Baker Mckenzie expects to expand NI services centre next year

The global law firm Baker McKenzie expects to grow its Northern Irish global services centre in the next financial year, according to latest financial accounts that show the business boosted its turnover by nearly £4 million to £16 million last year.

The centre, which provides support services including M&A due diligence and legal research to Baker McKenzie’s global network of 78 offices, also grew its pre-tax profits to £766,401 (€888,000) – up again on its 2017 result of £578,581.

The Northern Irish centre’s directors said in the accounts that the business had “performed satisfactorily” and the year-end result was “in line with expectations”.

It also outlined in the accounts that they expect the centre’s role to “remain unchanged” in the next financial year and that they have received confirmation from their parent group, Baker & McKenzie International BV, that it intends to support the Northern Ireland global services centre for “at least one year from the date that these financial statements are signed”.

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Room for 450

The law firm opened its centre in Northern Ireland five years ago, with a plan to create 256 jobs, but last year signed a lease on a new office in the City Quays development in Belfast until 2025, which has capacity for 450 staff.

James Richards, executive director of Baker McKenzie in Belfast, has previously described its Northern Irish office as a “remarkable success story” because it has become a major “innovation hub” for the firm.

In the latest set of results for the Northern Ireland global services centre, Baker McKenzie said it “expects to grow the business in the next financial year”.

The firm also details that it had net assets totalling more than £1.4 million for the 12 months to June 2018 compared with net assets of £816,008 in the previous year.

The accounts show that the firm had a total of 264 employees last year and that staff costs totalled £11.6 million in the North during 2018.