TAYLOR WESSING LIMITED LIABILITY PARTNERSHIP
Company number: OC322935
Reporting period:
1 May 2025 to 31 October 2025
Report filed on:
18 November 2025
Approved by:
SHANE GLEGHORN
Contracts and payments
Do any of this business's construction contracts with its suppliers include retention clauses? Yes
Payment statistics
Average time taken to pay invoices: 63 days
Total value paid:
- within 30 days: £53,832,455 (59%)
- in 31 to 60 days: £16,386,185 (18%)
- in 61 days or more: £21,663,460 (24%)
Invoices paid:
- within 30 days: 43%
- in 31 to 60 days: 21%
- in 61 days or more: 36%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £15,546,044
- payments due in the reporting period which have not been paid within the agreed period: 15%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Suppliers of goods and services to the Firm are offered 30 day payment terms and their invoices included in a fortnightly payment run as they fall due.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
Suppliers of specialist legal advice undertaken on behalf of our clients are treated differently. They are paid as soon as the cash is received from our client, which is often on completion of a transaction. Therefore the period of time to pay an invoice from a specialist legal adviser can often be greater than the standard 30 days.
Any other information about payment terms
No further comment provided
Retention clauses
How does this business use retention clauses?
All construction contracts include retention clauses.
Does this business only use retention clauses in construction contracts above a specific contract sum?
No
Does this business use a standard percentage rate in retention clauses?
Yes: 3%
Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?
No
Releasing money under a retention clause
Process for releasing money this business has deducted or retained under a retention clause
Evaluation is conducted at each stage, certificate issued determining if retention is payable based on works completed. At practical completion we pay 50% of the retention monies. Remaining 50% is paid at the end of the 12 month defects period after practical completion.
Is the money released in stages?
No
Amount retained from suppliers in the reporting period
Amount retained stated as a percentage of the money retained from this business by its clients
3%
Amount retained stated as a percentage of the total construction payments made by this business
3%
Dispute resolution process
Any complaints should be submitted to the Taylor Wessing member of staff managing the contract, who may involve their director or team leader as necessary. If there is any further dispute, this would be escalated and referred to the Senior In-House Counsel
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No