MINSTER LAW LIMITED

Company number: 04659625

Reporting period:
1 January 2018 to 30 June 2018

---

This report was filed on 21 August 2018

and approved by Shirley Woolham

Payment statistics

Average time taken to pay invoices: 499 days

Invoices paid:

• within 30 days: 12%
• in 31 to 60 days: 5%
• in 61 days or more: 83%

Invoices due but not paid within agreed terms: 1%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

579 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. A number of 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). The most frequently used payment terms for this type of disbursement contract is 579 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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

1095 days

Recent contract renegotiations for the largest suppliers have fixed the maximum payment terms to 24 months (730 days), 36 months (1095) days, or a combination thereof. However, Minster has retained a right of refund where the invoice is not reimbursed by the third party.

Any other information about payment terms

N/A

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, this business has not signed up to a code of conduct or standards on payment practices.

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