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.

Visit the Law Society website for details on how to enter, along with the rules and terms and conditions.