Irish students have been invited to explore new ways of growing the economy after Brexit in a new Matheson essay competition.

Vision 2020 University Challenge challenges students to write a 1000-word essay in response to the question: “In a post-Brexit economy, what is the one legal reform you would implement to encourage business growth by 2020 in Ireland?”

The contest is open to teams of up to four third-level students in any discipline in Ireland and a shortlist of entrants will be invited to present their proposal to a panel of Matheson judges.

The members of the winning team will each be awarded a place on Matheson’s internship programme, in addition to a €1,000 first prize fund for each member of the winning team.

Members of the second placed team will be awarded €500 each.

Michael Jackson, managing partner at Matheson, said: “Brexit poses unique challenges to Ireland while also presenting some unique opportunities for Ireland.

“Attracting foreign companies and talent to Ireland while protecting domestic businesses from any adverse consequences of Brexit will require innovative thinking and an ability to react to change.

“Today’s university students will graduate into a business environment that will be adapting to these challenges and opportunities. They can, and should, have a voice in contributing meaningfully to the Brexit dialogue.

“As Ireland’s internationally focused law firm, Matheson is pleased to support that contribution by encouraging students to identify legal reforms which could help enhance Ireland’s competitiveness in a post-Brexit era.”

He added: “The challenge is open to all university students from all fields of study, and it will highlight the best young legal visionaries. We look forward to reviewing submissions over the coming weeks.”