Tyco and Eversheds overhaul relationship and end bonuses

Tyco has signed up Eversheds for another two-year stint as its sole panel adviser across Europe, the Middle East and Africa (EMEA), with the company scrapping all performance-related fee elements from the expanded deal. The manufacturing and engineering group has overhauled the terms of the mandate, axing all reference to performance-related targets and bonuses applying to improving diversity, client satisfaction levels and reducing litigation. The bonuses - each worth a six figure sum - were introduced in 2008, with former general counsel Trevor Faure then describing them as "pure added value for pure profit".

Tyco and Eversheds overhaul relationship and end bonuses legalweek.com Fri, Nov 6, 2009