Shook, Hardy & Bacon’s innovative flat-fee structure with Tyco International was the topic of a recent case study in the ABA Journal.
Titled “Facing the Alternative: How Does a Flat Fee System Really Work?,” the article provides an in-depth analysis of Shook’s partnership with Tyco and highlights the flat-fee system’s success in minimizing Tyco’s legal costs, reducing new case filings and increasing the predictability of legal expenditures. Dennis Lynch, Tyco’s vice president and chief litigation counsel, attributed the program’s success to the trust shared between his team and Shook.
“I think it has worked well because we’ve truly partnered with them,” Lynch told the ABA Journal. “They’ve gotten to know well the players here, the business, products and obviously the law department. And we do work as partners – and that trust, which goes both ways, goes a long way to building a relationship as good as this one is.”
The ABA Journal highlighted Shook’s capacity to apply its alternative fee arrangement across Tyco’s entire product liability docket, which once numbered more than 500 cases, noting that “new cases filed against the company have dropped 60 percent since Shook Hardy’s involvement.”
To view the article, please click here.