ACC Recognizes Tyco/SHB Partnership as “Value Champion”
The Association of Corporate Counsel (ACC) has recognized Shook, Hardy & Bacon and Tyco International as inaugural ACC Value Champions for “effectively driving value by cutting spending, improving predictability and achieving better legal outcomes.”
As a component of the ACC’s Value Challenge, the global bar association identified five law departments and seven law department/law firm collaborations that “delivered substantial value to their clients.” The honorees were selected “not only because of their significant results, but for their examples of interesting innovations or practices that could easily be replicated by others,” said Jeffrey Carr, member of the ACC Value Champions selection committee and senior vice president, general counsel and secretary of FMC Technologies.
The Tyco and SHB partnership was praised for its “radical convergence model that continues to expand and deliver results,” the ACC announced. “Tyco/SHB have cut product liability cases in half, new case filings by 65 percent, and case cycle time by 40 percent since 2004.”
“These law departments and law firms have developed and implemented initiatives to deliver bottom-line results for their clients,” explained ACC President and CEO Veta Richardson. “By demonstrating creative lawyering and good old fashioned business sense, these ACC Value Champions not only controlled legal spend, but they also improved legal outcomes for their clients.”
In addition to the Tyco/SHB partnership, the ACC recognized SHB clients GlaxoSmithKline and Pfizer as Value Champions for their value-focused legal management skills.
“As a law firm committed to the Value Challenge, we commend the ACC for its leadership in encouraging our industry to be diligent about developing solutions that enhance value for clients,” SHB Chair John Murphy said. “SHB also congratulates all honorees for their successful leadership in transforming the way in-house law departments and law firms collaborate in pursuing value. Tyco, GSK and Pfizer have shown our law firm how we can better meet the needs of our clients, and we appreciate the opportunity to serve them.”
The ACC praised GSK for its progress with value-based fees and “efficient use of technology to dynamically select outside counsel,” and the Pfizer Legal Alliance was honored for its “commitment to continuous improvement – as evidenced by recent innovations supporting teamwork and bench development.”
To learn more about SHB’s commitment to value, please click here. To learn more about the ACC’s Value Champion award, please click here. To read the ACC profile on the Tyco/SHB model, please click here.
Public/Media Relations Manager