Law firm boss in shares bonanza

A CITY law firm boss who has no legal training could pocket millions of pounds later this year on top of her salary – just for staying with the company for at least three years.

Rosenblatt, run by chief executive Nicola Foulston, is known for representing prominent figures in the media world.

Foulston is one of six beneficiaries of the Foulston Family trust which owns a 14.2 per cent stake in the company she runs. The trust bought the stake at an undisclosed ‘discount’ in September 2016 when Foulston was appointed chief executive. Last year, Rosenblatt joined the stock market and the stake was converted into shares, making it the second largest shareholder. These shares, worth £11.5 million, can be sold later this year.

The handout to Foulston could fall foul of corporate governance guidelines because no other conditions are attached to the award.

Guidelines set out by shareholder advisory bodies suggest executive bonus schemes should only pay out if the company hits a set of financial targets but Foulston merely has to complete three years at Rosenblatt to benefit.

A spokesman for Rosenblatt said Foulston becoming chief executive at the same time her family trust took a ‘discounted’ stake in the firm in 2016 was a ‘coincidence’. He added: ‘Nicola is not involved in decisions about [the stake].’

The 51-year-old, who has also run a Swiss-based hedge fund, has known the law firm’s founder Ian Rosenblatt since she was 19 through her late father, who ran Brands Hatch racetrack.