The Philip Leverhulme Prize is awarded by the Leverhulme Trust to outstanding young scholars who have made an internationally recognised contribution in their field, and who are expected to make greater contributions later in their career. The award is named after Philip Leverhulme who died in 2000. He was the grandson of William Leverhulme, and was the third Viscount Leverhulme. As of 2014, the prize stands at £100,000. The awards are payable, in instalments, over a period of two to three years. Twenty-five prizes are awarded annually.