The Innovation Cup invites Scottish solicitors, paralegals, trainees, cash-room staff, and student associates to submit their best 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 a key dates calendar, a client communications questionnaire, a ‘notice to quit’ calculator for commercial leases and a risk management tracker tool.

Edward Ambrose, UK head of professional indemnity for RSA, said: “We’re delighted to be supporting the Innovation Cup again this year. Risk management tools can make a big difference in minimising the risk of claims and complaints. This competition is a fantastic way to discover new ideas that can be developed into those practical solutions. Every year we’re impressed by the standard of submissions, and we look forward to being part of the judging process once again. We wish all entrants the very best of luck!”

Last year’s winner, Senior Associate Solicitor Mary-Jay Morton, said: “The Innovation Cup Competition is an exciting and novel way to allow the best risk management ideas to be developed and rolled out across the profession. In a fast-paced legal world, risk management is at the forefront of every transaction and any mechanism to manage and mitigate risk is a must-have tool for the busy practitioner and support staff.

“Winning the competition was an incredible experience, the highlight being the presentation of the cup in Edinburgh with my family.”

Information on how to enter can be found on the Law Society’s website.