GOV.UK
MINSTER LAW LIMITED
Company number: 04659625
Reporting period:
1 July 2021
to 31 December 2021
This report was filed on 31 January 2022
and approved by Martin Hume
Payment statistics
Average time taken to pay invoices: 469 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 6%
- in 61 days or more: 86%
Invoices due but not paid within agreed terms: 1 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
730 days
Standard payment terms
The principal activity of Minster Law Limited during the reporting period was as a solicitor, primarily in the personal injury sector. Several supplier relationships are in place for the provision of medical and rehabilitation services (disbursements) for our clients. Payment terms are in line with the settlement of the case for the client and receipt of payment from the third-party insurer. The duration of the case will depend on its complexity and can range from 9 months (274 days) to more than 5 years (>1825 days).
Contracts for the largest suppliers have fixed the maximum payment terms to 24 months (730 days), 36 months (1,095) days, or a combination thereof. However, Minster has retained a right of refund where the invoice is not reimbursed by the third party.
The most frequently used payment terms for this type of disbursement contract is 527 days.
Qualifying contracts are also in place with a number of suppliers for standard business operating expenses such as rent, utilities, stationary and temporary staff. Standard terms are 14 days for temporary staff and 30 days for all other supplies.
Payment terms do not differ based on the size of the supplier company.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
1095 days
The company has not entered into any contracts with specific payment periods in the reporting period. All payment periods conform to the standard described above.
Any other information about payment terms
Changes to standard payment terms will only take place as part of a formal contract negotiation with the supplier concerned. No changes have been made to standard payment terms in the reporting period.
Dispute resolution process
Any queries regarding payment should in first instance be emailed to Finance:
Disbursement suppliers – statements@minsterlaw.co.uk
Overhead suppliers – purchase.ledger@minsterlaw.co.uk
Finance staff will consider the query and respond within 7 days. Any requests for further information or copy invoices will be made at that time
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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.
No
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No