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PENNINGTONS MANCHES COOPER LLP

Company number: OC311575

Reporting period:
1 October 2020 to 31 March 2021

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

This report was filed on 10 May 2021

and approved by Timothy Wright

Payment statistics

Average time taken to pay invoices: 74 days

Invoices paid:

• within 30 days: 46%
• in 31 to 60 days: 24%
• in 61 days or more: 30%

Invoices due but not paid within agreed terms: 53 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

The principal activity of Penningtons Manches Cooper LLP is the provision of legal services in the United Kingdom. There are two types of supplies: office purchases, which relate to the normal running of a business, and client related disbursements, which are passed on to our clients. Our standard policy is to pay all office related invoices within 30 days. As each invoice falls due they are included in the next payment run. For disbursements, such as third party lawyer fees, our standard practice is to pay these invoices within 2 days of receiving funds from our clients, in accordance with Solicitors Accounts Rules. Due to the variety of legal work that we perform, receipt of funds from clients may take several months to be received as it can be dependent on the completion of a transaction or a court case.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

N/A

Dispute resolution process

All invoices in dispute are passed to the appropriate team that requested the goods or services in order for them to resolve the dispute. It may then be referred onto the senior management of the firm if necessary.

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