The average time taken for SLATER & GORDON (UK) 2 LLP to pay invoices has decreased from 59 days in Jul 2017-Dec 2017 to 45 days in Jan 2018-Jun 2018. There is no data available for the periods after Dec 2018.
The volatility in the average time taken to pay invoices for SLATER & GORDON (UK) 2 LLP has decreased from 14 days in Jul 2017-Dec 2017 to 0 days in Jan 2018-Jun 2018. There is no data available for the periods after Dec 2018.
The data shows a significant improvement in the average time taken for SLATER & GORDON (UK) 2 LLP to pay invoices, with a decrease from 59 days in Jul 2017-Dec 2017 to 45 days in Jan 2018-Jun 2018. This represents a 23.7% decrease in the average time taken to pay invoices. The percentage of invoices paid within 30 days has remained consistent at 42%, while the percentage of invoices paid between 31 and 60 days has increased from 34% to 37%. The most notable improvement can be seen in the percentage of invoices paid later than 60 days, which has decreased from 24% to 21%. This represents a 12.5% decrease in late payments. The percentage of invoices not paid within agreed terms has also decreased from 36% to 24%, representing a 33.3% improvement. The shortest standard payment period remains at 7 days.
| 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 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | |||||
| 01 Jul 2018 - 31 Dec 2018 | 30 Jan 2019 | |||||
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 45 | 42% | 37% | 21% | 24% |
| 01 Jul 2017 - 31 Dec 2017 | 30 Jan 2018 | 59 | 42% | 34% | 24% | 36% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Historically, Slater & Gordon (UK)’s standard payment terms have been 30 days from invoice receipt to payment, but this has varied as each legal business was acquired between 2012 and 2016, as the ‘inherited’ terms varied from 7 days to 90 days on some contractual arrangements and was not explicitly defined in others. Further the terms applied depended on the nature of the Products and Services provided. In 2017 SG (UK) took the decision to transition to 45 day payment terms on new contracts and to request suppliers to extend payment terms to 45 days on contracts due for renewal, typically at contract anniversary. This is an on-going process which will take at least 3 years to complete. Whilst 45 days will be the business standard term there will be exceptions where there is commercial benefit to both parties in agreeing alternative terms.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
N/A
Maximum contractual payment period agreed
90
If a payment dispute arises it is referred to the budget holder, who would normally manage the supply relationship on a day to day basis. In instances, this responsibility is delegated to a member of the relevant department/team. Payment disputes will be escalated in accordance the contractual terms which vary by suppy/service. If necessary, the budget holder will request the advice/support of the Procurement & Commercial team who are experienced in dealing with the commercial management of suppliers and may have been a party to the original agreement.
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
SLATER & GORDON (UK) 2 LLP is a leading law firm based in the United Kingdom. They offer a wide range of legal services to individuals and businesses, including personal injury, employment law, family law, and wills and probate.
One of the main focuses of SLATER & GORDON (UK) 2 LLP is their sustainability program. They are committed to reducing their environmental footprint and promoting sustainable practices within their operations. This includes using renewable energy sources, reducing waste, and promoting eco-friendly initiatives.
In terms of their products and services, SLATER & GORDON (UK) 2 LLP offers a diverse range of legal solutions to meet the needs of their clients. They have a team of experienced lawyers who are dedicated to providing high-quality and efficient service to their clients. This includes offering free initial consultations and no win, no fee agreements for personal injury cases.
The key people at SLATER & GORDON (UK) 2 LLP include their Managing Director, David Whitmore, and their Head of Legal Practice, Linda Lee. They are supported by a team of skilled and knowledgeable lawyers who are passionate about delivering the best possible outcomes for their clients.
For those looking to contact SLATER & GORDON (UK) 2 LLP, their website address is https://www.slatergordon.co.uk/ and their registered office address is 58 Mosley Street, Manchester, M2 3HZ. They also have multiple offices across the UK, making it convenient for clients to access their services.
In summary, SLATER & GORDON (UK) 2 LLP is a reputable law firm that is committed to sustainability and providing high-quality legal services to their clients. With a strong team of professionals and a focus on environmental responsibility, they continue to be a leading choice for legal assistance in the UK.