US multinational Tyco has signed up UK law firm Eversheds as its ‘go to’ firm for another two years.The multi-million deal, which was originally signed in 2007, sees the firm not only pick up contracted work but in pole position for bigger assignments as they come up.
EMEA Tyco general counsel Dave Symonds told Legal Week magazine that the contracted element counted for one third of the work billed by Eversheds whilst the law firm topped up with bigger assignments such as M&A projects.
Less work, less money
However, the monetary value of the deal is likely to be less than the £16 million previous signing following the sell off of Tyco Flow Control to US water pump and filter company Pentair last year, according to the Lawyer. The Tyco Eversheds arrangement was seen as ground-breaking when it was first signed in 2006. A number of companies have since followed suit including telecoms company Orange and Italian energy company Eni.
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