Hogan Lovells wins the Legal Operations Team of the Year award at The Lawyer Awards
London, 4 November 2020 – Hogan Lovells has won the 'Legal Operations Team of the Year' award at the Lawyer Awards.
The award recognises the firm's innovative LIBOR solution, an Advanced Delivery Toolkit which combines market-leading legal expertise with legal project management and advanced technology to offer a cost-effective 'one stop shop' for clients preparing for the discontinuation of the LIBOR benchmark post-2021.
Three of the four main components of the solution are created and managed by the firm’s Legal Operations team. Working closely with Sharon Lewis(Global Head of the Financial Institutions and Insurance sector), Rachel Dabydoyal (Head of Alternative Delivery Solutions and part of the firm's legal operations team) designed the technology stack and resourcing model in collaboration with Cognia Law, Elevate and FTI Consulting, bringing together the best people, processes, and technology – including AI and Machine learning – to deliver a premium LIBOR replacement service at a reduced cost.
The Toolkit addresses a wide range of financial instruments, including syndicated loans, secured and unsecured bonds, securitizations, and derivatives, and reflects the firms' experience in advising global financial institutions on LIBOR-related matters. It can also be used in conjunction with the transition of other benchmarks, and can be adapted to assist clients with other large regulatory projects, such as EBA Outsourcing Guidelines.
Commenting on the award win, Sharon Lewis said: "We are thrilled to be recognised by the Lawyer for this exciting collaboration, which aims to deliver the most innovative solution for businesses facing LIBOR transition. There is much remaining uncertainty as to how the likely new benchmark rates will operate, and we are proud to be recognised in both the UK and U.S. as the first law firm to package and offer a premium LIBOR solution, at the cutting edge of legal delivery solutions."
Mark Brennan, Lead Innovation Partner at Hogan Lovells, commented: "We have a history of innovating to deliver market firsts, and we have invested significantly in building this unparalleled solution for clients. We are delighted by this recognition."
The Hogan Lovells team behind the Toolkit includes Sharon Lewis, Rachel Dabydoyal, Freddie Marks (Pricing Manager), Isobel Wright (Counsel Knowledge Lawyer) and Susan Whitehead (Senior Consultant).
The LIBOR Solution has also been recognised for Innovation in Collaboration by the Financial Times Innovative Lawyers – North America.