HOWARD KENNEDY LLP
Company number: OC361417
Reporting period:
1 May 2024 to 31 October 2024
Report filed on:
22 November 2024
Approved by:
Craig Emden
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 66%
- in 31 to 60 days: 17%
- in 61 days or more: 17%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 37%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
30 days
Standard payment terms
Howard Kennedy LLP does not have standard payment terms. Payment terms are agreed with suppliers as part of negotiations. The most common payment terms of invoices paid in the period are 30 days. Minor delays may occur if invoices are not sent directly to the accounts payable team.
The business' standard terms relating to payment for suppliers of disbursement and counsel services are two business days from receipt of payment of those costs from our clients, unless agreed otherwise with the supplier.
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
N/A
Any other information about payment terms
No further comment provided
Dispute resolution process
Any disputes are submitted to the member of staff managing the contract, who may involve their director as necessary. If there is no settlement between the member of staff and the supplier, the dispute would be escalated to the Director of Risk and Compliance.
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