No more laborious LIBOR Hogan Lovells launches Artificial Intelligence-based LIBOR solution

The innovation combines market-leading legal expertise with legal project management, and advanced technology to offer a more cost-effective ‘one stop shop’ for clients preparing for the discontinuation of LIBOR post-2021. It can also be used in conjunction with the transition of other benchmarks such as EURIBOR.

The Artificial Intelligence (AI) based process uses Kira, alongside Hogan Lovells and FTI's Contract Intelligence offering.  It significantly reduces the time and cost involved in managing complex re-papering requirements by combining complementary technologies to deliver a complete solution rather than clients having to use a series of 'standalone' tools. 

The Hogan Lovells Legal Delivery Centre in Birmingham will work together with Cognia Law as one team to manage and complete the projects as one seamless end to end service. The collaboration with Cognia also creates access to multi-lingual resource and the ability to scale up to a headcount of 400 where needed. 

Commenting on the new Hogan Lovells Engage: LIBOR, Global Head of Hogan Lovells Financial Institutions Sector Sharon Lewis said:

"This exciting collaboration brings together best in class to deliver the most innovative solution for businesses facing LIBOR transition amidst much remaining uncertainty as to how the likely new benchmark rates will operate.

"Our global team is uniquely placed with the deep industry knowledge and connections, and product and deal structuring experience to deliver a project of this magnitude and complexity."

Stephen Allen, Global Head of Legal Operations, Innovation Lead, London, added:

"Hogan Lovells has a history of innovating to deliver market firsts and we are proud to be the first law firm to package and offer a premium LIBOR solution, at the cutting edge of alternative delivery solutions. We, along with our collaboration partners, have invested significantly in building an unparalleled solution for clients."

About Cognia Law 

Cognia Law, a leading law company, provides legal, contracting, consulting and flexible resourcing solutions for corporates and law firms.

 Cognia is purpose built to provide managed solutions to corporate and banking clients to support their most important legal challenges. Cognia is able to integrate seamlessly with law firms, technology providers and data companies to deliver the most cost-effective and efficient support.  The focus on legal delivery excellence and top-tier legal consulting expertise is driven by the team’s experience working at and with leading Law Firms, In-house legal departments, Management Consultancies, and New Law Companies. 

Head-quartered in London, Cognia are able to leverage market leading lawyers, consultants, project managers, process engineers and data scientists onsite for clients in the UK, US and Europe as well as offsite from five global delivery centres both on and off-shore.  For more information, please visit https://www.cognialaw.com/ 

About FTI Consulting

FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 4,700 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $2.03 billion in revenues during fiscal year 2018. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting), Facebook and LinkedIn.