FARRER & CO LLP
Company number: OC323570
Reporting period:
1 May 2017 to 31 October 2017
Report filed on:
28 November 2017
Approved by:
SJ Pring
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 53%
- in 31 to 60 days: 37%
- in 61 days or more: 10%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 47%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms of 30 days are deemed the firm's default, unless specific agreement is reached with individual suppliers for an alternative payment period.
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
The average number of days quoted above is based on payments to the firm's suppliers and certain other experts and client disbursements (e.g. search fees)which are borne by the firm in the first instance. The reported calculation excludes payments made on behalf of the client to counsel for advice provided for the client's benefit. Those payments are only made once funds have been received from each client and often take longer than 30 days. If counsel payments had been included, the average number of days for making payment by the firm in the period would have been 54.
Dispute resolution process
Complaints or concerns raised by suppliers would be reviewed and responded to in the first instance by the relevant head of department. If not resolved to both parties' satisfaction within a reasonable timeframe the issue would be escalated to the Management Board member with responsibility for business operations.
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