GOV.UK
NORTON ROSE FULBRIGHT LLP
Company number: OC328697
Reporting period:
1 May 2021
to 31 October 2021
This report was filed on 2 December 2021
and approved by Mark Rowland
Payment statistics
Average time taken to pay invoices: 29 days
Invoices paid:
- within 30 days: 68%
- in 31 to 60 days: 27%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 10 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
60 days
Standard payment terms
Standard Firm payment terms dictate that all goods and services will only be paid after any issues or queries have been resolved to the vendor and the Firm's mutual agreement. Unless any differing payment terms are agreed in writing, all approved and due invoices are paid on a monthly cycle by BACS or other form of bank transfer.
Payment of 3rd party Counsel and other professional fees that are incurred as part of the services provided to the Firm's clients fall outside the remit of our standard payment terms and are settled on a "pay when paid" basis in accordance with the UK SRA Accounts Rules and are paid within reasonable timeframes of the Firm's bill to the client being settled (normally 5 working days).
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
0 days
As the Firm has adopted a "pay when paid" policy for 3rd party Counsel and other relevant professional fees, the time taken to pay these suppliers may be in excess of the maximum contractual period stated. Whilst the criteria used to calculate the statistics in this report shows that some of theses transactions are reported as being late, Norton Rose Fulbright LLP considers the date of payment by the client of the relevant bill and the date of payment to the 3rd party as the qualifying time period. This is normally within 5 working days and in line with the SRA Rule of settling these invoices within a reasonable timescale from receiving the client funds. These, therefore, are considered to be paid to terms.
Any other information about payment terms
N/A
Dispute resolution process
Any payment disputes should emailed to accounts.payable@nortonrosefulbright.com in the first instance. Should there be no satisfactory resolution within 7 working days then the dispute should be escalated to the Accounts Payable Manager
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