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KENNEDYS LAW LLP

Company number: OC353214

Reporting period:
1 May 2023 to 31 October 2023


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

This report was filed on 29 November 2023

and approved by Nick Thomas

Payment statistics

Average time taken to pay invoices: 96 days

Invoices paid:

  • within 30 days: 12%
  • in 31 to 60 days: 32%
  • in 61 days or more: 56%

Invoices due but not paid within agreed terms: 56%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

Our standard payment terms are that goods and services will only be paid after any issues or queries have been resolved. All invoices are subject to an approval process within their respective departments and must be authorized before they can be paid. Authorized invoices will be paid net monthly on the weekly supplier payment run, except where different payment terms have been agreed in writing with a supplier. The weekly payment run includes all Purchase Ledger invoices that fall due at the time or by the time the next payment run is made. Payment of Counsel and other professional fees which are incurred as part of the services provided to our clients, fall outside the remit of our standard payment terms and shall be settled on a "pay when paid" basis in accordance with the SRA Accounts Rules and will be paid within 72 working hours of our invoice being settled.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

As we have adopted a pay when paid policy for Counsel and other professional fees the time taken to pay these suppliers will be in excess of the maximum contractual payment period. The time between us receiving an invoice from our supplier and them being paid cannot be defined as it is dependent on when we are paid by our client. As such there is no maximum contractual payment period for these suppliers.

Any other information about payment terms

N/A

Dispute resolution process

Any payment disputes shall in the first instance be referred to the member of staff managing the contract. If the parties are unable to reach a resolution, it may be referred to the relevant head and, where necessary, the firm's Chief Financial Officer.

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, 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