GOV.UK
IRWIN MITCHELL LLP
Company number: OC343897
Reporting period:
1 May 2023
to 31 October 2023
This report was filed on 22 December 2023
and approved by Neil Gilbert
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 17%
- in 61 days or more: 9%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Standard payment period for qualifying contracts
0 days
Standard payment terms
Our standard payment terms for services provided to the firm are 30 days from the date of the invoice. However, in addition we have contracts with large medical suppliers in specific legal cases where the agreed terms are for us to pay the supplier when we receive payment ourselves or within 2 years, whichever is earlier. We also have agreements with some barristers, experts and insurance companies where we pay them when we have received payment ourselves, as very often we are unable to issue invoices to recover these disbursements until the relevant legal case has reached settlement. These agreements for shared deferred payment terms, which reflect the nature of our Personal Injury legal business, increase our average payment days. If these two categories are included, our average days to pay show 336 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
730 days
Any other information about payment terms
N/A
Dispute resolution process
We are open to discussion with suppliers in respect of any alleged dispute.
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