Wednesday, 10 Mar 2010
Most Read
Trevor Faure quits Tyco but leaves Eversheds legacy
06 February 2009
Trevor Faure, the architect of the groundbreaking partnering arrangement between manufacturing and engineering giant Tyco and Eversheds, has left his post as European, Middle East and Africa (EMEA) general counsel at Tyco to join Ernst & Young.
Faure, who joined Tyco from Dell in 2004, was responsible for overhauling the company’s legal department in 2007. He cut the number of law firms Tyco used from 240 down to one, appointing Eversheds as the company’s primary external legal adviser.
The exclusive nature of Tyco and Eversheds’ agreement was a groundbreaking move, the wisdom of which was initially questioned by rival law firms and businesses. Doubts were raised as to whether Eversheds had the capacity and breadth of skills required to handle the heavy and varied workload generated by Tyco.
However, the arrangement has proved to be one of Faure’s greatest successes. Tyco benefits from a legal service which has in-depth knowledge of their client’s business and Eversheds is guaranteed a high volume of lucrative work.
The financial benefit for Tyco also makes the relationship a shrewd move by Faure. The contract, which was reviewed and honed after 18 months, includes bonuses and incentives ensuring Eversheds hits Tyco’s targets. However, their agreement also imposes caps on the number of hours for which Eversheds can bill.
There has been no indication yet that the partnership between Tyco and Eversheds will be adversely affected following the announcement of Faure’s departure. Any change in the company’s legal counsel would require a new firm to be familiarising with the inner workings of the business; a lengthy and laborious process.
Faure’s right hand man, deputy general counsel and chief compliance counsel, Enrique Aznar, is also quitting the manufacturer to take up the role of global compliance counsel at Nokia Siemens Networks. Faure is transferring to a global counsel position at another company.
Their departures have prompted a significant reorganisation of Tyco’s legal team. David Symonds, chief lawyer for Tyco’s Control businesses, will take over the majority of Faure’s responsibilities, however Faure’s role of EMEA general counsel has been abolished following his departure. Tyco’s Northern Europe senior regional counsel, Joost Wiebega, will take over from Aznar.
Faure, who joined Tyco from Dell in 2004, was responsible for overhauling the company’s legal department in 2007. He cut the number of law firms Tyco used from 240 down to one, appointing Eversheds as the company’s primary external legal adviser.
The exclusive nature of Tyco and Eversheds’ agreement was a groundbreaking move, the wisdom of which was initially questioned by rival law firms and businesses. Doubts were raised as to whether Eversheds had the capacity and breadth of skills required to handle the heavy and varied workload generated by Tyco.
However, the arrangement has proved to be one of Faure’s greatest successes. Tyco benefits from a legal service which has in-depth knowledge of their client’s business and Eversheds is guaranteed a high volume of lucrative work.
The financial benefit for Tyco also makes the relationship a shrewd move by Faure. The contract, which was reviewed and honed after 18 months, includes bonuses and incentives ensuring Eversheds hits Tyco’s targets. However, their agreement also imposes caps on the number of hours for which Eversheds can bill.
There has been no indication yet that the partnership between Tyco and Eversheds will be adversely affected following the announcement of Faure’s departure. Any change in the company’s legal counsel would require a new firm to be familiarising with the inner workings of the business; a lengthy and laborious process.
Faure’s right hand man, deputy general counsel and chief compliance counsel, Enrique Aznar, is also quitting the manufacturer to take up the role of global compliance counsel at Nokia Siemens Networks. Faure is transferring to a global counsel position at another company.
Their departures have prompted a significant reorganisation of Tyco’s legal team. David Symonds, chief lawyer for Tyco’s Control businesses, will take over the majority of Faure’s responsibilities, however Faure’s role of EMEA general counsel has been abolished following his departure. Tyco’s Northern Europe senior regional counsel, Joost Wiebega, will take over from Aznar.
