strategic advantages the Western Balkans offer to Slovenian enterprises.

A Strategic Hub

In recent years, Slovenian businesses have increasingly recognized the Western Balkans as “a region ripe with potential for investment and expansion,” Rihtar emphasizes. “This evolution is characterized by a significant rise in direct investments, cross-border partnerships, and joint ventures. The Slovenian government, along with various financial institutions, has facilitated this growth through supportive policies, bilateral agreements, and trade missions aimed at fostering economic ties.”

There has been steady growth in terms of both Slovenia’s export of goods and Slovenian direct investments in the Western Balkans, according to Kavcic. “From 2019 to 2023, exports increased by nearly 50%, from approximately EUR 5.08 billion to EUR 7.14 billion. This significant increase occurred despite a slight overall decline in total exports compared to 2022, driven by the energy crisis and a reduction in pharmaceutical exports. Croatia stands out as a key market, with exports to Croatia representing over 10% of Slovenia’s total exports, making it the third-largest export destination.” As for direct investments, Kavcic highlights that “among the top five recipients of Slovenian outward direct investments, four are former Yugoslav republics. Croatia is the largest recipient, accounting for more than 34% of all Slovenian outward direct investments.” Overall, Kavcic highlights that Slovenian outward direct investments have exceeded “EUR 6 billion, marking a 33% increase since 2019.”

“A Natural Partner”

As for the main factor behind this interest, “this evolution is largely driven by Slovenia’s strategic interest in the region, historical ties, and the opportunities presented by the developing markets in the Western Balkans,” Prusnik explains.

For Kavcic, “shared history, geographical proximity, and cultural and linguistic familiarity make South-Eastern Europe a natural partner for Slovenian businesses,” with Kresal adding that “the Western Balkans have been experiencing steady economic growth, improving infrastructure, and increasing integration with the European Union. These factors create a conducive environment for business operations and investments. Slovenian companies have capitalized on these opportunities by expanding their operations in various sectors, including manufacturing, retail, banking, finance, and energy.”

“Slovenia’s stance in relation to the accession of several Western Balkan countries to the EU has also probably contributed to the evolution of such investments and cooperation,” Rihtar continues. “For example, the Bled Pledge, the intention that the EU and the Western Balkans should be ready for enlargement of the EU by 2030, shows further signs of stability and commercial prosperity in the region.”

Winning Investments

The most important sectors that dominate investments flowing through the Western Balkans via Slovenia, according to Kavcic, include “inter alia, wholesale, retail trade and repair of motor vehicles, manufacturing, mineral fuels, oils, and their products, and financial and insurance activities.”

“Energy projects, particularly renewable energy, have seen substantial Slovenian investment,” Rihtar notes. “Some large Slovenian companies are even key players, focusing on wind, solar, and hydroelectric power projects.” Kavcic agrees, adding that “Slovenia’s Petrol has become one of the largest retailers in Croatia, making the largest acquisition in the company’s history by acquiring the Croatian retail company Crodux, thereby almost doubling its market share in the retail sector in Croatia. Additionally, Petrol is active in the distribution and sale of natural gas, with the acquisition of Adria Plin and Zagorski Metalac.”

Kresal draws attention to the manufacturing sector. “Gorenje, a major Slovenian home appliance manufacturer, has established production facilities in Serbia,” she says. “The company has historically been a significant player in the region and continues to invest in expanding its operations. Gorenje’s presence in Serbia allows it to leverage lower production costs and access a large consumer market.”

Another notable Slovenian investment, according to Prusnik, is “Mercator’s continued expansion of its retail network, focusing on modernizing stores and logistics to enhance customer experience and operational efficiency.” Kresal adds that “despite being acquired by Croatian company Agrokor (now Fortenova), Mercator remains a key player in the retail sector across the Western Balkans, maintaining a strong market presence. Mercator’s extensive network of stores and its established brand reputation make it a dominant force in the region’s retail market.”

Additionally, multiple Slovenian private equity and venture capital funds are investing in the Western Balkans, according to Prusnik, “with ALFI Funds being by far the most active Slovenian funds in the region. Notably, the Logins (Samo Login, creator of Talking Tom) are making significant investments in food production in Macedonia, and the Sesok family, through their company Iskra, is heavily investing in logistics and shipbuilding in the region.”

Rihtar and Kresal also highlight Slovenian activities in the banking and finance sector. “Banks with their presence in Slovenia have expanded their operations in the Western Balkans, offering a range of financial services and products,” Rihtar notes. Kresal points to NLB as a specific example, noting that “NLB has expanded significantly in Serbia by acquiring Komercijalna Banka, the third-largest bank in Serbia. This acquisition is part of a broader strategy to strengthen NLB’s position in the Western Balkans.”

Finally, Kresal highlights life sciences, saying that “Krka, a leading pharmaceutical company, has been expanding its production capabilities in the Balkans, particularly focusing on Serbia and Croatia. The pharmaceutical sector’s growth potential in the region, driven by increasing healthcare needs and rising consumer demand for quality medicines, makes it an attractive investment destination for Krka.”

Placing Bets on Green Energy and Tech

Looking ahead, Rihtar remarks, “there are several high-profile Slovenian investments that are currently underway in the Western Balkans, including in relation to energy projects in North Macedonia and Serbia, investments in logistic capacities in Serbia as well as several others.”

Prusnik and Kresal highlight, that emerging trends in the region show a marked shift toward investments in renewable energy sources and sustainability. “Slovenian companies are increasingly focusing on wind, solar, and hydroelectric projects, driven by both regional energy needs and EU sustainability goals,” Prusnik notes. “For example, Petrol has constructed the Glunca and Ljubac wind farms in Croatia, with capacities of 20.7 megawatts and 32.4 megawatts, respectively,” Kresal adds. “Additionally, Petrol is developing one of the largest solar power plants in the region, showcasing their commitment to sustainable energy projects. This focus on renewable energy is driven by the global shift towards sustainability, the region’s renewable energy potential, and supportive government policies.”

Furthermore, “there is growing investment in IT and digital infrastructure, with Slovenian firms playing a significant role in the development of digital services and e-commerce platforms,” Prusnik emphasizes. Rihtar adds that “Slovenian investors are increasingly interested in the tech and digitalization start-up scene in the Western Balkans, recognizing the potential for high returns in a burgeoning digital economy. Additionally, sectors such as healthcare – including AI in healthcare, and pharmaceuticals are gaining traction due to the increasing demand for medical services and products.”

In terms of specific locations, Kavcic notes that “Serbia is emerging as one of the most attractive countries for Slovenian investments. The number of Slovenian investments in Serbia is increasing, with companies citing a business-friendly environment characterized by shorter bureaucratic procedures, fewer labor shortages, and more favorable tax conditions. Although Croatia remains the largest recipient of Slovenian outward direct investments, it is noteworthy that over half of these investments are by households in real estate. In contrast, Slovenian outward direct investments in Serbia nearly doubled in recent years, rising from EUR 938.9 million in 2019 to EUR 1.73 billion in 2022.”

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

Despite the strength of domestic law firms in Slovenia, not a great number of major local players have engaged in direct expansions across the region. Senica & Partners Managing Partner Uros Cop and Kavcic, Bracun & Partners Managing Partner Simon Bracun explore the reasons behind this trend, examine attempts at regional alliances, and identify recent developments that may incentivize firms to pursue regional expansion.

Market Size and Expansion Risks

“Exploring the growth of local law firms regionally can offer valuable insights into the legal landscape and its potential for expansion,” Cop begins. One primary consideration he puts forward is the market size, which has “kept many local firms rooted in the national market. These firms have cultivated strong local relationships and reputations, adding a layer of perceived risk and cost associated with regional expansion.” Additionally, he feels that understanding the diverse legal systems, regulatory environments, and business cultures in neighboring countries can “present challenges for firms without an existing regional presence. Moreover, many firms prioritize maintaining their independence and client-centered approach over scaling up and potentially diluting their brand and quality of service.”

Furthermore, while regulatory and legal systems in the region share a common background and cultural and linguistic barriers are relatively surmountable, substantial financial investments are required for successful expansion. “Establishing offices and recruiting local talent constitute significant obstacles. Maintaining the firm’s core values, culture, independence, and service quality during expansion poses a substantial hurdle,” Cop says.

Bracun agrees with Cop, saying that Slovenian law firms face significant challenges in expanding their reach and establishing regional offices primarily due to the substantial investments and regional risks involved. “The Balkan region, closely connected to Slovenia, is marked by country-specific regulations, particularly as most ex-Yugoslavian countries – except Croatia – are not part of the European Union. Additionally, Slovenia has the smallest market compared to its neighbors, putting its law firms at a size disadvantage relative to other major local or large domestic offices,” Bracun explains.

Regional Alliances: A Solid Alternative

However, in recent years, there have been “compelling trends and developments” that have incentivized “several local firms to pursue regional expansion,” Cop says. “The globalization of businesses, even within traditionally localized sectors, generates demand for legal services that seamlessly operate across borders. Furthermore, advancements in digital and remote work technologies have facilitated firms in managing operations and client relationships across different locations,” he explains.

“For instance, at Senica & Partners, we recognized the need for comprehensive regional legal support and, in response, established the Adriatic Legal Network with regional partners. Over time, our clients demanded 24/7 full-service global support, and to not lose them, all of us joined Andersen Global; by doing so, we expanded the variety of services we offer and started to operate as a global firm on a worldwide scale, serving our clients in 176 countries while retaining our independence,” Cop shares. “Therefore, while the trend of clients seeking comprehensive legal support continues to grow, firms need to meet the demand for seamless and tailored global support in addition to global expansion – this principle applies equally to Slovenia and the wider region,” Cop says.

In light of this demand and as an alternative to the perceived challenges of direct regional expansion, Bracun explains that “regional alliances provide a strategic solution for Slovenian law firms, allowing them to extend their reach and capabilities without the high costs and risks of setting up and maintaining physical offices in new locations. Through these partnerships, Slovenian firms can offer a broader range of services and access to international markets, maintaining their competitiveness in an increasingly globalized legal industry.”

And it’s not just Slovenian firms being inclined to consider regional alliances. Looking at Slovenia from the outside, Bracun assesses that “Slovenian top-tier law firms are primarily domestic law firms known for their high expertise, though they are generally smaller compared to well-established firms in foreign jurisdictions, with some exceptions. While large international law firms already serve significant international clients in the region, Slovenia’s relatively small market size and the presence of highly skilled domestic firms contribute to intense competition within the country.” Consequently, Bracun feels that “major local players opt for regional alliances and/or cooperation with domestic law firms on a case-by-case basis, instead of directly entering the Slovenian market and competing for what they perceive as a relatively small share.”

While there is a perceived risk for Slovenian firms to expand into the region and also for outsiders to enter the market, regional “alliances often emerge from the necessity to provide cross-border legal services to clients operating regionally,” Cop says. “The primary reasons behind these attempts include pooling resources, sharing expertise, and enhancing overall service offerings to clients. By offering broader geographical coverage and specialized local knowledge, such alliances aim to serve their clients better,” he explains.

“While some of these alliances have achieved success, others have encountered challenges when it comes to integration, cultural differences, and maintaining consistent service quality,” Cop goes on to say. “Successful alliances rely on solid strategic alignment and effective communication for their accomplishments and, most importantly, alliances should strive to have the same culture, which is often a significant barrier.”

Incentives for Regional Expansion Down the Line

“The Balkan region holds significant strategic importance for the European Union, which has led to a notable trend where certain SE countries are making substantial progress toward EU membership,” Bracun says. “Concurrently, the region is experiencing increasing interconnectedness, evidenced by a rise in direct investments between these countries. These developments suggest that current country-specific regulations will likely harmonize over time, adopting reforms and aligning their legal and economic frameworks with EU standards.” According to him, this alignment facilitates easier and more attractive conditions for trade and investment, fostering further economic growth. “Businesses are increasingly looking beyond their national borders, seeking opportunities across the region; continued progress in these areas could incentivize strong local firms to pursue regional expansion,” Bracun concludes.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

In the Inside Track, General Counsels across CEE share the nuances of their roles, challenges, and strategies for success. As summer is a time to unwind, we asked: With summer here, what is your one favorite yearly activity to disconnect and switch off?

Iryna Musiychuk, Head of Legal Department, McDonald’s Poland: Summer holds a special place in my heart, and I always see it as a time to relax. Even a short break during this sunny season brings so much joy and rejuvenation, especially with the refreshing sea breeze. After the pressure of legal work, I’ve found that surfing and other water sports are the perfect way to unwind. I’ve come to realize the importance of taking regular breaks, no matter the time of year. It’s better than waiting for summer to arrive and then trying to recover from a workload without proper rest. While I used to travel to other countries, now that I work in Poland, I’m looking forward to spending my vacation in my homeland, Ukraine.

These warm summer days provide the perfect opportunity for leisurely evening strolls and enjoyable meals with loved ones. Regrettably, in Ukraine, these simple moments have become rare relics of pre-war times. Instead, the reality for my fellow citizens is filled with curfews, ongoing air raids, and explosions. I hope a peaceful life will come back, and those Russians responsible for war crimes will be held accountable and duly punished for the immense suffering they have inflicted upon Ukraine and other nations worldwide.

Nada Matusikova, Co-Head of Legal, RWS Group: Being almost a workaholic (not by choice), I cannot wait for the summer holiday season. Over the years, I discovered my best model of holiday. A proper time for relaxing must be at least two weeks in a row. I usually take one week in July and one in August to break the summer with the kids. But if you have the luxury, always take the full fortnight.   

I love the combination of adventure and leisure. For the first week, I opt for some physically demanding activities that require your full focus. This is very important to your absolute switch off from your work and/or family duties. I can recommend mountain climbing, hiking, or nature exploration. After you have forgotten all about your pending tasks or overflowing mailbox, you are finally ready to fully relax. Choose one to your liking – whether a proper beach holiday, a spa treatment, or a calming stay in the countryside. Do enjoy what you cannot normally indulge in while working – read, meditate, exercise, dance, or just sleep.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.

As Pfizer’s Legal Director overseeing Greece, Cyprus, Malta, and Israel, Stathis Mihos explores EU health policy advancements and the complexities arising from the pandemic and examines how artificial intelligence is dynamically influencing lawyers’ work.

CEELM: Tell us a bit about yourself and the career path you took leading up to your current role.

Mihos: I studied law at the University of Athens and later obtained my postgraduate degree (LL.M.) in Information Technology and Telecommunications Law from the University of Strathclyde, Glasgow. Additionally, I hold an M.A. degree in Tourism Business Administration from the Hellenic Open University.

After graduating, I initially worked as a lawyer in various law firms. In 2001, I began managing in-house legal departments for the Greek affiliates of international companies, including Lafarge, BP, Carrefour, and since 2013, Pfizer. I joined Pfizer as Legal Director about eleven years ago and I’m now responsible for managing the company’s legal affairs in Greece, Cyprus, Malta, and Israel.

I am also the author of many articles and books, including Monitoring of Internet Communications in the Workplace (Sakkoulas Publications, 2007), In-house Counsel (Nomiki Vivliothiki Publications, 2013), and contributor to The Future of the In-house Lawyer: The General Counsel Revolution (The Law Society of England and Wales, 2016).

CEELM: Over the past years, what has been your main focus?

Mihos: The pandemic period was of course difficult for all people and all businesses. Fellow lawyers of all companies had to deal with a number of novel legal issues in the ways of working, distributing products, managing payments, concluding agreements, ensuring the health of employees, and at the same time safeguarding personal data, to name but a few. Obviously, in our company, we dealt with all of this, but at the same time, we needed to run at high speeds to support the effort to develop a vaccine against the virus. At the level of the four national markets that I support, this meant working with the relevant departments to conduct trade negotiations, manage potential claims, confirm compliance with pharmaceutical legislation, etc. under largely unclear and constantly changing conditions. This job involved many hours of continuous work and several late nights, many stresses and anxieties, many meetings, video conferences, phone calls, and countless emails. But for the first time in my professional life, I felt such feelings of joy and pride seeing that my effort added up to the huge effort of thousands of Pfizer employees and partners to overcome the problem and save millions of lives.

CEELM: How have your focus and priorities shifted post-COVID-19?

Mihos: The pandemic has imposed structural changes in health, which will have a long-term character and will shape the future. The speed with which science has moved, with the discovery of a vaccine and a treatment in a very short time, opens new horizons for new innovations that will contribute to improving patients’ lives. New digital technologies (artificial intelligence, machine learning, etc.) and developments in data science will also play a decisive role, which will radically change the management of serious diseases and put the patient at the center.

Additionally, the pandemic and the wider changes that have taken place in Europe have highlighted the need to revise the EU health strategy so that all countries can respond to every next challenge. The aim of the new global strategy is equal access for all citizens to innovative medicines and treatments. For example, with the Pact for a Healthier World, Pfizer provides all patented high-quality medicines and vaccines available in the U.S. or European Union to 1.2 billion people in 45 lower-income countries without profit. In this way, the pact aims to significantly reduce existing health inequalities between many lower-income countries and the rest of the world.

CEELM: Looking ahead, what do you anticipate keeping you busy in the next period?

Mihos: The EU initiative on the European Health Data Space (EHDS) is very important and goes in the right direction to ensure that all citizens can have the best healthcare across the EU. At the same time, the EHDS promotes innovation as data will be used in research to develop new treatments that will cover unmet medical needs (secondary use of electronic health data), after ensuring the transparency of the system with mechanisms that will fully protect citizens’ personal data. This initiative is also in line with the digital transformation strategy in healthcare that has already begun and will further enhance citizens’ accessibility to health services and the quality of the health system.

CEELM: What is the one piece of advice you would give to improve organization within an in-house legal department?

Mihos: In business, we are all often called upon to do “more with less.” While this may be feasible in some cases, it is clearly not an ideal or viable way to legally do business. So, we end up just doing “less with less” – and that’s not a bad thing if done the right way. In order to be productive, while protecting our health and well-being – which is important not only for us but also for our employer, we must be selective in where it is best to offer our services. Consequently, we now provide “Principled Advice” (or PBA – Principle Based Advice). This means implementing strategies to help our internal clients help themselves, thereby fostering a culture of compliance and multiplying the beneficial influence of the legal team across the organization. Succeeding requires a change of mentality: both from clients, who must learn to apply the principles of a sound legal solution without being told specifically how, and from lawyers, who must limit their involvement in a range of activities without ceasing to be friendly and supportive. I’m sure a lot of legal services are already implementing PBA – I guess we just gave it a nice name and, maybe, took it to the next level.

CEELM: Looking ahead, what do you anticipate will be the main challenges for GCs in Greece in the upcoming future?

Mihos: Currently, there’s a lot of controversy around artificial intelligence. I have the honor of being on the Standing Scientific Committee of the Greek Ministry of Justice for Artificial Intelligence in the Judicial System, co-representing the Athens Bar Association. I also co-represent Greek lawyers in the Future and IT Committees of the Council of Bars and Law Societies of Europe. Finally, I’m a member of the Pfizer Working Group on Ethical and Responsible Artificial Intelligence.

I mention these to explain that I have good opportunities to follow technological developments and I appreciate the efforts to regulate the use of AI technology in such a way that efficiency is combined with the protection of human rights, in a broad sense. However, I will quote Richard Susskind, who paraphrased Isaac Asimov and said: “In the short term, people overestimate what AI will achieve, but in the long run they underestimate it.” This applies to all uses in general, but also to AI use in the area of justice in particular. Indeed, legal tech is currently developing significantly with many mainly small companies trying to innovate in the field, but without yet seeing a boom that would overturn what we know. There are, of course, significant improvements, in particular, but not exclusively, in the legal review of texts, while particular emphasis seems to have been placed on the effort for remote administration of justice. Europe is rather sluggish in the relative race of AI in justice and Greece, despite the efforts made, still has a long way to go. But the younger generations have received the message and are preparing and that is promising.

This article was originally published in Issue 11.7 of the CEE Legal Matters Magazine. If you would like to receive a hard copy of the magazine, you can subscribe here.