At the end of 2021, the London Interbank Offered Rate (LIBOR) will no longer be reported for use as a benchmark in financial contracts. Investment advisers may have provisions tied to LIBOR in their financing arrangements, derivatives and other contracts, some or all of which may lack appropriate fallback language for when LIBOR ends. At a recent seminar, Paul Hastings attorneys discussed the progress of the transition away from LIBOR; the efforts of industry groups to assist market participants in the transition; issues concerning existing and amended fallback provisions in both loan and derivatives contracts; litigation and regulatory risks arising out of the transition; and the use of technological solutions to review contracts for LIBOR provisions. The program featured Paul Hastings partners Michael S. Baker, Michael L. Spafford and Joyce Sophia Xu; counsel Diona N. Park; and managing director Nicola Shaver. This article discusses the key takeaways from the presentation. See “Advisers Should Be Planning Now for the End of LIBOR” (Oct. 29, 2020); and “How Hedge Fund Managers Can Prepare for the Anticipated ‘End’ of LIBOR” (Aug. 24, 2017).