GOV.UK
BROWNE JACOBSON LLP
Company number: OC306448
Reporting period:
1 November 2022
to 30 April 2023
This report was filed on 8 June 2023
and approved by Richard Medd
Payment statistics
Average time taken to pay invoices: 35 days
Invoices paid:
- within 30 days: 69%
- in 31 to 60 days: 22%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 37 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Standard payment terms for Browne Jacobson LLP are 30 days from date of invoice on normal qualifying contracts. In common with other law firms, we also pay professional disbursements (such as counsel fees) on behalf of clients on a “pay when paid” basis. It is standard industry practice to settle these with the supplier when the client makes funds available for their settlement.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
If we were to include professional disbursements in the Firm’s payment statistics, and calculate the payment period from the date of invoice to the date the supplier received payment, then the payment statistics would be as follows:
- Invoices paid within 30 days: 45%
- Invoices paid in 31 to 60 days: 28%
- Invoices paid in 61 days or more: 27%
Agreed payment terms for professional disbursements are that they are paid by us when paid by the client, and that we settle these promptly within two days in accordance with the rules set by the Solicitors Regulation Authority. Thus, professional disbursements are always paid within terms, and none will appear in the “Invoices due but not paid within terms” statistic.
The revised statistic when including professional disbursements is:
- Invoices due but not paid within terms: 21%
During this reporting period the Firm was engaged in a major project to replace our core accounting system, which was completed just after the end of the reporting period. This required experienced Accounts Payable team members to be redeployed to project work, which adversely affected the overall performance of the team. The workflow in the new system will give the team better visibility of the status of each invoice, and we are reviewing routing of invoices within the workflow to expedite approval and payment times.
Dispute resolution process
Suppliers are contacted to notify them there is an issue with the invoice. The business representative who ordered the goods/services from the supplier then works to resolve with their contact at the supplier.
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