NI: Global law firms receive £3m in public funding to support expansion
Global law firms expanding their Northern Ireland operations have been granted almost £3 million through Invest NI over the past five years, The Irish News reports.
The figure was revealed by Economy Minister Simon Hamilton in response to a question from DUP South Antrim MLA Paul Girvan.
Baker and McKenzie benefited from £1.47 million of public money, while Allen and Overy and Herbert Smith received £1.31 million towards their recent expansions.
Mr Hamilton said: “Since 1st April 2011, global law firm Baker and McKenzie has set up in the Belfast council area. Invest NI has offered £1.47m of support towards the creation of 256 new jobs.
“In addition, law firms, Allen and Overy and Herbert Smith have announced further expansions to their Belfast operations, with a total of 167 new jobs. Invest NI offered £1.31m towards these expansions.”
He added: “Invest NI makes offers of support to companies based on business plans received. These offers are only paid to businesses once key milestones and targets have been met.”
A spokeswoman for Invest NI told The Irish News: “Northern Ireland has a growing reputation as a location of choice for international legal services investment and the employment opportunities created by global law firms setting up offices in Belfast is strengthening the skills base of our important legal services sector.
“As the response states, Invest NI makes offers of support to companies based on an evaluation of business plans received. These offers are paid to businesses as key milestones and targets are met over the lifetime of a project.”