MISHCON DE REYA LLP

Company number: OC399969

Reporting period:
10 April 2022 to 9 October 2022

This information is as reported by the business, and responses are in their own words.

This report was filed on 25 October 2022

and approved by Charalambos Georgiou

Payment statistics

Average time taken to pay invoices: 50 days

Invoices paid:

within 30 days: 49%
in 31 to 60 days: 24%
in 61 days or more: 27%

Invoices due but not paid within agreed terms: 51%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

Answer not provided

Standard payment terms

Mishcon shall pay the charges for trade suppliers within 30 days of receipt of an accurate and valid VAT Invoice, unless agreed otherwise with a trade supplier. Mishcon shall only be obliged to make payment where Mishcon is satisfied that the work has been performed in accordance with agreement with the supplier. The business' standard terms relating to payment for suppliers of disbursement and counsel services are 2 business days from receipt of the payment of these costs form our clients, unless agreed otherwise with the supplier.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

Of the payments due in the reporting period which have not been paid within the agreed period, 89% of these relate to disbursement and counsel services, here we pay those suppliers on receipt of payment of those costs by our client in accordance with our standard terms.

Any other information about payment terms

N/A

Dispute resolution process

If there is a disagreement, Mishcon and the supplier shall negotiate and settle the disagreement. If there is no settlement within 10 business days, nominated representatives of both parties shall meet to try to resolve the matter. If the matter is not resolved within 20 business days (or longer as agreed by the parties), the matter may be referred to a meeting between the managing partner and managing director of both parties. If any such meeting fails to result in a settlement within 20 business days of such referral the matter may be referred to the courts.

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 Prompt 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.

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.

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?