The First Year Law Prize Fund was set up in 1996 using money contributed by Law graduates of the College who attended a dinner held to mark the completion by Mr Peter J Clarke of twenty-five years' service as Fellow and Tutor in Law. 

The Prize is awarded annually in Trinity Term, on the recommendation of the Tutors in Law. It is given to a student who has produced meritorious work for the Final Honours School of Jurisprudence, who has completed the First Public Examination. 

The value of the Prize is determined by Governing Body and takes the form of books chosen by the prize-winner and approved by the Tutors in Law.