Risk management at the heart of legal profession competition
The search for the latest ‘light bulb’ idea in risk management within the Scottish legal sector has been launched today.
The Innovation Cup aims to tap into the expertise of the Scottish legal community and improve risk management across the profession. The Law Society of Scotland is running the competition in association with Master Policy lead insurers RSA and brokers, Lockton.
Now in its fourth year, the 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 student associates are invited to submit their bright ideas for risk management products, tools or strategies.
The ‘brightest’ idea will be rewarded with a £1500 cash prize, provided by RSA, and the idea will be developed by Lockton. Previous winners have included a risk management tracker tool, a ‘notice to quit’ calculator for commercial leases, and last year’s winner, a client communications questionnaire.
Murray Etherington, convener of the Law Society of Scotland’s Insurance Committee said, “It’s been tremendous being part of this competition over the last four years and seeing all the great ideas that have been submitted. Scottish solicitors guide their clients through some of the most important and most stressful times of their lives, and with that of course come many risks, be they financial, emotional or reputational.
“Being able to minimise those risks through the use of new and innovative tools and improved ways of working can only be beneficial for the profession, and I am very much looking forward to seeing what bright ideas for risk management come through this year. With a cash prize of £1500 up for grabs, provided by RSA, it’s definitely a competition worth entering!”
Last year’s winner, solicitor Emily Campbell, said: “It was so exciting to win the Innovation Cup last year, and such a privilege. It’s a fantastic feeling knowing that something I had an idea about has been brought to life and that solicitors across the profession can use it to help foster great solicitor-client communications. I’d really recommend anyone with a great risk management idea to enter, you’ve got nothing to lose and potentially a cash prize of £1500 to win!”
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.
Entries will be judged by two members of the Law Society Insurance Committee, three representatives from RSA and one representative from Lockton.
How to enter
Please complete the entry form and return it by email to PaulMosson@lawscot.org.uk by 12 noon on 14 October 2021.
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 and entry form can be found below.
1. 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 7 September 2021. The closing date is 12noon on 14 October 2021.
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 four weeks 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. The winner’s name will be available on request by sending an SAE to the promoter within six 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. You agree by your entry submission that the Society, Lockton and RSA can use your idea to create a risk management tool for the use of the whole profession and you further agree that the promoter may reproduce the entry for publicity in relation to this and other promotions.
Master Policy
Find out more about the Master Policy, professional indemnity insurance for the Scottish legal profession.
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