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Invest NI grants almost £3m to global law firms in five years

In 2014 then Enterprise Minister Arlene Foster announced that global law firm Baker and McKenzie was to create a further 256 jobs in Belfast. Picture by Kelvin Boyes /Press Eye
In 2014 then Enterprise Minister Arlene Foster announced that global law firm Baker and McKenzie was to create a further 256 jobs in Belfast. Picture by Kelvin Boyes /Press Eye In 2014 then Enterprise Minister Arlene Foster announced that global law firm Baker and McKenzie was to create a further 256 jobs in Belfast. Picture by Kelvin Boyes /Press Eye

GLOBAL law firms which have set up offices in Belfast or expanded over the past five years have been granted almost £3 million of public money.

The Economy Minister, Simon Hamilton, confirmed Invest NI had paid out £1.47m to Baker and McKenzie, and a further £1.31m to another two firms, Allen and Overy and Herbert Smith.

The minister said that assistance in each case went towards the total creation of 423 jobs.

"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," said Mr Hamilton.

"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."

The figures were released in response to an Assembly question by DUP South Antrim MLA Paul Girvan.

A spokeswoman for Invest NI said the offer of support for the expansions of Allen and Overy and Herbert Smith is "leveraging a combined investment by the two businesses totalling £17.1m."

She said: "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 AQ 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."

Last week the Stormont Executive was accused of "propping-up a vanity project" by Green Party MLA Steven Agnew after agreeing a multi-million pound bail-out for the north's only daily air link with the US.

Up to £9m of public money will be used to support daily flights between Belfast International Airport and Newark over the next three years.

The transatlantic route already benefits from a subsidy of £2m a year after the executive scrapped Air Passenger Duty on long haul flights in 2011.

"To claim that we need this route in order to save some US investor a two or three hour car journey is ridiculous – in the States people would think nothing of driving that kind distance to catch a flight," said Mr Agnew.

"I imagine there is no shortage of profitable companies who would welcome what amounts to a £5m-a-year subsidy."