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Cadwalader has won the Financial Times North America Innovative Lawyers 2021 award in the highly competitive category of “Creating new standards” in recognition of the firm’s market-leading LIBOR transition practice. The team’s work has included representing the U.S. Federal Reserve’s Alternative Reference Rates Committee (ARRC) and a broad range of financial services clients on moving away from LIBOR, known as the “world's most important number,” which is valued as a $200 trillion contractual market. In particular, the Financial Times award was focused on the firm’s efforts in drafting important New York State legislation this past year that governs LIBOR transition and contract remediation.