May 21, 2020

Mayer Brown collaborates with Morae to ease transition from LIBOR to RFRs

Mayer Brown is pleased to announce its collaboration with Morae Global Corporation, a leading provider of transformative legal and compliance solutions for corporations and law firms, to assist clients as they embark on their transition from the London Inter-bank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative risk-free reference rates.

To more effectively serve the legal needs of clients during the phase-out of LIBOR, Mayer Brown will combine its global presence, market-leading knowledge of subject matter and product competence across various sectors of the financial industry, with Morae’s data analytics and remediation, technology enablement, repapering and program management capabilities. The collaboration will strengthen Mayer Brown’s already widely established offerings of integrated and global IBOR transition solutions.

“We are working to create a ‘one-stop shop’ for our clients preparing for the discontinuation of LIBOR, and joining forces with Morae is confirmation of Mayer Brown’s sustained efforts to deliver full-service excellence,” said J. Paul Forrester, Mayer Brown partner and IBOR transition leader. ”Our recently launched cross-practice IBOR Transition Task Force is another great example of the firm’s ongoing commitment to advise banks, companies and investors on the full spectrum of market developments relating to LIBOR transition.”

“The collaboration of Mayor Brown and Morae provides an ideal choice for LIBOR transition,” added Joy Saphla, President of Strategic Solutions at Morae. “Clients will appreciate our combined legal and technology expertise, including Morae’s in-depth experience in the efficient delivery of expedited technology-driven services.”

IBOR has been referred to as “the most important number in the world” and its cessation represents a change that could have a significant impact on the financial services industry. While efforts to identify comparable, liquid and transparent replacement benchmarks are currently underway worldwide, the process is complex and involves a multitude of regulators and trade organizations across dozens of countries and currencies. Notwithstanding the COVID-19 pandemic, there will be an even greater client emphasis on rapid and effective deployment and use of artificial intelligence and other technology-assisted review and repapering tools.

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