ORRICK HERRINGTON SUTCLIFFE EUROPE LLP
Company Details
Registration Number
OC347108
Registered Address
9th Floor 107 Cheapside London EC2V 6DN
Company Status
Active
Employee Count
121
Turnover
£83,074,000
EBITDA
£28,851,000
Additional Information
Website
orrick.comCompany Type
Limited liability partnership
Incorporated on
10 July 2009
Nature of Business (SIC)
Unknown
Industries
Legal services
Region
LondonCompany Location
Financial Overview
£53,798,523
£38,113,765
Last Reporting Period
Filed
30 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
39 days
Payment Periods
Shortest
30 days
Longest
0 days
Max Contractual
30 days
Payment Timeline
Not Paid Within Terms
29%
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| 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 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 39 | 81% | 4% | 15% | 29% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 59 | 63% | 10% | 27% | 33% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 38 | 51% | 19% | 30% | 49% |
| 01 Jan 2022 - 30 Jun 2022 | 01 Aug 2022 | 23 | 100% | 0% | 0% | 0% |
| 01 Jul 2021 - 31 Dec 2021 | 28 Jan 2022 | 26 | 79% | 17% | 4% | 21% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 31 | 86% | 6% | 8% | 14% |
| 01 Jul 2020 - 31 Dec 2020 | 28 Jan 2021 | 18 | 93% | 7% | 0% | 7% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 16 | 91% | 0% | 9% | 9% |
| 01 Jul 2019 - 31 Dec 2019 | 31 Jan 2020 | 11 | 93% | 7% | 0% | 7% |
| 01 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 24 | 93% | 5% | 2% | 7% |
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | 23 | 93% | 2% | 5% | 7% |
| 01 Jan 2018 - 30 Jun 2018 | 14 Aug 2018 | 25 | 71% | 29% | 0% | 29% |
Company Summary
ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP is a global law firm with offices in Europe, Asia, and the United States
The firm provides a wide range of legal services to clients in various industries, including technology, energy, and finance
Sustainability is a key focus for ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP, and the firm has implemented various initiatives to minimize its environmental impact
These include reducing energy consumption, promoting sustainable transportation options for employees, and implementing green building practices in its offices
The firm also offers a range of sustainable products and services to its clients, such as advising on renewable energy projects and providing legal support for sustainable business practices
ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP is committed to promoting sustainable practices within the legal industry
Key people at ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP include co-chairs of the firm, Mitch Zuklie and Blake Ilstrup, who both bring extensive experience in the legal industry
The firm also has a team of knowledgeable and experienced lawyers who specialize in various practice areas
For more information on ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP's services and sustainability initiatives, you can visit their website at www.orrick.com
The firm's registered office address is 107 Cheapside, London EC2V 6DN, United Kingdom
Company Review
Trend Analysis
The average time for ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP to pay invoices has fluctuated over the past three periods. In the first period (2018-01-01 to 2018-06-30), the average time was 25 days. It decreased to 23 days in the second period (2018-07-01 to 2018-12-31) before increasing to 24 days in the third period (2019-01-01 to 2019-06-30). However, in the most recent period (2019-07-01 to 2019-12-31), there was a significant decrease in the average time to pay, with it being only 11 days. This trend continued in the following period (2020-01-01 to 2020-06-30) with an average time of 16 days. However, in the most recent period (2021-01-01 to 2021-06-30), there was a sharp increase in the average time to pay to 31 days. This trend seems to be continuing in the current period (2022-01-01 to 2022-06-30) with an average time of 38 days.
Volatility Analysis
The volatility in the percentage of invoices paid within 30 days has been relatively low over the past three periods, ranging from 86% to 93%. However, there was a significant decrease in the percentage in the most recent period (2021-07-01 to 2021-12-31) with only 79% of invoices being paid within 30 days. The volatility in the percentage of invoices paid between 31 and 60 days has also been relatively low, ranging from 2% to 19%. However, there was a sharp increase in the percentage in the current period (2022-07-01 to 2022-12-31) with 30% of invoices being paid in this timeframe.
Summary Analysis
In the past three periods, ORRICK, HERRINGTON & SUTCLIFFE (EUROPE) LLP has shown a trend of decreasing the average time to pay invoices. However, in the most recent period, there was a sharp increase in the average time to pay, which seems to be continuing in the current period. The percentage of invoices paid within 30 days has also shown some volatility, with a significant decrease in the most recent period. The percentage of invoices paid later than 60 days has also been volatile, with a significant increase in the current period.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Orrick, Herrington & Sutcliffe (Europe) LLP 's standard supplier payment terms for non-client contracts are that payment is made within 30 days of the supplier issuing the invoice, unless a separate agreement is made with a supplier. A significant exception to this is payment terms on professional disbursements. Professional disbursements are qualifying contracts for specialist professional advice relating to a specific client. Standard industry practice for payment for professional disbursements is once the end client has paid for the advice. Excluding professional disbursements the average time to pay in days is 28 days and the % of invoices paid between 0 to 30 days is 92%, 31-60 days is 2% and greater than 60 days is 6%. Excluding professional disbursements, the % of invoices due within the reporting period which were not paid within the agreed terms was 25%.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
Client related suppliers (e.g. barristers, professional service firms) have been included, though they are only payable when we have received payment from clients.
Maximum contractual payment period agreed
30
Dispute Resolution Process
Any issues or complaints regarding a payment should be directed to the Finance Manager in the first instance by emailing 'lnaccounts@orrick.com' who will work to resolve the matter. If for any reason the matter cannot be resolved, the matter may be referred to the Office Leader where it will be investigated and dealt with in accordance with the firm's complaints policy, a copy of which can be provided upon request.
Other Payment Information
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?
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