A method of preparing ester-substituted diaryl carbonates, said method having a contact time, said method comprising contacting an ester-substituted phenol with phosgene, a phase transfer catalyst, and a tertiary amine, in the presence of an organic solvent and an aqueous phase wherein the aqueous phase is maintained at a pH of at least about 9.3 throughout the contact time, said phosgene being used in an amount corresponding to between about 0.95 and about 1.10 molar equivalents based on said product ester-substituted phenol diarylcarbonate, whereby at least 90% of the ester-substituted phenol is converted into product ester-substituted diaryl carbonate.