Governor Steve Beshear announced Bingham McCutchen LLP plans to open a global services center in Lexington at the University of Kentucky’s Coldstream Research Campus. The center will create 250 jobs in Kentucky and entail an investment of more than $22.5 million in the Commonwealth.
“This is an outstanding boost to the economy here in Lexington and the Commonwealth,” said Gov. Beshear. “Bingham is a highly successful global firm, and we couldn’t be more excited about the 250 professional jobs it will create in central Kentucky. We look forward to a continued and successful partnership with Bingham and are pleased to welcome them to Kentucky.”
Bingham is an international law firm that addresses a wide range of legal issues for financial service firms and Fortune 100 companies. Bingham currently employs approximately 1,000 lawyers and more than 900 staff employees in 14 major offices across the United States, Europe, and Asia. Bingham’s new center in Lexington will bring together administrative support staff positions, including finance and accounting, human resources, information technology, marketing, operations, and risk management, all in one central location.
“The Global Services Center will position us to operate even more efficiently in an ever changing, highly competitive economy,” said Bingham Chairman Jay Zimmerman, adding that while the focus of the effort is on centralizing U.S. administrative operations, its scope is international. “After 15 years of significant growth by combinations, we are consolidating our operations model to more efficiently support our lawyers around the world and, in turn, provide better service to our national and global client base. For Bingham, Lexington is an excellent fit. I am impressed by the vitality of the city, the warmth of the people and the business-friendly environment.”
To encourage the investment and job creation in Lexington, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $6.5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“In the past few years, Lexington has earned praise in national magazines that have given us high rankings for livability, education, and great people,” said Lexington Mayor Jim Gray. “In terms of the number of jobs and starting salaries, it’s easily the biggest economic development achievement we’ve had since the recession began in 2008.”
“The partners within the Lexington and Kentucky economic development team are extremely excited that Bingham has chosen Lexington as the home of its new global services center,” said Bob Quick, CCE, president and CEO, Commerce Lexington Inc. “This project, which falls within one of Lexington’s strategic industry targets for economic development, is a true testament to the collaborative effort of our partners, including Commerce Lexington Inc., Lexington-Fayette Urban County Government, and the University of Kentucky, as well as the Kentucky Cabinet for Economic Development. Lexington again rose to the top of the list, because of its educated workforce, great quality of life and amenities, as well as the strength of its legal community. Bingham will be a great addition to our region, and we look forward to making their relocation here as smooth as possible.”