BLAKE MORGAN LLP
Company number: OC392078
Reporting period:
1 May 2017 to 31 October 2017
Report filed on:
29 November 2017
Approved by:
Niall Brook
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 18%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 32%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
30 days
Standard payment terms
The business enters into two types of contracts. First is on behalf of the firm and it includes all costs relating to the running of the business. The second is on behalf of the client, where the costs are then recharged to the client as disbursements.
In relation to the firm's costs, the business' standard payment terms are 30 days from the invoice date. If an invoice is disputed, the head of the department will take steps to resolve the issue before the invoice is sent out for payment. In many cases this means that the standard terms are exceeded.
Disbursements are usually paid once the money is received from the client. For conditional fee agreement cases this is agreed with the supplier that the payment is due once the money is received from the client and the case concludes.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Initial queries are dealt with by the purchase ledger department. This department will liaise with the invoice approver to ascertain any extenuating circumstances. Failing this any disputes will be raised with our Financial Controller.
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