HOLMAN FENWICK WILLAN LLP
Company number: OC343361
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
28 October 2021
Approved by:
Jeremy Shebson
Payment statistics
Average time taken to pay invoices: 41 days
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 46%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 70%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Our payment terms are agreed with suppliers and may vary depending on what is agreed during the contract negotiation. Most suppliers however agree to be paid within 30 days of the invoice date. Our payment runs are weekly and we always aim to pay our suppliers within the agreed terms. In line with standard procedures for law firms, payment to suppliers of client matter disbursements costs including counsels fees are made by the firm within 2 working days of receipt of payment from the client for those costs, unless agreed otherwise with the supplier.
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
Our aim is to pay all undisputed supplier invoices within the contractual payment terms. In the event that an invoice is not paid within the contractual terms the supplier should contact the Accounts Payable (AP) team in the first instance. The AP team will be able to provide a status update regarding the unpaid invoice and will direct the supplier to our business representative who engaged the supplier in order to resolve the issues which are preventing the invoice from being approved for payment.
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