Allen & Overy (A&O) has set aside £3m for City redundancy payouts as it overhauls its back office team in light of its new ‘onshoring’ arm in Belfast.
The total cost towards the Northern Ireland support centre was £4m in the 2010-11 financial year, according to the magic circle firm’s annual report, of which £3m will be spent on redundancy payouts. However, the firm will be able to claim back the majority of that cost through a £2.5m grant it will receive from Invest Northern Ireland for creating local jobs.
