It depends on how the links are created.
If they use the "go to a Page View" method, they will be updated.
Just a note to consider something else. If you are making rich PDFs of this compexity, why not let someone else take care of the links? If you make it in InDesign or Word or certain other apps then convert to PDF in particular ways, the links are "live". The value of this becomes clear as you revise the original and simply remake the PDF for each change.
Thanks to you both!
I'm not sure I fully understand the recommendation from Test Screen Name. The main text is actually about 20 different Word files, most of which have some text referencing exhibits that ultimately become links. Those Word files are all convereted into a combined, single PDF file, to which we then add all the exhibits at the end (exhibits come to us as PDFs already). How do we create the links in a Word doc to pages in a PDF file that doesn't exist yet? Do we first combine all the PDF exhibits, then create links in the Word doc to the single PDF file of exhibits, convert the Word files to PDF and then add them all to the front of the exhibits PDF file? What does the hyperlink text look like in the Word doc when referencing the appropriate page in the PDF file? Sorry to be so dense here...just only have experience creating links to webpages, which are pretty straightforward and generally don't have referencing problems because they are absolute.
Ok, may not be practical in this case. If it was Word documents ONLY I would have suggested combining into one and linking within the file.