DAC BEACHCROFT LLP

The Firm/Company does not have standard payment terms with trade suppliers. The payment terms with trade suppliers range from 'due on receipt of invoice' to 60 days. The most frequently used payment term with trade suppliers in the reporting period is 30 days.

The most frequently used payment terms and the range of payment terms have not changed during the reporting period.

In addition to trade suppliers, the Firm/Company also incurs disbursements on behalf of its clients. Disbursements are amounts payable to third parties on behalf of the client and which are invoiced to the client in accordance with terms agreed by the client. With limited exceptions, the standard payment terms with suppliers for disbursements are 'pay when paid'. This means that the supplier is paid when the Firm/Company is in receipt of funds in respect of the disbursements. Once the Firm/Company is in receipt of funds for these disbursements the Solicitors Accounts Rules require that these payments be made within 2 days. The Firm/Company invariably comply with this requirement. A significant proportion of the Firm/Company payments in the period relate to disbursements which have a major impact on the reported statistics.

It is initially established whether an invoice has been received. If this is not the case, a copy invoice is requested.

If an invoice had already been received, it is then established if the invoice has been appropriately authorised and due for payment in accordance with the agreed payment terms. If this is the case, the payment is made. If this is not the case, the reasons are investigated internally and appropriate action taken.

If the matter cannot be resolved it is referred to the Chief Financial Officer and the Office of the General Counsel .