KEOGHS LLP
Company number: OC321124
Reporting period:
1 December 2022 to 31 May 2023
Report filed on:
30 June 2023
Approved by:
Jo Wells
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 47%
- in 31 to 60 days: 24%
- in 61 days or more: 29%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 53%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
Payment terms are agreed when the first contract is made with the supplier. The most commonly used payments terms are 30 days and the maximum 60 days.
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
No further comment provided
Any other information about payment terms
Payment of matter disbursement such as counsel and expert fees are paid within 2 working days of the receipt of payment from the client for these costs. This adheres to SRA rules and is standard procedure for law firms. In the statistics above these payments are deemed to have terms of 30 days.
Dispute resolution process
The firm’s Accounts payable department deals initially with any payment disputes as these tend to be advisory. Any complaints are escalated to the department head and if necessary the Finance Director.
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