FIELDFISHER LLP
Company number: OC318472
Reporting period:
1 May 2022 to 31 October 2022
Report filed on:
15 December 2022
Approved by:
Mike Giles
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 7%
- in 61 days or more: 17%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
30 days
Standard payment terms
The firm recognises two major types of suppliers and each supplier type is subject to specific payment terms. The first are 'Trading' Suppliers. These represent our routine suppliers that provide our day to day operational support. These suppliers set their own payment terms generally ranging from immediate payment to 30 days. Our intention is to pay these suppliers within their payment terms. In the absence of agreed terms, we would generally aim to pay within 30 days of the date of invoice. The second are 'Professional Disbursements'. The nature of our legal work means that we may have to procure professional advice or professional counsel fees in respect of underlying legal matters. In common with most other legal firms, the majority of these suppliers are procured under a 'pay when client pays' arrangement which means that we do not follow the normal supplier payment terms. The payment dates can therefore vary depending on the nature of the underlying legal matter.
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
No further comment provided
Dispute resolution process
Initial queries should be raised with the Accounts Payable team on 0330 4607000 or by email at OfficeAccountTeam@fieldfisher.com. If your dispute is not resolved to your satisfaction, the matter can be escalated to the Head of Finance or Finance Director on the same number.
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