International law firm to locate global services center at Coldstream
LEXINGTON, Ky. (September 12, 2012) — Bingham McCutchen LLP, an international law firm based in Boston, plans to add at least 250 jobs to Lexington’s economy by creating a shared-services center at the University of Kentucky Coldstream Research Campus next spring.
The center at Coldstream will consolidate the firm’s professional support staff in information technology, knowledge services, finance and accounting, human resources, marketing, operations, and risk management. The center will eventually house at least 250 employees, some relocating from existing Bingham offices and others to be hired from the Lexington area.
The jobs will pay an average of $37 an hour and will support Bingham’s 1,000 lawyers in 14 major offices in the United States, Europe and Asia.
Bingham Chairman Jay Zimmerman said, “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.”
The effort to bring the firm to Lexington was a collaborative endeavor by the University of Kentucky, Commerce Lexington, the state Economic Development Cabinet, Governor Steve Beshear, and Lexington Mayor Jim Gray.
“It is a testament to the cooperative work of a number of deans and departments on our campus, as well as our continued close partnership with Commerce Lexington,” said UK President Eli Capilouto.
Mayor Gray called the firm’s announcement “the best news we’ve had since the recession started in 2008. Clearly it was worth pulling out all the stops. So we did, as did the governor and state officials.”
UK Coldstream Research Campus Executive Director George Ward said, “We are proud that national site-selection consultants, and the companies they represent, are seeing the potential and value of Lexington’s thriving entrepreneurial community, low cost of living, top-notch research university, and one of the most educated workforces in America. It is especially gratifying when they select the Coldstream Research Campus and help further develop Lexington’s gateway.”
Bingham has committed a $22.5 million investment and will occupy the former IBM building at Coldstream under a 10-year lease. The transition of Bingham’s administrative functions to Lexington will begin in April 2013 and continue through the spring of 2014. Bingham is working with Deloitte Consulting in the planning, design and implementation of its new global services center.
Deloitte and Bingham looked at 300 metropolitan areas, eventually narrowing it to three. The other two locations, which have not been disclosed, were significantly larger than Lexington, according to Deloitte’s Mark Klender. Bingham selected Lexington because of its access to a dynamic workforce, a developed academic community, and a vibrant quality of life, said Bingham Chief Operating Officer L. Tracee Whitley.
“The Commonwealth of Kentucky and the City of Lexington joined forces to offer us the most competitive incentives package of the metropolitan areas we considered. It will enable us to get up and running quickly in Kentucky. In addition to the strong business opportunity presented, we found in Lexington an inviting community and a shared sense of values, which we believe our people will embrace,” said Whitley.
For more information, see Bingham's press release.