ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP
Company number: OC347108
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
26 July 2024
Approved by:
Simon Folley
Payment statistics
Average time taken to pay invoices: 52 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 9%
- in 61 days or more: 21%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 19%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Orrick, Herrington & Sutcliffe (Europe) LLP 's standard supplier payment terms for non-client contracts are that payment is made within 30 days of the supplier issuing the invoice, unless a separate agreement is made with a supplier. A significant exception to this is payment terms on professional disbursements. Professional disbursements are qualifying contracts for specialist professional advice relating to a specific client. Standard industry practice for payment for professional disbursements is once the end client has paid for the advice. Excluding professional disbursements the average time to pay in days is 29 days and the % of invoices paid between 0 to 30 days is 87%, 31-60 days is 10% and greater than 60 days is 3%. Excluding professional disbursements, the % of invoices due within the reporting period which were not paid within the agreed terms was 11%.
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
30 days
No changes to standard in the reporting period. 30 days is the maximum, unless a separate agreement is made with a supplier.
Any other information about payment terms
Client related suppliers (e.g. barristers, professional service firms) have been included, though they are only payable when we have received payment from clients.
Dispute resolution process
Any issues or complaints regarding a payment should be directed to the Finance Manager in the first instance by emailing 'lnaccounts@orrick.com' who will work to resolve the matter. If for any reason the matter cannot be resolved, the matter may be referred to the Office Leader where it will be investigated and dealt with in accordance with the firm's complaints policy, a copy of which can be provided upon request.
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