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IRWIN MITCHELL LLP

Company number: OC343897

Reporting period:
1 May 2017 to 31 October 2017

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This information is as reported by the business, and responses are in their own words.

This report was filed on 11 December 2017

and approved by Andrew Merrick

Payment statistics

Average time taken to pay invoices: 240 days

Invoices paid:

• within 30 days: 41%
• in 31 to 60 days: 8%
• in 61 days or more: 51%

Invoices due but not paid within agreed terms: 18 %

Payment terms

Standard payment period for qualifying contracts

0 days

Standard payment terms

If our suppliers stipulate a set period for payment then we comply with that, otherwise our standard payment terms are 30 days from the date of the invoice. However, we do have some contracts with large medical suppliers in some legal cases where the agreed terms are for us to pay them when we receive payment or 2 years, whichever is earlier. In addition, we have agreements with some barristers and insurance companies where we pay them when we have received payment ourselves, as very often we are unable to issue invoices to recover these disbursements until the legal case has reached settlement. These agreements for shared deferred payment terms increases our average payment days.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

730 days

Any other information about payment terms

N/A

Dispute resolution process

We are open to discussion with suppliers in respect of any alleged dispute.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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