ADMIRAL LAW LIMITED

Admiral Law's standard practice is to pay trade purchase ledger suppliers within 30 days of receipt of a valid and accurate VAT invoice (unless a different payment period is specifically agreed with a particular supplier) provided we are satisfied that the goods or services have been delivered or performed in accordance with the agreement with that supplier.

In addition to trade suppliers, Admiral Law also incurs professional disbursements (including counsel fees) in relation to legal cases undertaken on behalf of clients, and the majority of these invoices are subject to extended credit terms. Admiral Law’s policy is to pay these invoices within five business days of receipt of funds, in accordance with the firm's policy in relation to the Solicitors Regulation Authority (SRA) Accounts Rules, or within the terms agreed with the supplier, whichever is sooner.

Prior to the H2 2022 return, Admiral Law did not include disbursement invoices in its Payment Practice Reports. Inclusion of disbursement invoices results in a significant increase in the average time to pay invoices and in the proportion of payments appearing in the "61 days or more" category.

The summary below represents the payment practices metrics excluding professional disbursements invoices.

Metrics excluding professional disbursement invoices:
Average time taken to pay invoices : 48 Days
Invoices Paid:
within 30 days: 87%
in 31 to 60 days: 6.5%
in 61 days or more: 6.5%

Material disputes relating to payments with our suppliers are very rare as we will have agreed cost and payment terms prior to the goods being delivered or services being performed.

Any disputes or other queries are raised and discussed with the supplier (by the relevant contact in the Admiral Law operational or finance team) with the intention of resolving the dispute or query promptly and to the satisfaction of both parties.