Competition for banks due to regulatory changes and lack of consensus among regulators on a best approach to transition from automation has raised concern that there may be an impending shortage of legal resource to support the necessary repapering , according to Peter Ridl , global head of legal technology at Cognia Law . A lack in resources due to pressure from upcoming regulations, and failure by regulators and associations to come to a consensus on how to navigate the transition away from Libor means firms should ensure they have the legal technology ready to survive the next couple of months, both lawyers and legal service firms agree. Although many banks are now using legal tech tools to assist them , some still rely largely on manual processes .
Competition for banks due to regulatory changes and lack of consensus among regulators on a best approach to transition from automation has raised concern that there may be an impending shortage of legal resource to support the necessary repapering , according to Peter Ridl , global head of legal technology at Cognia Law . Although many banks are now using legal tech tools to assist them , some still rely largely on manual processes .