FIELDFISHER LLP

Standard payment terms

The firm recognises two major types of suppliers and each supplier type is subject to specific payment terms. The first are 'Trading' Suppliers. These represent our routine suppliers that provide our day to day operational support. These suppliers set their own payment terms generally ranging from immediate payment to 30 days. Our intention is to pay these suppliers within their payment terms. In the absence of agreed terms, we would generally aim to pay within 30 days of the date of invoice. For the period ended 31 March 26, our average time taken to pay 'Trading' Suppliers was 22 days. The second are 'Professional Disbursements'. The nature of our legal work means that we may have to procure professional advice or professional counsel fees in respect of underlying legal matters. In common with most other legal firms, the majority of these suppliers are procured under a 'pay when client pays' arrangement which means that we do not follow the normal supplier payment terms. The payment dates can therefore vary depending on the nature of the underlying legal matter. For these suppliers our average time to pay in the period ended 31 March 26 was 89 days.

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

30

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.

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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.

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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.

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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?

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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No information available