Bright ideas in risk management sought for Innovation Cup
The search for the latest bright idea in risk management within the Scottish legal profession returns for another year.
The Innovation Cup invites Scottish solicitors, paralegals, trainees, cash-room staff, and student associates to submit their best ideas for risk management products, tools, or strategies.
The winning risk management idea will be developed by Lockton, the brokers for the Law Society’s professional indemnity insurance Master Policy and rewarded with a £1,500 cash prize provided by insurers RSA.
Previous winners have included a key dates calendar, a client communications questionnaire, a ‘notice to quit’ calculator for commercial leases and a risk management tracker tool.
Edward Ambrose, UK Head of Professional Indemnity for RSA, said: "We’re delighted to be supporting the Innovation Cup again this year. Risk management tools can make a big difference in minimising the risk of claims and complaints. This competition is a fantastic way to discover new ideas that can be developed into those practical solutions. Every year we’re impressed by the standard of submissions, and we look forward to being part of the judging process once again. We wish all entrants the very best of luck!"
Last year’s winner, Senior Associate Solicitor Mary-Jay Morton, said: "The Innovation Cup Competition is an exciting and novel way to allow the best risk management ideas to be developed and rolled out across the profession. In a fast-paced legal world, risk management is at the forefront of every transaction and any mechanism to manage and mitigate risk is a must-have tool for the busy practitioner and support staff.
"Winning the competition was an incredible experience, the highlight being the presentation of the cup in Edinburgh with my family."
The competition is being run by the Law Society of Scotland, in association with Master Policy lead insurers RSA and brokers, Lockton. Competition entries are invited to submit ideas to improve systems, processes or controls within private practice firms and can range from a simple tweak to an existing process all the way up to something completely new.
Entries will be judged by members of the Law Society’s Insurance Committee and representatives from RSA and Lockton.
- Please complete the entry form and return it by email to FionaPaterson@lawscot.org.uk by 12 noon on 18 July 2023.
- Please provide details of the risk(s) your idea is designed to address.
- If you have any views on how you would like to see your idea being implemented, please also include this in your entry.
- Entries should be between 500 and 2000 words and can include graphs, pictures, or slides, if appropriate.
The competition is open to UK residents, aged 16 or over excluding employees of the Law Society of Scotland, RSA Group, Lockton Companies LLP and their families or members of the Law Society Insurance Committee and their families.
2. To enter the competition entrants must be either: a Solicitor holding a Practising Certificate, a trainee solicitor, staff within a private law firm in Scotland, an accredited paralegal in Scotland or a Scottish law student associated with the Society.
3. No purchase is necessary.
4. The start date for receipt of entries is 12 June 2023. The closing date is 12 noon on the 18 July 2023.
5. Entries are limited to one per person.
6. Any entry that is lost or misplaced, incomplete or fraudulent, or which otherwise does not comply with these rules, will be disqualified.
8. The winner of the Competition will receive £1500 cash prize.
9. The judges will choose the winners from all eligible entries received. The winning entry will be the one that in the opinion of the judges provides the best idea to improve systems, processes or controls within private practice law firms.
10. The winning entry will be decided within six weeks of the closing date and the winner will be notified by email or telephone one week thereafter.
11. Winners may be required to participate in any after event publicity and hereby consent to the use of their names, locations and photographs.
12. All entrants agree to be bound by the terms and conditions of this competition.
13. Winners names will be available on request by sending an SAE to the promoter within 6 weeks of the closing date.
14. The decisions of the judges and promoter are final and no correspondence will be entered into.
15. The promoter is The Law Society of Scotland, Atria One, 144 Morrison Street, Edinburgh EH3 8EX.
16. The winning entry will not be returned.
17. By submitting an entry you confirm that the entry is your own original creation and you agree that the promoter may reproduce the entry for publicity in relation to this and other promotions.
Get Inspired: Previous Innovation Cup Winners
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