GOV.UK
BERRYMANS LACE MAWER LLP
Company number: OC340981
Reporting period:
1 October 2020
to 31 March 2021
This report was filed on 29 April 2021
and approved by Vivienne Williams
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 46%
- in 61 days or more: 32%
Invoices due but not paid within agreed terms: 75 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are agreed with suppliers during contract negotiations. The most commonly used terms allow for payment within 30 to 60 days. Counsel & expert fees (Professional Disbursements) however carry different terms for settlement. In accordance with standard procedures for law firms and in accordance with Solicitors Regulation Authority (SRA) Accounts Rules, BLM pays Professional Disbursements within two days of receipt of payment from the client for those costs, unless otherwise agreed with the supplier.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
As noted above, unless otherwise agreed, Professional Disbursements are paid within 2 days of receipt of payment from the client for those costs. This may result in the actual payment date exceeding the "standard" payment term of some suppliers (which are deemed to be 30 days in the above statistics). This approach is standard procedure for law firms and compliant with Solicitors Regulation Authority (SRA) Accounts Rules. In arriving at the statistic for "invoices due but not paid within agreed terms", Professional Disbursements have been removed from the calculation.
Any other information about payment terms
N/A
Dispute resolution process
The firm's Purchase Ledger team is the first point of call for any disputes regarding payment to suppliers. E-mails can be sent to PurchaseLedger@blmlaw.com Complaints are escalated to the relevant department head and if necessary the Finance Director.
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