BROWNE JACOBSON LLP
Company number: OC306448
Reporting period:
1 May 2024 to 31 October 2024
Report filed on:
26 November 2024
Approved by:
Richard Medd
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 89%
- in 31 to 60 days: 9%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 15%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Standard payment terms for Browne Jacobson LLP are 30 days from date of invoice on normal qualifying contracts. In common with other law firms, we also pay professional disbursements (such as counsel fees) on behalf of clients on a “pay when paid” basis. It is standard industry practice to settle these with the supplier when the client makes funds available for their settlement.
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 further information
Any other information about payment terms
If we were to include professional disbursements in the Firm’s payment statistics, and calculate the payment period from the date of invoice to the date the supplier received payment, then the payment statistics would be as follows: - Average time taken to pay invoices: 45 days - Invoices paid within 30 days: 60% - Invoices paid in 31 to 60 days: 25% - Invoices paid in 61 days or more: 15% Agreed payment terms for professional disbursements are that they are paid by us when paid by the client, and that we settle these promptly within two days in accordance with the rules set by the Solicitors Regulation Authority. Thus, professional disbursements are always paid within terms, and none will appear in the “Invoices due but not paid within terms” statistic. The revised statistic when including professional disbursements is: - Invoices due but not paid within terms: 9%.
Dispute resolution process
Suppliers are contacted to notify them there is an issue with the invoice. The business representative who ordered the goods/services from the supplier then works to resolve with their contact at the supplier.
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