The Legal 500

Within Banking and finance, Andreas Neocleous & Co LLC is a first tier firm,

The banking and finance team at Andreas Neocleous & Co LLC has continued to inspire ‘complete confidence’ in its sound grasp of the complexities of Cypriot banking law. Led by Kyriacos Georgiades, the team has had a busy year. Significant mandates in 2008 include acting as Cypriot legal counsel for Eurohypo in a $200m refinancing of a Moscow business park to a Cyprus-incorporated borrower. The team also advised Société Générale on the Cypriot aspects of a $385m credit facility to Russian transport company Brunswick Rail Leasing. The financing arm of World Bank, the IFC regularly instructs the firm on its local investments.

Within Construction, Andreas Neocleous & Co LLC is a first tier firm,

The construction practice at Andreas Neocleous & Co LLC has a strong track record of involvement on the country’s major projects. The firm continues to advise a number of clients on PFI projects, including Bouygues Bâtiment International on the design and construction of new airports at Paphos and Larnaca, as well as acting as sole legal counsel to CBMI Construction Limited on its €83m contract to construct a cement production plant in Cyprus.

Within Corporate and M&A, Andreas Neocleous & Co LLC is a first tier firm,

Clients are quick to praise Elias Neocleous’s corporate team at Andreas Neocleous & Co LLC for its ‘responsive and accurate legal advice’, having full confidence in the team when faced with demanding deadlines on complex transactions. With offices in Moscow and Kiev as well as other locations in Europe, the firm has a strong international focus. 2008 saw the firm act for MDM Holdings on its re-domiciliation from Austria to Cyprus, alongside CMS Cameron McKenna LLP. In addition, the team advised steel and iron works company MMK on its acquisition of an increased shareholding in Belon Coal Mining, at a total value of $230m.

Within Dispute resolution, Andreas Neocleous & Co LLC is a first tier firm,

The dispute resolution practice at Andreas Neocleous & Co LLC is divided up into four teams focusing on specialist areas, garnering praise for its ‘witty and decisive handling of cases’. With former head of department Takis Christoforou stepping down in 2008 to take on a consultancy role at the firm, Panayiotis Neocleous now heads up the overall practice. In 2008 Panayiotis Neocleous and Maria Ioannou acted for the claimant in a €50m fraud case that involved successfully obtaining an injunction against the transfer, alienation or disposition of the relevant assets in the defendant company’s Swiss and Hungarian subsidiaries. The team also acted for the defendants in multi-million dollar shareholders dispute in which they succeeded in overturning ex parte interim orders prohibiting the dealing of its shares and alienation of its property.

Within EU and competition, Andreas Neocleous & Co LLC is a first tier firm,

With a presence in Brussels, Maria Kyriacou’s EU and Competition law team at Andreas Neocleous & Co LLC continues to act on significant EU law assignments. The firm has been appointed by the European Commission to advise on the implementation of the JEREMIE initiative in Cyprus, which is designed to increase access by small businesses to financial instruments. In addition to acting in the ongoing EC sugar regulations case, the firm is advising the Cyprus Union of Shipowners on new EU regulations and the recent removal of block exemptions relating to price-fixing between liner shipping companies.

Within Intellectual property, Andreas Neocleous & Co LLC is a first tier firm,

Maria Kyriacou’s ‘international experience’ in IP matters inspires full confidence in the practice at Andreas Neocleous & Co LLC. The island’s favourable tax regimes have made it an attractive prospect to multinationals looking to “park” their IP rights in a single jurisdiction, and the IP team has exploited this effectively. The firm has acted for the likes of Coca-Cola and Procter & Gamble on contentious matters, and is currently representing WD-40 in litigation proceedings against stores selling counterfeit goods.

Within Legal market,

Although the majority of law firms have a family-driven approach with a high focus on providing purely legal advice, many firms have altered and expanded their practice to reflect the increasing amount of workload arising from abroad. Given the relatively small size of the market, some of the larger firms have expanded out into Europe, with market leader Andreas Neocleous & Co LLC fielding offices in Eastern Europe, Russia and Brussels. Pamboridis LLC and Chrysses Demetriades & Co Law Office both have an Athens presence, with the former firm recently becoming a member of the DLA Piper group of offices. Strong relationships with international law firms are vital for firms looking to compete for multi-jurisdictional work, and the majority of firms have close ties to the big four accountancy firms. PricewaterhouseCoopers recently established a dedicated legal presence in Cyprus through its Landwell arm.

Within Maritime and admiralty, Andreas Neocleous & Co LLC is a first tier firm,

The maritime practice at Andreas Neocleous & Co LLC continues to field a strong team of lawyers under the stewardship of Panayiotis Neocleous, with Costas Stamatiou highlighted by clients as a ‘responsive and direct adviser’. The firm regulary provides advice to international firms on Cypriot shipping law, recently advising Stephenson Harwood on statutory and maritime liens in relation to foreign admiralty proceedings. The firm reports increased interest in single ship and super yacht transactions, with 2008 seeing the firm instructed by the Tokyo office of Allen & Overy LLP for a consortium of banks in a series of ship finance transactions valued at $200m.

Within Tax, Andreas Neocleous & Co LLC is a first tier firm,

Andreas Neocleous & Co LLC recently bolstered its tax practice with the hiring of Eloize Savvidou from Ernst & Young Global Limited’s London office and Kyriacos Xenofontos from the Cyrpus office of PricewaterhouseCoopers. Providing an ‘excellent, high quality of service’, the firm has seen growing interest from emerging markets such as India and has been appointed the representative to India-based multinational Aditya Birla Group. The firm is also acting alongside Simmons & Simmons and Loyens & Loeff on the Cyprus tax aspects of the Skoda group’s restructuring. Elias Neocleous heads up the team and is praised as being ‘particularly knowledgeable on corporate structures’.