Search is on for most innovative risk management idea
The search for the latest bright idea in risk management within the Scottish legal profession has been launched today, Monday 13 June.
The Law Society of Scotland’s Innovation cup competition invites Scottish solicitors, paralegals, trainees, cash-room staff and student associates to submit their bright 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 an examination of title checklist, a client communications questionnaire, a ‘notice to quit’ calculator for commercial leases and a risk management tracker tool.
John Mulholland, Convener of the Law Society’s Insurance Committee said: "The Innovation Cup presents a great opportunity for solicitors to share their ideas for tackling risk management and promoting best practice. Innovation is crucial for the profession to keep up to date and thrive in a competitive and fast-changing environment. I look forward to seeing what this year’s entries bring to the table and how they too can shape risk management for the better."
Edward Ambrose, UK Head of Professional Indemnity for RSA, said: "We’re delighted to support the Innovation Cup this year and look forward to being part of the judging process once again. Every year we’re impressed by the standard of submissions and it’s a great way to discover risk management ideas. Previous winning submissions have been developed into tools and templates and these are now available to the profession. We wish all entrants the very best of luck!"
Last year’s winner, solicitor Ashley Swanson said: "Winning last year’s Innovation Cup was a fantastic experience. I submitted the idea for a non-computerised checklist to be made available free of charge to all practitioners who wish to use it. Innovation needs to start within the profession itself and we should be developing ways to improve our systems and procedures and then sharing the results. I’d strongly encourage practitioners to get involved and submit their risk management ideas."
The competition is being run by the Law Society of Scotland, in association with Master Policy lead insurers RSA and brokers, Lockton. Competition entries may include 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 two members of the Law Society Insurance Committee, three representatives from RSA and one representative from Lockton.
Find out more about how to enter and download the entry form to submit your idea!
Please complete the entry form and return it by email to FionaPaterson@lawscot.org.uk by 12 noon on 22nd July 2022.
- 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.
- Competition rules can be found below.
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, cash-room 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 8 June 2022. The closing date is midnight on the 22 July 2022.
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.
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