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Eversheds has renewed its deal with Tyco International to service all the manufacturer’s legal needs across Europe, the Middle East and Africa.
The two-year extension deal, reportedly worth £16m to the firm, is the third contract to be signed by the pair. Eversheds and Tyco first entered into the exclusive arrangement in 2006, in a deal worth £10m (8 January 2007).
Under the new contract all the operational work across the EMEA region will be delivered and managed within an absolute fixed fee, though Eversheds provides upfront estimates on all work.
According to Eversheds, the proportion of premium work – M&A, IP and compliance – that the firm does for Tyco has incraesed sevenfold since 2006, constituting the majority of revenue.
In a statement, Eversheds’ chief executive Bryan Hughes said: “There’s no doubt that the success of this pioneering contract has caused quite a stir in the market. We now utilise many of the disciplines derived from the Tyco partnership with other clients including Brady, Rolls-Royce and Orange and we continue to be approached by many multi-national organisations asking us to demonstrate the benefits of this approach.”
Eversheds’ head of international Stephen Hopkins is the client relationship partner for Tyco.