GOV.UK
NORTON ROSE FULBRIGHT LLP
Company number: OC328697
Reporting period:
1 May 2023
to 31 December 2023
This report was filed on 31 January 2024
and approved by Louise Higginbottom
Payment statistics
Average time taken to pay invoices: 31 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 19%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 30 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
Standard terms are 30 days unless any differing payment terms are agreed in writing between the vendor and Norton Rose Fulbright LLP. Standard payment terms dictate that all goods and services will only be paid after any issues or queries have been resolved to the vendor and Norton Rose Fulbright LLP’s mutual agreement. All approved and due invoices are paid on a weekly cycle by BACS or other form of bank transfer.
Payment of 3rd party Counsel and other professional fees that are incurred as part of the services provided by Norton Rose Fulbright LLP’s to clients fall outside of the standard payment terms, and are settled on a "pay when paid" basis in accordance with the UK SRA Accounts Rules. These “paid when paid” invoices are paid within reasonable timeframes (5 working days) of Norton Rose Fulbright LLP’s invoices to the client being paid..
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
As the Firm has adopted a "pay when paid" policy for 3rd party Counsel and other relevant professional fees in accordance with the UK SRA Accounts Rules, the time taken to pay these suppliers may be in excess of the standard contractual period. Norton Rose Fulbright LLP considers the date of payment by the client of the relevant invoice and the date of payment to the vendor as the qualifying time period. This is normally within 5 working days and in line with the SRA Rule of settling these invoices within a reasonable timescale from receiving payment from the client. Accordingly, Norton Rose Fulbright LLP considers all “paid when paid” invoices paid to terms.
Any other information about payment terms
N/A
Dispute resolution process
Any payment disputes should emailed to accounts.payable@nortonrosefulbright.com in the first instance. Should there be no satisfactory resolution within 7 working days then the dispute should be escalated to the Accounts Payable Manager.
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