FARRER & CO LLP
Company number: OC323570
Reporting period:
1 November 2020 to 30 April 2021
Report filed on:
26 May 2021
Approved by:
Simon Graham
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 39%
- in 31 to 60 days: 57%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 61%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms of 30 days are our default position, unless agreement is reached with specific suppliers for an alternative limit
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
No further comment provided
Any other information about payment terms
The figures published above exclude payments made on behalf of our clients for disbursements and to counsel in respect of advice provided for the client’s benefit. Those payments are generally only made after funds have been received from each client and are subject to separate agreement with counsel.
Dispute resolution process
Complaints or concerns raised by suppliers are reviewed and responded to in the first instance by the relevant head of department. If not resolved to both parties' satisfaction within a reasonable timeframe the issue would be escalated to the Management Board member with responsibility for business operations.
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