Interview with: Olivier Marquet and Stephan Pastor, Managing Partners

What do you see as the main points that differentiate CMS from your competitors?

Olivier Marquet: Surely the size of our firm – we have grown to be the largest law firm in Monaco, with 6 partners and over 60 members, including more than 40 associates and a professional support team. The other factor would be the breadth of the offering across different fields of law, and the fact that we are equally strong across all those areas. Most of our associates have practiced abroad and speak multiple languages, which is a true advantage for the highly international clientele of the Principality.

Stephan Pastor: It is also worth mentioning that in 2017 we joined the CMS network, which reunites over 75 offices worldwide. This enables us to combine our strong Monegasque roots and local presence with an international edge, as most of the cases we handle are cross-border and demand a well-connected global network. Remaining completely independent, we are able to seamlessly exchange the know-how with our colleagues based abroad and this also adds a fresh and creative perspective to the way we handle our cases.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

SP: Monaco is a very attractive place for investors, and we see the growing demand for advice in different areas of business law. The growing number of foreign nationals looking to set up in Monaco also keeps our Private Clients and Real Estate teams busy.

OM: The changing and demanding regulatory environment has a significant impact on financial institutions and we notice that there is an increasing need for advice in compliance matters. On the top of that, new ways of working and unstable political and macroeconomic situation push many companies to seek for assistance in employment law.

What’s the main change you’ve made in the firm that will benefit clients?

SP: We have decided to create a CMS Academy and to invest in AI. The CMS Academy is a customized space in our office, dedicated to our lawyers and clients, enabling them to receive continuous, high-quality trainings. We truly believe that this investment will raise the quality of our offering to the clients and will help them gain useful and practical knowledge. As far as AI is concerned, this tool will help us identify and collect a precise and specific information that we may look for in the context of our work.

Is technology changing the way you interact with your clients, and the services you can provide them?

OM: We observe the growing role of technology in the legal world for a while now and we invest in tools that are both beneficial for our clients and efficient for us in terms of managing the workflow. We use tools created specifically for the legal industry and we also develop some of them independently, in order to have the software which is perfectly shaped for our needs. The confidentiality of our files is crucial, and we have put in place numerous custom-made security and compliance tools. We also adapt each meeting to the needs of our clients and we have invested in materials enabling us to organize professional hybrid and remote meetings, as these are becoming more and more common. Nevertheless, technology being extremely important these days, we also notice an important demand for face-to-face interactions.

Can you give us a practical example of how you have helped a client to add value to their business?

SP: The structuring of our teams around distinct areas of law enables our clients to get a one-stop-shop advice. It is a very common case to have a client contacting us for advice in, for example, business law, with a matter that finally also implicates real estate or private law matters (eg. family office acting on behalf of an individual). We create ad-hoc, dedicated teams of associates, we brainstorm the case, and we are able to see it from many different perspectives, since each area of law has its own challenges and opportunities. I think that this synergy is very beneficial for our clients, who can entrust their matter to one single firm able to handle it from A to Z.

Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time?

OM: I think that the legal industry is currently facing a real challenge, since the high quality of advice and global capacity are taken for granted by most clients. It is therefore crucial to innovate and develop the firm, surprise clients with creative approach. Great technical skills are no longer enough, today it is essential to be a trusted advisor who understands the real challenges that clients face. Our key rule is to listen to our clients and take their opinions and preferences into consideration.

SP: In three years’ time we would like to keep the same dynamics as we have now – focusing on innovation, with teams passionate about their work and clients who are listened to and reassured by our assistance.

What do you think are the top three things most clients want and why?

OM: Availability, a tailor-made and practical advice, being listened to. Lawyers should understand that clients invest in our work in order to get pragmatic solutions to their problems or new ways helping them develop their business. From our experience, they also like being involved in the strategy, the advice shouldn’t be imposed but discussed together to find a solution which is effective from the legal point of view, but also makes the client feel comfortable.

What do you think makes a great lawyer?

SP : I think that keeping a fresh and open mind is an indispensable quality of a good lawyer. Obviously, you have to be meticulous, strategic, able to foresee the consequences of different strategies, but most importantly you have to be a good listener, observer and a team player. At CMS we believe that we are stronger together, as a team. Collaboration and synergy are crucial. The language we use matters, you never speak about “my case”, it’s always “our case”. It’s all about how successful you are making your client, the team, and not yourself individually.

Do you have any internal policies regarding the ESG ?

OM : We are proud of our firm’s culture, which puts our values at the heart of what we do. We engage in many charity initiatives, both locally and on an international level together with the CMS network. This year we started an official, internal group focusing on our ESG policy, as we are trying to raise awareness of our employees regarding the ecological issues, introducing simple, but consequent actions in the office. Reducing paper waste and printing, promoting the digitalization of documents, looking for sustainable mobility solutions for commuting, energy reduction, recycling etc. are some of our goals. We also joined the Monegasque National Energy Transition Pact in November 2019.