Innovation Cup runs again for best risk management ideas

Legal professionals are again being challenged to put forward potentially prizewinning risk management ideas, with the launch of the second annual Innovation Cup competition by the Law Society of Scotland.

Run in association with Master Policy lead insurers RSA and brokers Lockton, the contest aims to inspire new solutions from within the profession in addressing the risks and responsibilities shouldered by private legal practices on behalf of their clients.

Scottish solicitors with a practising certificate, trainees, cashroom staff of private practice legal firms, accredited paralegals and student associate members of the Society are invited to submit their ideas for risk management strategies. The "brightest" risk management idea will be shared across private practices and rewarded with a £1,500 cash prize.

Entries should be 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.

David Cullen, the Law Society of Scotland’s registrar, commented: "This competition is designed to inspire Scottish solicitors, trainees, cashroom 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, added: "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."

Entries should be between 500 and 2000 words and can include graphs, pictures or slides, if appropriate. Further information including the entry form and competition rules can be found on the Law Society of Scotland website. Entries should be returned by midnight on 31 May 2019 and will be judged by two members of the Society's Insurance Committee, three representatives from RSA and one representative from Lockton. The winner will be announced by 28 June 2019.