In 1992, the U.S. members of the International Institute of Space Law invited Georgetown University, George Washington University and the American University to each send two teams to participate in a moot court competition in conjunction with the International Astronautical Congress. In 1993, the European Regional Round was created and, after the death of Judge Manfred Lachs, the competition was renamed in his honour and memory. In 2000, the Asia-Pacific Regional Round was created and, in 2004, over 35 law schools now participate in the Manfred Lachs Space Law Moot Court Competition.

By participating in the Lachs Moot, students of each team gain valuable and enjoyable experience in international mooting while taking a journey through debating and analysing important issues of international space law.

In August each year, selected scholars of space law would produce the moot problem for the following year, released to universities and posted on this website. Law schools in each region would then register for the Regional Rounds and submit written memorials on the moot problem in February. Regional Rounds are held between March and May, with the Asia-Pacific Regional Round usually held in Sydney, Australia, the North America Regional Round in Washington, D.C., and the European Regional Round hosted in various cities.

The winner of each region then gather for the world finals in October, held in conjunction with the International Astronautical Congress and the IISL Colloquium on the Law of Outer Space. The two teams with lower-ranked memorial scores, as determined by an independent judging panel of scholars, would compete in a semi-final. The world final of the Lachs Moot has the unique tradition of being judged by three sitting members of the International Court of Justice. The 2007 winners were from George Washington University in the United States.

In addition to the Manfred Lachs Trophy, awards are also given at the world finals for the best memorials and the best oralist.