NEWLAW LEGAL LIMITED

Company number: 07200038

Reporting period:
1 July 2018 to 31 December 2018

This information is as reported by the business, and responses are in their own words.

This report was filed on 25 January 2019

and approved by Mr Nicholas Lemans

Payment statistics

Average time taken to pay invoices: 32 days

Invoices paid:

within 30 days: 57%
in 31 to 60 days: 32%
in 61 days or more: 11%

Invoices due but not paid within agreed terms: 19%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

30 days

Standard payment terms

Standard payment terms of business are 30 days from the end of month following receipt of invoice. Direct marketing agreements have separate contractual agreed terms of 14 or 21 days. In addition to trade suppliers, the Firm 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 is in receipt of funds in respect of disbursements. Once the Firm is in receipt of these disbursement funds then the SRA (Solicitor Accounts Rules) stipulate that these payments are made within 2 days. We invariably comply with this requirement. Accordingly a significant proportion of the Firm’s payments in the period relate to disbursements which have a major impact on the reported statistics.

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

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

The Company is committed to dealing with its suppliers in a fair, honest and professional manner while seeking best value for the business. In the event that a dispute cannot be resolved by our Accounts Payable team, the query will be discussed between the relevant Head of Department and the supplier to seek a satisfactory resolution for both the supplier and the company.

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.

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.

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?