Industry ranking
The average time taken for PENNINGTONS MANCHES COOPER LLP to pay invoices has been increasing steadily over the past three periods, with a 4% increase from 2017-04-06 to 2018-04-05, a 23% increase from 2018-04-06 to 2019-09-30, and a 9% increase from 2019-10-01 to 2021-03-31.
The percentage of invoices paid within 30 days has fluctuated between 40% and 62%, with the highest being in 2017-04-06 and the lowest in 2018-10-06. The percentage of invoices paid between 31 and 60 days has also fluctuated, with the highest being 30% in 2018-10-06 and the lowest being 20% in 2017-10-06. The percentage of invoices paid later than 60 days has also fluctuated, with the highest being 39% in 2020-04-01 and the lowest being 17% in 2018-04-06.
Between the three periods, the average time to pay for PENNINGTONS MANCHES COOPER LLP has increased by 31%, with the biggest increase of 23% occurring between 2018-04-06 and 2019-09-30. The percentage of invoices paid within 30 days has decreased by 20%, with the lowest being 40% in 2018-10-06. The percentage of invoices paid between 31 and 60 days has increased by 10%, with the highest being 30% in 2018-10-06. The percentage of invoices paid later than 60 days has increased by 22%, with the highest being 39% in 2020-04-01. The percentage of invoices not paid within agreed terms has increased by 14%, with the highest being 60% in 2018-10-06.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Oct 2020 - 31 Mar 2021 | 10 May 2021 | 74 | 46% | 24% | 30% | 53% |
| 01 Apr 2020 - 30 Sept 2020 | 03 Nov 2020 | 72 | 35% | 26% | 39% | 65% |
| 01 Oct 2019 - 31 Mar 2020 | 30 Apr 2020 | 67 | 42% | 26% | 32% | 58% |
| 01 Apr 2019 - 30 Sept 2019 | 16 Oct 2019 | 60 | 42% | 30% | 28% | 58% |
| 06 Oct 2018 - 31 Mar 2019 | 16 Oct 2019 | 68 | 40% | 30% | 30% | 60% |
| 06 Apr 2018 - 05 Oct 2018 | 05 Nov 2018 | 45 | 58% | 25% | 17% | 42% |
| 06 Oct 2017 - 05 Apr 2018 | 11 May 2018 | 44 | 61% | 20% | 19% | 49% |
| 06 Apr 2017 - 05 Oct 2017 | 21 Feb 2018 | 43 | 62% | 21% | 17% | 49% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The principal activity of Penningtons Manches Cooper LLP is the provision of legal services in the United Kingdom. There are two types of supplies: office purchases, which relate to the normal running of a business, and client related disbursements, which are passed on to our clients. Our standard policy is to pay all office related invoices within 30 days. As each invoice falls due they are included in the next payment run. For disbursements, such as third party lawyer fees, our standard practice is to pay these invoices within 2 days of receiving funds from our clients, in accordance with Solicitors Accounts Rules. Due to the variety of legal work that we perform, receipt of funds from clients may take several months to be received as it can be dependent on the completion of a transaction or a court case.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
All invoices in dispute are passed to the appropriate team that requested the goods or services in order for them to resolve the dispute. It may then be referred onto the senior management of the firm if necessary.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Penningtons Manches Cooper LLP is a UK and international law firm registered in London. It provides legal advice to businesses, private individuals and not-for-profit organisations across areas including banking and finance, corporate, commercial dispute resolution, construction, real estate, employment, immigration, private client and tax, family law and personal injury. The firm serves sectors such as private wealth, technology, shipping, life sciences, education, sports and media. It operates from offices in London, Birmingham, Oxford, Cambridge, Guildford, Basingstoke, Reading and internationally in Madrid, Paris, Antibes, Piraeus and Singapore, employing over 400 specialist lawyers. It is a member of international legal networks including Multilaw and the European Law Group.
Generated from the company's website and Companies House records. Sources: penningtonslaw.com · penningtonslaw.com