TAYLOR WESSING LIMITED LIABILITY PARTNERSHIP
Company number: OC322935
Reporting period:
1 May 2021 to 31 October 2021
Report filed on:
22 November 2021
Approved by:
Shane Gleghorn
Payment statistics
Average time taken to pay invoices: 74 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 27%
- in 61 days or more: 44%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Suppliers of goods and services to the Firm are offered 30 day payment terms and
their invoices included in a fortnightly payment run as they fall due
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
Suppliers of specialist legal advice undertaken on behalf of our clients are treated
differently. They are paid as soon as the cash is received from our client, which is
often on completion of a transaction. Therefore the period of time to pay an invoice
from a specialist legal adviser can often be greater than the standard 30 days
Any other information about payment terms
No further comment provided
Dispute resolution process
Any complaints should be submitted to the Taylor Wessing member of staff
managing the contract, who may involve their director or team leader as
necessary. If there is any further dispute, this would be escalated and referred to
the Senior In-House Counsel
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