Overview Can we help?

When you’re running your business you probably want to keep your contact with your lawyers to a minimum.  We understand that.  We can however be pretty useful to you, and not only when things go wrong.

We can provide you with clear and straightforward advice on a complete range of company and commercial issues that can arise for all sizes and types of businesses from sole traders and partnerships to large multi-corporate structures. 

It’s also important for everyone that the cost of this support and advice is clear and agreed.  We will always agree a cost for the project, whether big or small.  This way everyone is clear and you do not need to fear costs escalating.

We will help you achieve your aims in a practical no-nonsense way.  Our aim is to build a long-term relationship so we will be with you all the way, helping you to achieve your business goals.

It is also our aim to be approachable and an asset to your business, working closely with your other professional advisers, particularly your accountants to help your business to prosper and grow.

Corporate law

Thinking of the lifecycle of businesses, we provide flexible support to a wide range of companies and partnerships at each stage:

Commercial law

Once your business is established it needs to run smoothly, contracts completing on time, bills paid and employees supporting the business.

We can provide many of the important tools to help you achieve this:

 

Payment options

Payment options - Corporate/Commercial transactions

Introduction

We are often asked by clients what options they have to pay our invoices, particularly where they may not be able to immediately raise the money to do so.  We have set out below the options available.

If you find yourself unable to pay any invoice, we ask that you contact us immediately; we can only help if we know there is a problem.  Rather than having to pursue you for unpaid invoices we would much prefer it if we can agree a solution which satisfies both you and us before it becomes a real issue.

Interest on late paid invoices

Do remember that if you fail to pay any of our invoices within 14 days of receiving them, you will be charged interest on the outstanding balance from the date of the invoice to the date of payment at the County Court interest rate on judgement debts applicable from time to time.  This is currently 8% per annum. 

Fixed fee options

Most corporate/commercial transactions are charged on a fixed or estimated basis so you know exactly how much the transaction will cost you.  However, these type of transactions typically involve significant amounts of work over relatively short periods of time and we therefore need to agree with you how and when we will receive payment.  For these transactions you have two options:

Option 1 - Staged payments

For nearly all corporate/commercial transactions we will suggest that we break up the payment of your bill into a series of agreed staged payments.   We find this is particularly useful where you are instructing us to handle a transaction for a fixed fee in excess of £3,000.

We will agree the dates and amounts of the payments in advance and send you reminders a week before each payment is due.  This is usually done over 3 stages.  The first payment will usually be payable by you towards the beginning and the second one around two-thirds of the way through with the final payment falling due on completion of the matter.

We will still issue you with our invoice in the usual way at the end of the matter which will confirm our fixed fee, what payments we have received from you and what your final payment is.

If you do not meet one of the agreed payments, we shall be entitled to stop working for you until the payment has been made.

What will this option cost?

Assuming you make the payments as agreed and settle the final payment within 14 days of the invoice being raised then this option will cost you nothing and allows you to easily budget your financial commitment to us.

Option 2 – Payment on account

For some corporate/commercial transactions we will suggest that we break up the payment of your bill into two stages.   We find this is particularly useful where you are instructing us to handle a transaction for a fixed fee between £1,000 and £3,000.

We will ask you for half of the fee at the beginning of the transaction on account of our fees with the other half being invoiced at the end of the transaction.  We will still issue you with our invoice in the usual way at the end of the matter which will confirm our fixed fee, what payments we have received from you and what your final payment is.

If you do not meet one of the agreed payments, we shall be entitled to stop working for you until the payment has been made.

What will this option cost?

Assuming you make the payments as agreed and settle the final payment within 14 days of the invoice being raised then this option will cost you nothing and allows you to easily budget your financial commitment to us.

Ongoing fee options

On occasions we may need to agree a more open-ended billing arrangement where a matter is likely to be spread over a long period of time in which case we shall give you a general estimate of your likely costs and shall then raise an invoice at the end of every month.  These invoices will capture all chargeable time spent by your team of lawyers working on your instructions.  They will therefore vary from month to month to reflect the amount of work we have undertaken on your behalf.

Option 1 – Pay as you go

You can opt to pay our invoices every month from your cash resources.  These will be for varying amounts and you will therefore need to be able to pay whatever those amounts are from month to month.  We accept a number of payment methods:

  1. By debit or credit card (no fees).  To do so please either visit one of our offices or telephone the accounts team on 01622 698049 who will be pleased to process your payment;
  2. By electronic bank transfer.  Our account details are: Lloyds Bank, 3rd floor, Black Horse House, Medway Wharf House, Tonbridge, Kent, TN9 1QS.  Sort code 30-95-37 .  Account No. 00005763.  Please ensure you quote your invoice number and matter reference (taken from your invoice); or
  3. By sending a cheque with your name, invoice number, and matter reference (taken from your invoice) clearly written on the back to our accounts team at Monckton House, 72 King Street, Maidstone, Kent, ME14 1BL.

Money on account

We ask you to pay some money on account of the charges and expenses we expect to incur at the beginning of the matter and may ask for further payments on account as we progress.  When we put these payments towards your invoice(s) we will send you a receipt.  We will offset these payments against your final invoice but it is important you understand that your total charges and expenses may be greater than any advance payments you may have made.  If you do not make such a payment on account when asked to do so, we shall be entitled to stop working for you until the payment has been made.

What will this option cost?

Assuming you pay the invoice(s) within the 14 day period, there is no cost for this option.

Option 2 – Monthly standing order

If you would like the certainty of knowing how much you will be paying towards your legal costs each month then we can consider accepting a regular monthly payment by standing order.

We will still issue an invoice each month so you know how much you are being charged.  The invoice will confirm what fees have arisen that month, what payments have been received from you and what your carried forward balance is.

We will agree with you what a reasonably acceptable monthly payment would be based on our experience of the type of matter and will review that arrangement with you every 3 months.

It will be a specific requirement that you maintain the standing order for as long as it takes to pay off all our invoices and any interest that has accrued.  If you fail to keep up these payments then the full outstanding balance of all unpaid invoices plus interest will become payable by you immediately. 

We shall also be entitled to stop working for you until the payments have been made.

What will this option cost?

You will be charged interest on any outstanding balance from the date of the invoices to the date of payment.  Your monthly payment will be applied to the oldest balance first and any interest which has arisen on that balance so your interest costs are kept to a minimum.

 

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Thank you so much for all your help and understanding with our diverse business along with the individual needs as they have arisen. The service and support has been excellent, thorough and quick - just what our Social Enterprise requires.
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Thank you so much for your hard work and helpful attitude towards the sale of our business - it is really appreciated. I would most definitely recommend you. 
Thanks for your time seeing me yesterday, it is always comforting knowing that I have yourself and Whitehead Monckton alongside me.
Thank you very much for your help and advice this morning. It was so smooth and professional that we will definitely look to use Whitehead Monckton in the future. 
We would like to thank you for making this task as painless as possible!  Your patience and obvious expertise in guiding us through the legalistic jargon was greatly appreciated.

Can we help?