Why Not Have The Characters Speak In Plain English?
I mean Shakespeare wrote his plays in the English of his time. So if you are changing the setting to make the film modern, why not upgrade the language as well? The dialogue can be changed yet the same storyline still told. You could say it is just the equivalent of translating the dialogue into a different language.
While Shakespeare fans may like the original dialogue, to someone like myself who just wants to enjoy a good storyline, it makes it very hard to follow and much of it can pass over one's head.