FREETHS LLP
Company number: OC304688
Reporting period:
1 April 2024 to 30 September 2024
Report filed on:
30 October 2024
Approved by:
Christopher Freeston
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 81%
- in 31 to 60 days: 14%
- in 61 days or more: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The business has contracts for the lease of property, equipment, software and for provision of services in connection with the operation of the business.
The payment period and terms vary and resemble the normal commercial terms for these form of contracts.
The business has contracts with counsel and experts for the provision of services and advice on behalf of clients. In line with industry practice these contracts are settled promptly when the client makes funds available for their settlement.
All other qualifying contracts are on 30 day standard payment terms.
Freeths standard terms provide that it will pay all invoices within the agreed terms of any formal agreement and in the case of other contracts within 30 days of the invoice date.
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
90 days
No further comment provided
Any other information about payment terms
If the business included professional disbursement contracts in its payment statistics and it calculated the payment period as the date from the date of invoice to the date of payment then the following would be the payment statistics:
Average time taken to pay invoices = 31 days
Invoices paid:
within 30 days = 75%
in 31 to 60 days = 14%
in 61 days or more = 11%
As the agreed payment terms for professional disbursements are on a pay when paid by the client basis and the firm settles these promptly within 2 days in accordance with Solicitor Accounts Rules, professional disbursements will always be paid within term. No professional disbursements will appear in the "Invoices due but not paid within agreed terms" statistic. This statistic will fall with the inclusion of professional disbursements in payment statistics. The revised statistic with the inclusion of professional disbursements becomes:
Invoices due but not paid within agreed terms = 15%
Dispute resolution process
Any disagreement with payment for contracted services is advised to the supplier by the requisitioner/approver of the service.
It is the responsibility of this person to resolve any disputes and approve any resolved payment.
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