LONDON, Nov. 5 /CNW/ - International law firm Eversheds announced today that it has signed its third groundbreaking contract to advise Tyco on its legal needs across Europe, Middle East and Africa, extending the relationship for a further two years. Eversheds' ongoing partnership with Tyco has set a new standard for the provision of legal services and client relationship excellence across international boundaries that no other law firm has been able to equal. Going against convention, Eversheds is the only law firm to demonstrate seamless international client service. Eversheds has advised Tyco on matters across over 80 jurisdictions since the global manufacturing giant reduced its legal panel overnight from 250 firms to one in 2006.
Confounding critics, the new contract is evidence of the success of the innovative partnership, where both businesses have worked collaboratively to constantly evolve working practices to ensure total satisfaction is achieved by both client and law firm.
With an emphasis on transparency, control and metrics, in the past two years, the contract has achieved by way of example, a 27% reduction in fees for Tyco and a reduction in the number of Tyco's litigation cases by 60%. At the same time, Eversheds increased the proportion of high quality work it services for the client by over 300%, including M&A and IP work, achieving the objective of both parties to deliver an improved and sustainable return on investment for the law firm.
The new contract builds on the principle of an annual fixed fee for all Tyco's work. With the benefit of two years' management information collected through the firm's leading edge and award winning Global Account Management System, Eversheds has been able to simplify the latest contract.
Bryan Hughes, Eversheds Chief Executive commented:
"Eversheds innovative partnership with Tyco has placed the firm at the forefront of the legal revolution. We are hearing that General Counsel want exactly this type of project management and we get daily enquiries asking how we can deliver quality legal advice for businesses across numerous jurisdictions through one point of contact. We are delighted with the new contract and are committed to continually improve and innovate our services for all our clients".
Notes to editors
Eversheds LLP and its world wide offices have over 4,400 people providing services to the private and public sector business and finance community. Access to all these services is provided through 47 international offices in 29 jurisdictions. Eversheds combines local market knowledge and access with the specialisms, resources and international capability of one of the world's largest law firms. http://eversheds.com
Tyco International (NYSE: TYC) is a diversified, global company that provides vital products and services to customers in more than 60 countries. Tyco is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco had 2008 revenue of more than $20 billion and has more than 110,000 employees worldwide. More information on Tyco can be found at http://www.tyco.com
SOURCE EVERSHEDS LLP
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