SIMMONS & SIMMONS LLP
Company number: OC352713
Reporting period:
1 November 2023 to 30 April 2024
Report filed on:
24 May 2024
Approved by:
Jeremy Hoyland
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 2%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 6%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
The majority of our overhead suppliers are invoiced on 30 days terms (from invoice date).
If an invoice is received as a Disbursement from a supplier (and onward billed to a Client on a matter or file), these invoices are paid on a Pay When Paid basis - we pay our suppliers once the Client pays the our invoice (where Disbursements are included on our bill to them).
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
60 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
With Overhead related invoices, any disputes likely to delay payment are managed by the procurement person who ordered the supply directly with the vendor. If a supplier contacts Accounts Payable with a chaser on an unpaid debt, we first request the invoice copy and forward this onto the procurement person for their action.
If matter related debt is being chased, we refer that supplier directly to the team of the Partner or the Partner who has the 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 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