Engineering conglomerate Tyco has ditched between 175 and 200 firms in favour of a £10m agreement with Eversheds.
In a coup for the national firm, Eversheds will cover all of Tyco’s legal needs for its 900 legal entities across Europe, the Middle East and Africa (Emea).
Tyco Emea general counsel Trevor Faure sent out a letter to all of Tyco’s external law firms at the end of December, telling them to send in all active files.
Since joining Tyco from Dell towards the end of 2004, Faure has set about transforming the legal team. This agreement, which is expected to be signed this week, takes the DuPont model as its base and extends it. Eversheds’ Tyco relationship partner Paul Smith is also the firm’s DuPont relationship partner.
Tyco is in the midst of a groundbreaking restructuring, which will see the $40bn (£23.1bn) conglomerate split into three companies. Allen & overy continues with that mandate.