GOV.UK
STEWARTS LAW LLP
Company number: OC329883
Reporting period:
1 November 2021
to 30 April 2022
This report was filed on 25 May 2022
and approved by John Cahill
Payment statistics
Average time taken to pay invoices: 89 days
Invoices paid:
- within 30 days: 57%
- in 31 to 60 days: 12%
- in 61 days or more: 31%
Invoices due but not paid within agreed terms: 32 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
395 days
Standard payment terms
The business does not use standard payment terms and the most frequently used payment terms vary according to the nature of the service supplied.
Overhead suppliers are paid in line with their own terms and conditions, and generally at the end of the month in which their invoice is received.
Where disbursements (litigation case specific expenses) are commissioned during the course of litigation, a variety of terms may be agreed according to the demands of the case. In some cases, payments are made on an immediate or monthly basis, but in some long life cases, where the costs of litigation are funded by the Firm, payments may not be made until a milestone in the case has been reached, or until the case has been completed. For the suppliers of some case related services, deferred payment terms may be agreed.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
395 days
The maximum agreed payment period for overheads is 30 days, and for disbursements is 30 days or longer, dependent upon whether deferred payment terms have been agreed, in which case the period for payment of an invoice would not run until the expiry of the deferred period agreed.
Any other information about payment terms
The business does not have standard payment terms. However, payments for overheads tend to be made within 30 days, and suppliers of disbursements may be paid within 30 days or longer if deferred terms have been agreed.
Dispute resolution process
The Firm’s process for resolving a dispute with a supplier in relation to payment is to correct any failure to pay caused by error or oversight. Where non-payment is caused by disagreement as to the quality of goods or services provided, the Firm will seek to agree a compromise with the supplier.
For overhead suppliers, complaints or concerns will be considered by the Chief Operating Officer, Philip Studd. For the suppliers of disbursements, first contact should be made with the Solicitor responsible for appointing that supplier, with the option of escalation to Philip Studd if necessary.
Philip Studd can be contacted by writing to him at Stewarts Law LLP, 5 New Street Square, London EC4A 3BF, or by email (pstudd@stewartslaw.com).
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