The Pegasus Trust was founded in 1987 by Lord Goff and is supported by the four Inns of Court (professional associations for barristers and judges) in London.
The Pegasus scholarship scheme makes it possible for gifted young lawyers to learn about the practical working of the common law system in countries other than their own, and to form enduring links with lawyers in those countries. The scheme offers Incoming Pegasus scholars the opportunity of work experience in a first-class set of chambers for three months. The scholars receive a stipend to help with accommodation and living expenses while they are in London. In addition to spending time in barristers’ chambers, scholars also visit various institutions such as the House of Lords, the Privy Council, the Faculty of Advocates in Edinburgh, the High Court in Belfast, the Commercial Judges and Queen's Bench Masters at the Royal Courts of Justice and the Old Bailey.
Several Pegasus scholarships are available for overseas students working for the degree of LLM at the University of Cambridge, and applications for these scholarships are managed by the Cambridge Commonwealth, European & International Trust. Eligible candidates each year are invited by the Trust to apply, and interviews are held in Cambridge.