Eversheds has secured a multi-million pound contract to be the primary provider of routine legal work to US water pump company and Tyco spin-off Pentair Flow Control.
The firm’s two year contract covers routine work such as litigation, intellectual property and commercial work, as well as major litigation, merger and acquisition and anti-trust work across the EMEA region.
As part of the plan Eversheds will operate a similar model to the latest agreed with Tyco, for which the firm secured a two-year extension of its multi-million pound contract earlier this year (26 April 2013). The Tyco deal sees Eversheds deliver cross-jurisdictional advice to the company on a fixed fee contract.
Eversheds head of global client development Stephen Hopkins established the latest deal with Pentair’s new associate general counsel Marek Tapsik, who was formerly at Tyco.
“Data and management information will still form a significant part of the overall process. Utilising e-billing systems such as Serengeti, being used by Pentair, enables Eversheds to analyse risk issues, implement efficiencies and move towards a single fixed fee for Pentair’s work in the region,” Hopkins said.
The firm developed a global account management system to handle the quantity of cross-jurisdictional work involved in its Tyco-style contracts, which gathers data on which fixed-fees are based as well as enabling centralised billing.
Tapsik said: “Having worked with Eversheds and seen the success in the operation of the model, I was keen that the Flow Control businesses continued to work with the same discipline. The Pentair legal team were impressed with the results of the approach that Tyco used with its outside counsel and it is the intention that we will adopt the same approach with Eversheds.”
In May, Eversheds secured a three-year fixed fee contract with the International Air Transport Association in Africa and the Middle East using a similar fixed-fee approach to Tyco (20 May 2013).
Eversheds and Tyco first entered into the exclusive arrangement in 2006, in a deal worth £10m (8 January 2007).
To learn more about Eversheds’ Tyco contract, please see feature: Eversheds’ Tyco model sparks quiet revolution.