Innovation Cup invites bright ideas for risk management

Risk management is at the heart of the annual Innovation Cup competition launched today by the Law Society of Scotland, in association with Master Policy lead insurers RSA and brokers, Lockton. 

Now in its second year, this initiative acknowledges the risks and responsibilities shouldered by private legal practices on behalf of their clients and aims to inspire new risk management solutions from within the profession.  

Scottish solicitors, trainees, cash-room staff, paralegals and students are invited to submit their bright ideas for risk management strategies.  The ‘brightest’ risk management idea will be shared across private practices and rewarded with a £1,500 cash prize. 

David Cullen, the Law Society of Scotland’s Registrar said, “Scottish solicitors see their private clients through some of the most important, and often the most difficult and stressful times of their lives.  From buying and selling a home, to guiding them through estate planning and will preparation, dissolving a marriage, or defending them against a criminal accusation in court, the risks, whether financial, emotional or reputational, are considerable. 

“This competition is designed to inspire Scottish solicitors, trainees, cash-room staff, paralegals and students, to share innovative techniques for risk management, RSA will reward them for their efforts and the profession will benefit from improved ways of working.”   

Last year’s inaugural Innovation Cup winner, trainee solicitor Daryl Jarvis, said: “It was so exciting to win the first Innovation Cup last year.  I would really recommend anyone with an idea about how we can manage and mitigate risks better within private practice to get involved and enter the competition – the fantastic prize money notwithstanding – it’s been great seeing my idea come to fruition and being made available to other solicitors in private practice across Scotland.”

 Competition entries are invited with 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. 

The competition is open to all Scottish solicitors with a practising certificate, trainees, cash-room staff working in or for private practice law firms, accredited paralegals and student associates.                                  

There will be a cash prize of £1,500 for the winning entry provided by RSA and a commitment to help implement the idea. 

Entries will be judged by two members of the Law Society Insurance Committee, three representatives from RSA and one representative from Lockton. The winner will be announced by 28 June 2019.

How to enter

Please complete the entry form and return it by email to DavidCullen@lawscot.org.uk, by midnight on 31 May 2019. 

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.

Further information including the competition rules can be found on the Law Society of Scotland website 

ENDS                                     27 Feb 2019

Notes to editors 

Last year’s winning entry, the risk management tracker, can be found on Lockton’s website at https://locktonlaw.scot/news/the-risk-tracker.html