HERBERT SMITH FREEHILLS LLP
Company number: OC310989
Reporting period:
1 November 2024 to 30 April 2025
Report filed on:
20 May 2025
Approved by:
Alison Brown
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 22%
- in 61 days or more: 38%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 16%
Payment terms
Shortest standard payment periods
1 days
Longest standard payment period
60 days
Standard payment terms
HSF LLP does not have standard payment terms. These are agreed with suppliers depending on their company size and the nature of the goods or services provided. In line with standard procedures for law firms, payments relating to client matter disbursement costs are settled in accordance with the terms set out by the Solicitors Regulatory Authority, unless otherwise agreed 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
60 days
This maximum payment period is agreed contractually in agreement with vendors. Payment terms are agreed with suppliers depending on their company size and the nature of the goods or services provided.
Any other information about payment terms
Figures in this submission have been calculated in line with the guidance notes issued by the Department for Business, Energy and Industrial Strategy. HSF LLP operates both daily and weekly payment runs. Weekly payment runs may add additional days to the payment cycle depending on the day of the week the payment is due.
Dispute resolution process
HSF LLP will endeavour to advise suppliers promptly of any disputes or reasons why an invoice will not be paid to the agreed terms. Invoices that are subject to dispute will not be paid until resolution of the dispute. Once resolved, payment will be made in accordance with the terms of the contract.
Complaints by suppliers should be directed in the first instance to the individual responsible for the expenditure.
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