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. Competition for resources due to regulatory change and lack of consensus among regulators on a best approach to transition from LIBOR has raised concern that there may be an impending shortage of legal resource to support the necessary repapering, according to Justin Ridl, global head of legal services at Cognia Law. “While it is not yet clear how much time will pass before we see any changes in the law, I would expect this issue to continue to play out over time,” he said.
Competition for resources due to regulatory change and lack of consensus among regulators on a best approach to transition from LIBOR has raised concern that there may be an impending shortage of legal resource to support the necessary repapering, according to Justin Ridl, global head of legal services at Cognia Law. “While it is not yet clear how much time will pass before we see any changes in the law, I would expect this issue to continue to play out over time,” he said.