As of December 31, 2021, two U.S. dollar (USD) London Interbank Offered Rate (LIBOR) rates ceased to be published. One year from now, the remaining USD LIBOR rates will follow suit, and the rate once hailed as “the world’s most important number” will cease to exist. Although much has been accomplished in the nearly five years since the planned demise of LIBOR was first announced, fund managers and their counterparties have substantial work remaining to do in the coming year as the final LIBOR end date approaches. In a guest article, Anne E. Beaumont, partner at Friedman Kaplan Seiler & Adelman, explains how the end of LIBOR began, how the transition away from LIBOR is going and what steps managers need to take next to ensure a smooth transition. For more from Beaumont on the LIBOR transition, see “How Advisers Can Prepare for OCIE Exams on the Transition From LIBOR” (Jul. 9, 2020); and “The SEC Weighs In on LIBOR Transition” (Aug. 8, 2019).