Stonecipher retained his position as chairman of the company's board. Randy Harp and Mark Brown were appointed as co-CEOs, with Harp assuming the role of company president. In 2010, Stonecipher resigned from the positions of president and CEO. In November 2006, Pre-Paid announced plans to spend $27.4 million to repurchase shares owned by executives. In 2003, the company moved into a new corporate headquarters in Ada, Oklahoma. In 2000 Pre-Paid Legal was criticised by CBC's Marketplace for operating as a multi-level marketing model and encouraging sales associates to buy training material. By 2009, it covered 28,000 Canadian families across four provinces. In 1999 the company began offering plans in Canada in 1999, with some modifications to suit the Canadian legal system. In 1998 Pre-Paid acquired The People's Network, a marketing company based in Dallas. Pre-Paid was first listed on the NASDAQ, then moved to the American Stock Exchange in 1986, followed by the New York Stock Exchange in 1999, where it was listed as "PPD".
Initially, members could choose their own lawyer and seek reimbursement from Pre-Paid, but by the 1980s, the company directed members needing legal help to pre-selected firms. in 1976, becoming the first company in the United States to provide pre-paid legal plans for individuals. The club changed its name and incorporated as Pre-Paid Legal Services, Inc. After researching the industry of European legal expense plans, he established the Sportsman's Motor Club to reimburse members for legal fees relating to vehicle accidents. Although he had health, life, and vehicle insurance coverage, he was required to hire a lawyer to defend himself in court and struggled to pay the legal expenses. The other party in the crash was cited for fault but still filed suit against Stonecipher for the accident. The life insurance salesman from Ada, Oklahoma, created the "motor service club" after being in a car accident in 1969. Harland Stonecipher (1938–2014) was the company's founding president and chief executive officer (CEO). LegalShield started as Sportsman's Motor Club in 1972 in Ada, Oklahoma. History Įxterior of the company's headquarters in Ada, Oklahoma (2012) Sportsman's Motor Club The company's membership plans are sold as employee benefits, through its multi-level marketing division, and direct to consumers. The company also markets IDShield, a privacy and reputation management service that also provides identity theft monitoring and restoration. LegalShield develops and markets pre-paid legal service plans through a network of more than 6,900 independent provider attorneys across the U.S. In 2011, Pre-Paid Legal went from being traded on the New York Stock Exchange back to being a private company when it was acquired by MidOcean Partners and subsequently changed its name to LegalShield.
In 1976, it was incorporated as Pre-Paid Legal Services, Inc., and made its initial public offering in 1984. The company was founded in 1972, as the Sportsman's Motor Club. Approximately 73% of all Associates across experience years made less than $1,000 in 2019." According to LegalShield's income disclosure regarding associates selling the product: "For Associates with 0-2 years of experience who made at least one sale, average annual earnings were $7. It was available in the United Kingdom from 2019 to 2021. LegalShield (previously known as Pre-Paid Legal Services or simply Pre-Paid Legal) is an American corporation that sells legal service products direct to consumer through employer groups and through multi-level marketing in the United States, and Canada.
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