How to change the path of a shared library

Have you tried to save a copy of it to the Network drive? Ours is located on our Network drive and multi-user access, although if the network copy of the library is open in read/write, only one user at a time can open it.  – We have two folders, one R/W and our IT guys have written a script, so that each night the contents are copied to a Read-Only folder that any one can open (but not edit) at any time.  Thus only if you need to edit or add references, do we open the R/W version.