Nicola Foulston, the former CEO of listed law firm consolidator RBG Holdings, has invested an undisclosed but “substantial” amount in SaaS legal pricing solution Virtual Pricing Director (VPD), after two employment matters she was involved in came to an end.
Foulston was dismissed from RBG Holdings last year and sued the company, which includes law firms Rosenblatt, Memery Crystal and Convex Capital, for wrongful dismissal. In October last year she was paid a £500,000 settlement. More recently, on 5 September 2024, Foulston and RBG were cleared by the UK Employment Tribunal of a racial discrimination claim made by a former RBG employment partner.
The timing of this investment announcement is deliberate, given that Foulston is now clear of all litigation. Foulston, who before RBG Holdings was CEO of Brands Hatch, is expected to join VPD as chairwoman in the near future.
Speaking on her decision to invest in VPD, Foulston commented: “I believe in 10 years, everyone will look back and ask why they didn’t adopt this sooner. It will revolutionise firms’ ability to control pricing and margins, offering greater transparency for clients and improved profit shares for partners.”
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VPD is a cloud-based platform that allows law firms to manage pricing and profitability through integration with all of the major practice management systems including Elite 3E, Aderant and Fulcrum/SAP. It offers an AI-powered suite of tools that assist lawyers in drafting proposals, analysing data, and monitoring performance in real-time. It also tackles issues such as accurate scoping, resource allocation, and balancing profitability with market competitiveness. VPD was one of the companies selected by Slaughter and May for its 2024 Collaborate incubator.
Richard Burcher, founder of VPD, told Legal IT Insider that Foulston would be a major asset to VPD, commenting: “We know from market feedback that Virtual Pricing Director is exactly what the sector needs. Nicky’s decision to invest and eventually join us as Chairman aligns perfectly with our vision to scale up. Her extensive experience and deep understanding of the legal sector will be invaluable as we expand our reach.”