The search for the latest bright idea in risk management within the Scottish legal sector has been launched today.  

Now in its third year, 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. 

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.  Previous winners have included a risk management tracker tool, designed to manage unusual or high risks and store information centrally, and last year’s winning product,  a ‘notice to quit’ calculator for commercial leases, which will be launched by Lockton at the end of March. 

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’ risk management idea will be developed by Lockton and rewarded with a £1,500 cash prize, provided by RSA. 

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 winner, senior associate Steven Thomson, said: “Winning the Innovation Cup last year was a tremendous privilege. It’s been great watching my idea coming to fruition over the last few months, and I’m really looking forward to seeing it launched in the next few weeks. I’d really recommend anyone with a great idea in risk management to enter, and of course the prize money isn’t bad either!” 

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 DavidCullen@lawscot.org.uk, by midnight on 26 May 2020.  The winner will be announced by 30 June 2020.

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. Entry form and competition rules 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 4 March 2020. The closing date is midnight on the 26 May 2020.
  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.
  7. The winner of the Competition will receive £1500 cash prize.
  8. 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. 
  9. The winning entry will be decided within four weeks closing date and the winner will be notified by email or telephone one week thereafter.
  10. Winners may be required to participate in any after event publicity and hereby consent to the use of their names, locations and photographs.
  11. All entrants agree to be bound by the terms and conditions of this competition.
  12. The winner’s name will be available on request by sending an SAE to the promoter within six weeks of the closing date.
  13. The decisions of the judges and promoter are final and no correspondence will be entered into.
  14. The promoter is The Law Society of Scotland, Atria One, 144 Morrison Street, Edinburgh EH3 8EX.
  15. The winning entry will not be returned.
  16. 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. You

 

Professional Indemnity Insurance

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