SIMMONS & SIMMONS LLP
Company number: OC352713
Reporting period:
1 May 2022
to 31 October 2022
This report was filed on 28 November 2022
and approved by Jeremy Hoyland
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 11%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 22 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
For Overheads (office costs) - standard terms firmwide are 30 days from invoice date.
For Disbursements (legal fees onward billed to our clients) - payment is made on Pay When Paid basis and so may be after 30 days from supplier invoice date
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
In instances of a likely delayed payment due to a dispute on the services/goods as invoiced, this is first discussed via the purchaser/requestor of the services. AP is made aware that a payment maybe delayed and breach supplier terms and we are asked to refer any chasers back to the purchaser.
Conversely, if a supplier contacts AP in the first instance regarding unpaid invoices and AP do not have unpaid invoices in hand, AP request copies and fwd those received to the purchaser for their attention, asking them to contact the supplier directly with any issues/disputes likely to delay payment further.
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