STEPHENSON HARWOOD LLP
Company number: OC373597
Reporting period:
1 May 2023 to 31 October 2023
Report filed on:
27 November 2023
Approved by:
Eifion Morris
Payment statistics
Average time taken to pay invoices: 68 days
Invoices paid:
- within 30 days: 37%
- in 31 to 60 days: 27%
- in 61 days or more: 36%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 51%
Payment terms
Shortest standard payment periods
42 days
Longest standard payment period
Answer not provided
Standard payment terms
The principal activity of Stephenson Harwood LLP is the provision of legal services in the United Kingdom and internationally, both directly and through its subsidiary undertakings. Stephenson Harwood's suppliers fall into 2 categories, office purchases which relate to the normal running of a business and client related disbursements which are passed on to our clients. Our standard policy is to pay all office related invoices within 42 days. As each invoice falls due they are included in the next payment run. For disbursements, such as third party lawyer fees, our standard practice is to pay these invoices within 2 days of receiving funds from our clients, in accordance with SRA Accounts Rules. Due to the variety of legal work that we perform, receipt of funds from clients may take several months to be received as it can be dependent on the completion of a transaction or a court case.
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
42 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All invoices in dispute are passed to the appropriate team that requested the goods or services in- order for them to resolve the dispute. It may then be referred onto the senior management of the firm if necessary.
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