OSBORNE CLARKE LLP

Standard payment terms

The LLP does not use standard terms. Unless otherwise agreed with suppliers, the most frequently used payment terms are: • For advice and opinions provided by UK and overseas law firms and counsel that are billed to clients, payment terms are typically 30 days from invoice date. However, the majority of these services are procured on a 'paid when client pays' basis. In common with many law firms Osborne Clarke has a policy of payment within 48 hours of payment by the LLP’s client. • For all other services and goods payment terms are also typically 30 days from invoice date, payments are made every 7 days (i.e. once a week). Each payment run will include all approved invoices that become due according to supplier terms within each 7 day period. Payments are made by BACs and suppliers receive value 2 days later. The above policies have been in place for many years and there have been no changes in policy during the reporting period. The maximum payment period specified in a qualifying contract and entered into during the reporting period is 60 days.

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

No information available

Any other information about payment terms

The above statistics relate solely to payments against supplier terms but as noted above the LLP has adopted defined payment policies for many years which includes overseas law firms and counsel procured on a 'paid when client pays' basis. Were those payment policies to be recognised the average number of days taken to make payments reduces significantly to 32 days

Maximum contractual payment period agreed

60

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