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SIMMONS & SIMMONS LLP

Company number: OC352713

Reporting period:
1 May 2023 to 30 October 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 17 November 2023

and approved by Jeremy Hoyland

Payment statistics

Average time taken to pay invoices: 15 days

Invoices paid:

• within 30 days: 93%
• in 31 to 60 days: 3%
• in 61 days or more: 4%

Invoices due but not paid within agreed terms: 7 %

Payment terms

Shortest standard payment period

14 days

Longest standard payment period

60 days

Standard payment terms

Trade/overhead costs are mostly invoiced on 30 days terms.
For costs billed to a Client on a legal matter or file, these costs are settled on Pay When Paid terms - we pay our suppliers once the Client pays the supplier invoice included on our bill to them.

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

For Trade related invoices, any disputes are managed by the individual who ordered the supply directly with the vendor. If a supplier comes directly to Accounts Payable with a chaser on an unpaid debt, we first request the invoice copy and forward this onto the buyer for their involvement.
For matter related supplier chases on debt, we refer the supplier directly to the team of the Partner who has conduct of the file.

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