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Eversheds has secured a two-year extension of its multi-million pound contract with US industrial conglomerate Tyco.
It is the fourth renewal of the deal, under which Eversheds will service all the client’s legal needs across Europe, the Middle East and Africa. The deal was first signed in 2006 (8 January 2007) and was last renewed in January 2012 (6 January 2012), with an estimated value of £16m.
The legal spending under the extended contract, which will expire in October 2015, will be affected by the recent sell off of Tyco Flow Control to US water pump and filter company Pentair last september. In the $10bn spin off deal Eversheds worked alongside a number of firms including Allen & Overy and McDermott Will & Emery for Tyco.
“Tyco and Eversheds have worked together since 2007, identifying areas for improvement on both complex and basic work. We are impressed how the model has operated and the level of service we have received. We are excited to grow and develop this partnership,” said Dave Symonds, Tyco EMEA general counsel.
“Eversheds and Tyco have gone against the grain to offer an arrangement which offers absolute spend control to the client. The relationship has reached a new landmark, by delivering a fixed fee across more than 40 jurisdictions for all routine work, underpinned by strong project management and detailed data,” said Stephen Hopkins, Eversheds’ client partner for Tyco and the firm’s head of international.
According to Hopkins, the ratio of day-to-day general corporate work and complex engagements, such as M&A, litigation and IP matters, has changed significantly over the past four years. Initially, only 20 per cent of the work undertaken by Eversheds was non day-to-day legal work and now about 70 per cent of the work is complex engagements.
Hopkins noted that the firm has adopted the key elements of its innovative arrangement with Tyco to service several other large corporate clients, although specific arrangements for each clients are slight different. The firm is also trying to extend similar service model to clients in Asia, where local clients are generally more cost conscious. The Asia push will be led by Eversheds’ newly appointted Asia managing partner Stephen Kitts (5 February 2013).