MATLAB: Do I receive License Manager Error -7

MATLAB

When opening MATLAB, I am given the following error:
ERROR: License manager error -7
This version of MATLAB requires a newer version of the network license manager. Update the license manager software to the latest version.
Why do I receive "License Manager Error -7"?

Best Answer

License Manager Error -7 is caused by running a new release of MATLAB using a network license that has not had the network license manager updated yet. A license administrator will need to update the license manager running on the designated license server to resolve this issue. For instructions regarding the update process, see the following article:
How do I install or update the network license manager?
If you require assistance with updating your license manager, contact MathWorks Licensing and Installation Support