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{{Infobox company
{{Infobox company
| name = LegalShield
| name = LegalShield
| logo =
| logo = LegalShield logo.jpg
| logo_size =
| logo_caption =
| logo_alt =
| image = [[Image:LegalShield logo.jpg]]
| image_caption = LegalShield Logo
| logo_caption = Logo
| logo_padding =
| trading_name = <!-- d/b/a/, doing business as - if different from legal name above -->
| image = LegalShield Building in Ada Oklahoma.jpg
| native_name = <!-- Company's name in home country language -->
| image_size =
| native_name_lang = <!-- Use ISO 639-2 code, e.g. "fr" for French. If there is more than one native name, in different languages, enter those names using {{tl|lang}}, instead. -->
| image_alt =
| romanized =
| image_caption = Exterior of the company's headquarters in [[Ada, Oklahoma]], in 2012
| former type =
| type =
| trading_name =
| traded_as =
| native_name =
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{Lang|[code]|[name]}}. -->
| industry =
| romanized_name =
| genre = <!-- Only used with media and publishing companies -->
| former_name = {{Flatlist|
| fate =
| predecessor = Sportsman's Motor Club<br />Pre-Paid Legal Services, Inc.
* Sportsman's Motor Club (1972–1976)
* Pre-Paid Legal Services, Inc. (1976–2011)
| successor =
}}
| foundation = 1972
| type = [[Privately held company|Private]]
| founder = Harland Stonecipher
| traded_as =
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| ISIN =
| location_city = [[Ada, Oklahoma|Ada]], [[Oklahoma]]
| industry = Legal services
| location_country = [[United States]]
| genre =
| locations = <!-- Number of locations, stores, offices, etc. -->
| fate =
| area_served = [[List of regions of the United States|United States]], [[Canada]]
| predecessor = <!-- or: | predecessors = -->
| key_people = [[Jeff Bell (executive)|Jeff Bell]] ('''CEO''')
| successor = <!-- or: | successors = -->
| products = [[Prepayment for service|Pre-paid]] [[Lawyer|Attorney]], [[Legal services]]
| founded = {{Start date and age|1972}}
| production =
| founder = Harland Stonecipher
| services = Legal services, [[Identity theft]] restoration
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| revenue = $461 million
| hq_location =
| hq_location_city = [[Ada, Oklahoma]]
| hq_location_country = U.S.
| num_locations =
| num_locations_year = <!-- Year of num_locations data (if known) -->
| areas_served = {{Flatlist|
* United States
* Canada
}}
| key_people = {{Flatlist|
* [[Jeff Bell (executive)|Jeff Bell]] ([[Chief executive officer|CEO]])
* James B. Rosseau, Sr. (President, Business Solutions)<ref name=Silcox/><ref name="Leadership">{{cite web|title=Company Information: Leadership|url=https://opportunity.legalshield.com/company-information|publisher=LegalShield|accessdate=March 8, 2017}}</ref>
* John Long (President, Network Marketing and Sales)<ref name="Leadership"/>
* Kathy Pinson ([[Chief operating officer|COO]])<ref name=Silcox/><ref name="Leadership"/>
* Steve Williamson ([[Chief financial officer|CFO]])<ref name=Silcox/><ref name="Leadership"/>
* Dave Coffey ([[Chief digital officer|CDO]])<ref name="Leadership"/>
}}
| products = {{Flatlist|
* [[Prepayment for service|Pre-paid]] [[Practice of law|legal services]]
* [[identity theft]] solutions
}}
| brands =
| production =
| production_year = <!-- Year of production data (if known) -->
| services = {{Flatlist|
* Legal services
* identity theft monitoring and restoration
}}
| revenue = est. $400 million<ref name=Silcox/>
| revenue_year = 2014
| operating_income =
| operating_income =
| income_year = <!-- Year of operating_income data (if known) -->
| net_income =
| aum = <!-- Only used with financial services companies -->
| net_income = <!-- or: | profit = -->
| net_income_year = <!-- or: | profit_year = --><!-- Year of net_income/profit data (if known) -->
| assets =
| aum = <!-- Only for financial-service companies -->
| equity =
| assets =
| owner = [[MidOcean Partners]]
| assets_year = <!-- Year of assets data (if known) -->
| num_employees = 813
| parent =
| equity =
| equity_year = <!-- Year of equity data (if known) -->
| subsid =
| owner = [[MidOcean Partners]]
| homepage = http://www.legalshield.com/
| footnotes =
| members =
| members_year = <!-- Year of members data (if known) -->
| intl =
| num_employees = 700<ref name=Burkes/>
| bodystyle =
| num_employees_year = 2014
| parent =
| divisions =
| subsid =
| module = <!-- Used to embed other templates -->
| ratio = <!-- Basel III ratio, for BANKS ONLY -->
| rating = <!-- credit rating, for BANKS ONLY -->
| website = {{URL|legalshield.com}}<br>{{URL|idshield.com}}
| footnotes =
| intl = <!-- Set positively ("true"/"yes"/etc) if company is international, otherwise omit -->
}}
}}
'''LegalShield''' is a United States-based [[privately held company]] offering pre-paid [[Practice of law|legal services]] and [[identity theft]] product solutions for individuals and businesses, that uses [[Multi-level marketing|network marketing]], business to business, and direct-to-consumer marketing to sell its products. As of 2016, it reported over 1.6 million members and 700 employees. LegalShield is headquartered in [[Ada, Oklahoma]], and conducts business throughout the United States and Canada.
{{Portal|Law}}
'''LegalShield''' (previously known as '''Pre-Paid Legal''') is an [[United States|American]] corporation that sells legal service products through direct sales and [[multi-level marketing]] in the United States and Canada.


==Business model==
The company was founded August 8, 1972 as the '''Sportsman's Motor Club'''. In 1976 it was incorporated as '''Pre-Paid Legal Services, Inc.''', and made its [[initial public offering]] in 1984.
LegalShield offers pre-paid legal services and [[identity theft]] solutions for individuals, families, and businesses in the United States and Canada via [[Multi-level marketing|network marketing]], business to business, and direct-to-consumer sales.<ref name=Burkes>{{Cite news|url=http://newsok.com/article/5339290|title=Executive Q&A: LegalShield chief comes home to Oklahoma roots|first=Paula|last=Burkes|date=September 7, 2014|work=[[The Oklahoman]]|publisher=The Oklahoman Media Company|location=Oklahoma City|accessdate=February 24, 2017}}</ref><ref name="Acquires">{{cite journal|title=MidOcean Partners Acquires Pre-Paid Legal for $650 Million|journal=Direct Selling News|date=August 1, 2011|url=http://directsellingnews.com/index.php/view/midocean_partners_acquires_pre_paid_legal_for_650_million#.WMBvC7SJllI|accessdate=March 7, 2017}}</ref><ref name="Spotlight">{{cite journal|title=CEO Spotlight: Jeff Bell, LegalShield|journal=Voluntary Benefits Magazine|date=September 29, 2014|url=http://www.voluntarybenefitsmagazine.com/article/ceo-spotlight-jeff-bell-legalshield.html|accessdate=February 24, 2017|publisher=Voluntary Benefits Association}}</ref>


Headquartered in [[Ada, Oklahoma]],<ref name=Burkes/> LegalShield develops and markets its pre-paid legal service products for both personal and business. The company's plans include services such as preparation of wills and living trusts, health care, IRS tax audit assistance, and trial defense for individuals. For small businesses, the plans can include services such as preparation and review of contracts and other documents, debt collection assistance, [[employee benefits]] support, legal correspondence, and trial defense services.<ref name=Spotlight/><ref name="Kari">{{cite web|last1=Kari|first1=Paul|title=Should you pay a monthly fee for legal services like you do to health insurance?|url=http://www.marketwatch.com/story/should-you-pay-a-monthly-fee-for-legal-services-like-you-do-to-health-insurance-2016-12-21|website=[[MarketWatch]]|publisher=[[Dow Jones & Company]]|accessdate=March 1, 2017|date=December 21, 2016}}</ref> LegalShield had 1.6 million users in December 2016.<ref name=Kari/>
Pre-Paid Legal Services, Inc. went from being traded on the New York Stock Exchange back to a private company in 2011 when it was acquired by [[MidOcean Partners]] for $650 million and subsequently changed its name to LegalShield.


IDShield is a division of LegalShield that provides identity theft protection through a team of licensed private investigators. The services offered by IDShield include security and privacy monitoring, emergency support, and complete identity theft recovery. Both IDShield and LegalShield have mobile apps available to their users.<ref name=Kari/><ref>{{Cite journal|url=http://www.pcmag.com/article2/0,2817,2478670,00.asp|title=IDShield|accessdate=March 1, 2017|work=[[PC Magazine]]|issn=0888-8507|first=Max|last=Eddy|date=December 31, 2015}}</ref>
==Company description==

LegalShield develops and markets [[pre-paid legal service]] plans through a network of more than 6,900 independent provider attorneys across the U.S. and Canada. The company also markets an [[identity theft]] monitoring and restoration services through its partnership with [[Kroll Inc.]].<ref>{{cite web|url=http://www.kroll.com/news/releases/index.aspx?id=80 |title=Pre-Paid Legal Services to Add Identity Theft Benefits Provided by Kroll Background America |work=kroll.com |publisher=Kroll Inc|accessdate=March 7, 2010}}</ref> The company's service plans are sold through its business-to-business channel (B-2-B), its employee benefits division, and also through its [[multi-level marketing]] division.<ref>{{cite news|url=http://www.cbc.ca/marketplace/pre-2007/files/money/prepaidlegal/|title=Pre-paid legal services: Worth the money?|publisher=cbc.ca}}</ref>
In 2017, LegalShield released Launch by LegalShield, or simply Launch, which helps people establish new businesses. Launch includes a three-month LegalShield membership to provide customers with legal counsel to assist their new business formation and personal needs. LegalShield has partnered with Jacques Slade, a YouTuber popular amongst millennials, to promote the service. LegalShield and Slade promoted Launch at the annual [[South by Southwest]] festival and conference in 2017.<ref name="SXSW">{{cite news|title=LegalShield Debuts Legal Service for Startups at SXSW|url=http://directsellingnews.com/index.php/view/legalshield_debuts_legal_service_for_startups_at_sxsw#.WNASr7SJmlL|accessdate=March 20, 2017|work=Direct Selling News|date=March 16, 2017}}</ref>


==History==
==History==
LegalShield was established as Sportsman's Motor Club in 1972, then known as Pre-Paid Legal Services, Inc. from 1976 until its acquisition by [[MidOcean Partners]] in 2011.<ref name="Silcox">{{cite journal|last1=Silcox|first1=Beth Douglass|title=Company Spotlight Equal Access, Equal Adaptability: LegalShield’s Moral Imperative to Grow|journal=[[Direct Selling News]]|date=March 2, 2015|url=http://directsellingnews.com/index.php/view/equal_access_equal_adaptability_legalshields_moral_imperative_to_grow#.WMB4O7SJllI|accessdate=March 8, 2017|publisher=VideoPlus|issn=1554-6470|location=Plano, Texas}}</ref><ref name=Burkes/><ref name="Buyout">{{cite news|title=Pre-Paid Legal in $650 Million Buyout|url=https://dealbook.nytimes.com/2011/01/31/pre-paid-legal-in-650-million-buyout/|accessdate=March 7, 2017|work=[[The New York Times]]|publisher=[[The New York Times Company]]|issn=0362-4331|oclc=1645522|date=January 31, 2011}}</ref> Harland Stonecipher (1938–2014) served as the company's founding president and [[chief executive officer]] (CEO).<ref name="Davis">{{cite web|last1=Davis|first1=Melissa|title=Pre-Paid Weathers Guilty Verdict|url=https://www.thestreet.com/story/10209942/1/pre-paid-weathers-guilty-verdict.html|website=[[TheStreet.com]]|accessdate=March 6, 2017|date=February 22, 2005}}</ref><ref name="Chamber1">{{cite web|title=U.S Chamber Reappoints Harland Stonecipher CEO of Pre-Paid Legal Services, to Board of Directors|archive-url=http://web.archive.org/web/20061202050830/http://www.uschamber.com/press/releases/2005/june/05-109.htm|accessdate=March 7, 2017|date=June 27, 2005|archive-date=December 2, 2006|url=http://www.uschamber.com/press/releases/2005/june/05-109.htm|publisher=[[United States Chamber of Commerce]]}}</ref> The [[life insurance]] salesman from Ada, Oklahoma, created Pre-Paid's predecessor, a "motor service club", after being involved in a car accident in 1969. Although the other party was cited for fault, they filed a suit against him for the accident. Stonecipher had [[Health insurance|health]], [[Life insurance|life]], and [[vehicle insurance]] coverage, but was required to hire a lawyer to defend himself in court and struggled to pay associated legal expenses.<ref name=Silcox/><ref name=Seale>{{Cite journal|url=http://directsellingnews.com/index.php/view/legalshield_expanding_justice_for_all#.WLX0I7YrJPN|title=LegalShield: Expanding Justice for All|date=March 1, 2012|first=Barbara|last=Seale|work=Direct Selling News|accessdate=March 1, 2017}}</ref><ref name="Martin">{{cite news|last1=Martin|first1=Douglas|title=Harland Stonecipher, Insurance Pioneer, Dies at 76|url=https://www.nytimes.com/2014/11/21/business/harland-stonecipher-pre-paid-legal-services-founder-dies-at-76.html|accessdate=March 7, 2017|work=The New York Times|date=November 20, 2014}}</ref> After researching the industry of European legal expense plans, he created the Sportsman's Motor Club to reimburse members for legal fees.<ref name=Martin/> Stonecipher's first office had a single room and was located in a local strip mall.<ref name=Silcox/><ref name="Swanson">{{cite news|last1=Swanson|first1=Eric|title=LegalShield founder and community booster Harland Stonecipher dies at 76|url=http://www.theadanews.com/gallery/legalshield-founder-and-community-booster-harland-stonecipher-dies-at/article_abf84ab8-6936-11e4-a5ab-4fa73722e29e.html|accessdate=March 9, 2017|work=Ada Evening News|date=November 11, 2014}}</ref>
[[File:LegalShield Building in Ada Oklahoma.jpg|thumb|left|250px|LegalShield Headquarters]]


===Incorporation as Pre-Paid Legal Services===
On July 11, 1969, former CEO and founder Harland C. Stonecipher of Ada, Oklahoma, was involved in a motor vehicle accident and was hospitalized. Although the other party was cited for fault, they filed a suit against him for the accident.<ref>{{cite web|url=https://www.prepaidlegal.com/newCorp2/press_room/executive_bios.html |title=Pre-Paid Legal Services, Inc. &#124; Executive Bios |publisher=prepaidlegal.com |accessdate=March 7, 2010}}</ref> He hired a lawyer to defend himself in court, but in doing so, depleted his life savings. After researching the industry of European legal expense plans, Stonecipher created Pre-Paid Legal's predecessor, the Sportsman’s Motor Club, on August 8, 1972. The club offered legal expense reimbursement to its members. Pre-Paid Legal began using "network marketing" (multi-level marketing or MLM) in 1983. Pre-Paid Legal went public on the [[NASDAQ]] National Market System in 1984. In 1997, Pre-Paid Legal bought the People's Network (TPN), a satellite television network dedicated to personal development. Two years later, the company moved to the [[American Stock Exchange]] and then on May 13, 1999, Pre-Paid Legal was listed on the [[New York Stock Exchange]].<ref>{{cite web|url=https://www.prepaidlegal.com/newCorp2/about_us/70-79.html |title=Pre-Paid Legal Services, Inc. &#124; The Pre-Paid Legal Story |publisher=prepaidlegal.com |accessdate=March 7, 2010}}</ref>
The club changed its name and incorporated as Pre-Paid Legal Services, Inc. in 1976, becoming the first company to offer pre-paid legal plans in the United States that catered to individuals.<ref name=Silcox/><ref name=Seale/><ref name=Martin/> By 1979, Pre-Paid offered connections to legal services in six [[U.S. state]]s, and by 1982, had established a way to direct members needing legal assistance to provider attorney system.<ref name=Silcox/>


===Initial public offering===
In 2001, the Wyoming Attorney General issued a press release announcing "When we discovered that Pre-Paid was using prohibited income representations to promote their multilevel marketing program, we warned them that the representations were prohibited by Wyoming law". Pre-Paid paid [[United States dollar|$]]4,000 in lieu of civil penalties, reimbursed the state for $1,000 in costs, and refunded $2,000 to participants who claimed to have been misled.<ref>{{cite news |url= http://findarticles.com/p/articles/mi_qn4188/is_20081030/ai_n30951143 |title=Shurtleff's Fundraising Trounces Hill's &#124; Deseret News (Salt Lake City) Newspaper &#124; Find Articles at BNET |publisher=FindArticles.com |date=October 30, 2008 |accessdate=October 23, 2009 |first=Bob, Jr. |last=Bernick}}</ref><ref>{{cite web |url= http://attorneygeneral.state.wy.us/CPU1PR113001.pdf |title=Newell letter |format=PDF |date= |accessdate=October 23, 2009}}</ref> In July the same year, the company was forced by the U.S. [[Securities and Exchange Commission]] (SEC) to stop counting the commissions they paid out to sales associates as [[asset]]s, instead of [[expense]]s,<ref name="TheStreet1">"[http://www.thestreet.com/story/10209942/1/pre-paid-weathers-guilty-verdict.html Pre-Paid Weathers Guilty Verdict]", ''TheStreet.com''</ref> the same way other types of insurance companies do, though they did not release their updated, halved, 2000 earnings figures until February 2002.<ref>{{cite news |url= http://select.nytimes.com/gst/abstract.html?res=F70A11FC3C5E0C7B8DDDAD0894DB404482 |work=[[New York Times]] |first=Gretchen |last=Morgenson | title=Exchange to Warn Investors on Companies |date=April 18, 2003}}</ref>
The company went [[Public company|public]] in 1984.<ref name=Silcox/> Pre-Paid was first inducted into [[NASDAQ]], then moved to the [[NYSE MKT|American Stock Exchange]] in 1986,<ref>{{cite book|title=The Big Book of Home Business Company Directory|date=June 21, 2016|publisher=Ouvrage Collectif|page=48|url=https://books.google.com/books?id=EX-CDAAAQBAJ&pg=PA48&lpg=PA48&dq#v=onepage&q&f=false|accessdate=March 9, 2017}}</ref><ref name="Adelson">{{cite news|last1=Adelson|first1=Andrea|title=Earning It; Getting Legal Advice, Without Billable Hours|url=http://www.nytimes.com/1996/05/26/business/earning-it-getting-legal-advice-without-billable-hours.html|accessdate=March 9, 2017|work=The New York Times|date=May 26, 1996}}</ref> followed by the [[New York Stock Exchange]] in 1999, being listed as "PPD".<ref name=Chamber1/><ref name="Duhigg">{{cite news|last1=Duhigg|first1=Charles|title=Why Short Sellers Want to Crash the Tupperware Party|url=http://www.nytimes.com/2006/11/13/business/13short.html|accessdate=March 7, 2017|work=The New York Times|date=November 13, 2006}}</ref><ref name="Legacy">{{cite news|title=Hardland Stonecipher|url=http://legacy.newsok.com/obituaries/oklahoman/obituary.aspx?pid=173134326|accessdate=March 9, 2017|work=The Oklahoman|date=November 12, 2014}}</ref> In 1998, Pre-Paid acquired The People's Network, a marketing company based in [[Dallas]].<ref>{{cite news|title=Pre-Paid Legal acquires satellite TV channel|url=http://journalrecord.com/1998/09/25/prepaid-legal-acquires-satellite-tv-channel/?dmcss=login|accessdate=May 9, 2017|work=[[The Journal Record]]|date=September 25, 1998|location=Oklahoma City, Oklahoma}}</ref><ref name="Hogan">{{cite news|last1=Hogan|first1=Gypsy|title=Pre-Paid Legal Plans Satellite Channel Buy|url=http://newsok.com/article/2627465|accessdate=May 9, 2017|work=The Oklahoman|date=September 25, 1998}}</ref>


In 2001, the Securities and Exchange Commission required Pre-Paid to stop counting the commissions paid out to sales associates as [[asset]]s, instead of [[expense]]s, which reduced reported earnings by over half.<ref name="Davis"/> Pre-Paid did not file its financial statements for 2000 until February 2002. The statements showed decreases in earnings from $43.6 million to $20.5 million and stockholder equity from $147 million to $42 million.<ref name="Morgenson">{{cite news|last1=Morgenson|first1=Gretchen|title=Exchange to Warn Investors on Companies|url=http://www.nytimes.com/2003/04/18/business/exchange-to-warn-investors-on-companies.html|accessdate=March 7, 2017|work=The New York Times|date=April 18, 2003}}</ref>
Pre-Paid Legal has faced ongoing troubles in Missouri. After the company settled complaints in 2001, a number of similar suits arose. The company won in a jury trial against two plaintiffs,<ref name="TheStreet2">{{cite web |first=Melissa |last=Davis |url= http://www.thestreet.com/_yahoo/stocks/melissadavid/10189148.html |title=Pre-Paid Prevails in Mississippi Case; Financial Articles & Investing News |work=TheStreet.com |date=October 20, 2004 |accessdate=October 23, 2009}}</ref> but after losing others, including one in which a former customer was awarded $9.9 million<ref name="TheStreet1" /><ref name="TheStreet3">"[http://www.thestreet.com/story/10253221/1/verdict-hammers-pre-paid.html Verdict Hammers Pre-Paid], ''TheStreet.com''</ref> settled with more than 400 others. The company, and the U.S. Chamber of Commerce of which Pre-Paid Legal CEO Harland Stonecipher is a director,<ref name="USChamber1">{{cite web|url=http://www.uschamber.com/press/releases/2005/june/05-109.htm |title=U.S. Chamber of Commerce - June 27 - U.S Chamber Reappoints Harland Stonecipher, CEO of Pre-Paid Legal Services, to Board of Directors |work=USChamber.com |publisher=U.S. Chamber of Commerce |date=June 27, 2005 |accessdate=October 23, 2009}}</ref> have described the lawsuits against the company as "frivolous" and "abusive".<ref name="USChamber2">{{cite web |url=http://www.uschamber.com/press/releases/2004/november/04-152.htm |title=U.S. Chamber of Commerce - Nov 24 - Chamber Joins Miss. Case against Frivolous Lawsuits - Pre-Paid Legal Services Targeted Improperly |work=USChamber.com |date=November 24, 2004 |accessdate=October 23, 2009}}</ref>


In 2002, the ''Denver Business Journal'' reported that Pre-Paid earned a $27.1 million profit on $303.7 million in revenue, an increase from its $1.9 million profit on revenues of $129.6 million in 1997, and provided its members access to a network of 46 firms with 1,270 lawyers.<ref name="Fletcher">{{cite journal|last1=Fletcher|first1=Amy|title=Prepaid legal is a cheaper way to get lawyer's services|journal=Denver Business Journal|date=September 15, 2002|url=http://www.bizjournals.com/denver/stories/2002/09/16/story4.html|accessdate=March 9, 2017}}</ref>
Pre-Paid Legal reported to the SEC that less than 25% of its sales representatives sold more than one insurance plan in 2005, but avoids reporting such information to prospective sales representatives.<ref name="crashparty">{{cite news |url= https://www.nytimes.com/2006/11/13/business/13short.html |title=Why Short Sellers Want to Crash the Tupperware Party |last=Duhigg |first=Charles |date=November 13, 2006 |work=New York Times|accessdate=October 14, 2009}}</ref>


About 30 lawsuits by approximately 250 plaintiffs were filed in Alabama in 2004 against Pre-Paid. All of these were dismissed or settled by 2006.<ref name=Duhigg/> In October 2004 and February 2005, Pre-Paid faced two lawsuits in Mississippi. A jury ruled in favor of the company in the first suit. In the second suit a jury found Pre-Paid and Stonecipher guilty of deceptive advertising and fraud.<ref name="Davis"/> In November 2005, Pre-Paid and Stonecipher were required to pay $9.9 million in fines.<ref name="Hammers">{{cite web|last1=Davis|first1=Melissa|title=Verdict Hammers Pre-Paid|url=https://www.thestreet.com/story/10253221/1/verdict-hammers-pre-paid.html|website=TheStreet.com|accessdate=March 7, 2017}}</ref> [[TheStreet.com]] reported that Pre-Paid faced additional lawsuits filed by 400 Mississippi plaintiffs. These were ultimately settled.<ref name=Duhigg/> TheStreet.com also noted that the company has had a number of legal successes, including the defeat of a [[class action]] lawsuit as well as overturning a fraud verdict.<ref name=Hammers/> The company and the Oklahoma Chamber of Commerce, of which Stonecipher served as a director,<ref name="Chamber1"/> described the lawsuits against the company as "frivolous" and "abusive".<ref name="Chamber2">{{cite web|title=Chamber Joins Miss. Case against Frivolous Lawsuits Pre-Paid Legal Services Targeted Improperly|archive-url=http://web.archive.org/web/20120816103004/http://www.uschamber.com/press/releases/2004/november/chamber-joins-miss-case-against-frivolous-lawsuits-pre-paid-legal-servi|accessdate=March 7, 2017|url=http://web.archive.org/web/20120816103004/http://www.uschamber.com/press/releases/2004/november/chamber-joins-miss-case-against-frivolous-lawsuits-pre-paid-legal-servi|archive-date=August 16, 2012|publisher=United States Chamber of Commerce|date=November 24, 2004}}</ref>
In October 2009, ''[[Tulsa World]]'' reported<ref name="TulsaWorld1">{{cite web|url=http://www.tulsaworld.com/business/article.aspx?subjectid=46&articleid=20091007_46_E1_PrePai498116 |title=SEC asks Pre-Paid Legal for documents |work=Tulsa World |date= |accessdate=October 23, 2009}}</ref> that Pre-Paid Legal had been subpoenaed by the SEC for various documents including those pertaining to a stock repurchase program that Pre-Paid started in April 1999. (And in 2006, the company said it would repurchase $27.4 million of shares owned by executives.)<ref name=crashparty/> The SEC reported that thus far that its demand for documents is a "fact finding" mission.


In 2005, Pre-Paid's independent auditor was unable to approve the company's 2004 financial statements because of "material weaknesses" related to the processing of commissions.<ref name="Davis"/> New rules proposed by the [[Federal Trade Commission]] (FTC) required Pre-Paid to disclose to potential associates that less than 25 percent of its sales representatives sold multiple insurance plans in 2005, which the company confirmed in a [[U.S. Securities and Exchange Commission]] (SEC) filing.<ref name=Duhigg/> In November 2006, Pre-Paid announced plans to spend $27.4 million to repurchase shares owned by executives.<ref name=Duhigg/>
On November 19, 2009, Pre-Paid Legal announced<ref>{{cite web |url= http://www.prnewswire.com/news-releases/pre-paid-legal-services-announces-ftc-developments-70524402.html |title=Pre-Paid Legal Services Announces FTC Developments |publisher=Pre-Paid Legal Services |date= |accessdate=November 19, 2009}}</ref> that it received a complaint from the [[Federal Trade Commission]] (FTC). The proposed draft complaint alleged that Pre-Paid's "ADRS program and related materials violate Section 5(a) of the FTC Act regarding asserted misleading representations, express or implied."<ref>{{cite web |url= http://www.streetinsider.com/Corporate+News/Pre-Paid+Legal+%28PPD%29+Received+Draft+Complaint+from+FTC+Relating+to+ITSADRS+Program/5127084.html |title=Pre-Paid Legal (PPD) Received Draft Complaint from FTC Relating to ITSADRS Program |work=StreetInsider.com |date=November 11, 2009 |accessdate=September 26, 2010}}</ref> On July 27, 2010 the FTC ended its three-year investigation of Pre-Paid Legal Services, Inc. without any action.<ref>{{cite web|url=http://newsok.com/ftc-ends-investigation-of-pre-paid-legal/article/3479952|title=FTC ends investigation of Pre-Paid Legal|date=July 27, 2010|accessdate=July 28, 2011}}</ref>


In 2007, the FTC began investigating Pre-Paid's marketing of its identity theft service and Affirmative Defense Response System (ADRS), which the company developed to increase group sales. Pre-Paid changed its marketing materials in 2009, after regulators found the company’s claims misleading regarding ADRS.<ref name="Mecoy">{{cite news|last1=Mecoy|first1=Don|title=FTC ends investigation of Pre-Paid Legal|url=http://newsok.com/ftc-ends-investigation-of-pre-paid-legal/article/3479952|accessdate=March 7, 2017|work=The Oklahoman|date=July 27, 2010}}</ref> According to an SEC filing, the FTC and Pre-Paid "[reached] a mutually agreeable solution", and in 2010 the agency ended its three-year investigation without any action. Pre-Paid remained the focus of an informal SEC inquiry; the agency requested documentation about the company's stock repurchasing, consumer complaints related to provider law firms, payment card compliance, Stonecipher's resignation in April 2010,<ref name=Buyout/> as well as the resignation of director Tom Smith.<ref name=Mecoy/> The company reportedly earned $454 million in 2010.<ref name=Seale/>
In January 2011, Pre-Paid Legal agreed to merge with entities formed by [[MidOcean Partners]], a private equity firm headquartered in New York which it says is "focused on the middle market." The transaction would result in the company becoming privately held. The deal closed on June 31, 2011.<ref name="TulsaWorld2">{{cite news |first=Laurie |last=Winslow |url= http://www.tulsaworld.com/business/article.aspx?subjectid=46&articleid=20110201_46_E1_PrePai192609 |title=Pre-Paid to Merge with MidOcean |work=Tulsa World |date=February 1, 2011}}.</ref> Beginning in July 2011, Rip Mason served as Legal Shield’s Chief Executive Officer.


===Acquisition by MidOcean Partners===
On September 10, 2011, the company announced <ref>{{cite web |url= http://www.prnewswire.com/news-releases/pre-paid-legal-services-becomes-legalshieldsm-129584673.html |title=Pre-Paid Legal Services Becomes LegalShield |publisher=Pre-Paid Legal Services |date= |accessdate=September 22, 2011}}</ref> that it would change its name to LegalShield. The new corporate name for the 40-year-old company was said by the company to be part of an overall re-branding initiative following the acquisition of Pre-Paid Legal Services, Inc. by MidOcean Partners.
After receiving an offer in October 2010, Pre-Paid was purchased by the New York City-based [[private equity firm]] MidOcean Partners in January 2011, in a cash transaction valued at around $650 million.<ref name=Acquires/><ref name=Buyout/><ref>{{cite web|title=Pre-Paid Legal (PPD) to Be Acquired by MidOcean Partners Units for $66.50/Share|url=https://www.streetinsider.com/Mergers+and+Acquisitions/Pre-Paid+Legal+(PPD)+To+Be+Acquired+by+MidOcean+Partners+Units+for+$66.50Share/6245043.html|website=Street Insider|accessdate=March 7, 2017}}</ref> Pre-Paid became a privately held company and its [[common stock]] was removed from the New York Stock Exchange, following approval by stockholders in June 2011.<ref name=Acquires/> Inspired by the name of one of its most popular products, the company's title was changed from Pre-Paid Legal Services to LegalShield.<ref name=Silcox/><ref name=Seale/><ref name=Martin/>


On July 1, 2014,<ref name=Burkes/> [[Jeff Bell (executive)|Jeff Bell]] was appointed LegalShield's CEO, replacing Rip Mason, who began serving as executive chairman of the company's board.<ref name=Spotlight/><ref name="Ada">{{cite news|url=http://www.theadanews.com/news/local_news/legalshield-of-ada-hires-new-ceo-jeff-bell-an-ok/article_431ee8ab-b138-5d0a-babf-5c78a8a11a35.html|accessdate=February 24, 2017|work=[[Ada Evening News]]|publisher=[[Community Newspaper Holdings]]|location=Ada, Oklahoma|title=LegalShield of Ada hires new CEO Jeff Bell, an OK native|date=August 9, 2014}}</ref> In September 2014, LegalShield employed 700 people, and had 300,000 associates and 1.4 million customers; members had access to 1,000 attorneys.<ref name=Burkes/> Following Stonecipher's death in November 2014, ''[[The New York Times]]'' reported that LegalShield represented more than 1.4 million American families, or 3.7 million people, in 49 U.S. states.<ref name=Martin/> In November, the company announced personnel and organizational changes to "strengthen operational effectiveness and efficiencies".<ref name="Restructuring">{{cite news|title=Ada-based LegalShield announces major restructuring|url=http://www.theadanews.com/news/ada-based-legalshield-announces-major-restructuring/article_e18bcbf2-6687-11e4-89fd-67ec84a0abc8.html|accessdate=February 24, 2017|work=Ada Evening News|date=November 7, 2014}}</ref>
In July 2014, [[Jeff Bell (executive)|Jeff Bell]] was appointed Legal Shield's Chief Executive Officer replacing Rip Mason. Rip Mason assumed the position of Chairman of the Board.<ref>{{cite web|last1=PR Newswire|title=LegalShield Names Jeff Bell as Chief Executive Officer|url=http://www.reuters.com/article/2014/08/06/tx-legalshield-ceo-idUSnPn7FBc1W+99+PRN20140806|website=www.reuters.com|publisher=Reuters|accessdate=7 September 2014}}</ref>

In March 2015, ''[[Direct Selling News]]'' said that LegalShield's call center responded to 2 million member calls for legal help in 2014.<ref name=Silcox/> Furthermore, the magazine reported that nearly 47,000 small companies used LegalShield services in 2014, and 34,000 larger businesses made its legal and identity theft plans available to their employees, representing approximately 30 percent of LegalShield's business, which was estimated at $400 million (2014).<ref name=Silcox/> The company acquired Shake Law in April 2015.<ref>{{cite news|title=Q&A: CEO Jeff Bell on LegalShield's Latest Offerings|url=http://directsellingnews.com/index.php/view/qa_ceo_jeff_bell_on_legalshields_latest_offerings#.WRHzsRiZNPN|accessdate=May 9, 2017|work=Direct Selling News|date=July 21, 2016}}</ref>

In 2016, ''[[Advertising Age]]'' published an article written by Bell, in which he responded to the November 6 episode of ''[[Last Week Tonight with John Oliver]]'' about [[multi-level marketing]]. In the op-ed, Bell said he left the [[Direct Selling Association]]'s board and cancelled LegalShield's (which he says has used "ethical [[Direct selling|direct sales]] strategies since 1993") membership over the organization's failure to protect and regulate the marketing industry.<ref>{{Cite journal|url=http://adage.com/article/agency-viewpoint/john-oliver-make-direct-marketing-ethical/306693/|title=John Oliver Won't Make Multi-Level Marketing Ethical|date=November 11, 2016|work=[[Advertising Age]]|publisher=[[Crain Communications]]|location=Detroit}}</ref>

The company hosts an annual convention. The 2016 event in Oklahoma City attracted 10,000 participants.<ref name="DSN">{{cite journal|title=Q&A: CEO Jeff Bell on LegalShield’s Latest Offerings|journal=Direct Selling News|date=July 21, 2016|url=http://directsellingnews.com/index.php/view/qa_ceo_jeff_bell_on_legalshields_latest_offerings#.WLCSTLSJlFI|accessdate=February 24, 2017}}</ref>

==Rankings and recognition==
In 2007, Pre-Paid was included on ''[[Forbes]]''{{'}} list of "The 200 Best Small Companies" for the first time, ranking number 120.<ref>{{cite journal|title=#120 Pre-Paid Legal Services|journal=[[Forbes]]|date=October 11, 2007|url=https://www.forbes.com/lists/2007/23/biz_07200best_Pre-Paid-Legal-Services_OPJR.html|accessdate=March 8, 2017}}</ref><ref>{{cite journal|title=The 200 Best Small Companies|journal=Forbes|date=October 11, 2007|url=https://www.forbes.com/lists/2007/23/biz_07200best_The-200-Best-Small-Companies_Rank.html|accessdate=March 7, 2017}}</ref> The company ranked #130 and #66 on the business magazine's same lists for 2008 and 2009, respectively.<ref>{{Cite journal|work=Forbes|archive-url=https://web.archive.org/web/20081017063846/http://www.forbes.com/entrepreneurs/lists/2008/23/biz_200smalls08_Pre-Paid-Legal-Services_OPJR.html|url=http://www.forbes.com/entrepreneurs/lists/2008/23/biz_200smalls08_Pre-Paid-Legal-Services_OPJR.html|archive-date=October 17, 2008|date=October 7, 2008|accessdate=March 8, 2017|title=#130 Pre-Paid Legal Services}}</ref><ref>{{Cite journal|work=Forbes|url=https://www.forbes.com/lists/2009/23/small-companies-09_Pre-Paid-Legal-Services_OPJR.html|date=October 14, 2009|accessdate=March 7, 2017|title=#66 Pre-Paid Legal Services}}</ref> In 2010, Pre-Paid ranked number 78 on ''Forbes''{{'}} list of "America's 100 Best Small Companies".<ref>{{Cite journal|url=https://www.forbes.com/lists/2010/23/best-small-companies-10_rank.html|title=America's Best 100 Small Companies|accessdate=March 7, 2017|work=Forbes}}</ref> In 2011, Pre-Paid ranked number 28 on the ''Direct Selling News''{{'}} "Global 100" list of leading companies.<ref name=Seale/>

In 2015, the market research firm Javelin Strategy & Research named LegalShield an "Identity Protection Services Leader in the prevention and resolution of fraud" in its "Identity Protection Services Scorecard".<ref>{{cite news|title=Industry Scorecard Names LegalShield a Leader in Identity Theft Services|url=http://directsellingnews.com/index.php/view/industry_scorecard_names_legalshield_a_leader_in_identity_theft_services#.WRH2CBiZNPM|accessdate=May 9, 2017|work=Direct Selling News|date=May 4, 2015}}</ref> ''Direct Selling News'' included LegalShield in its list of the "Best Places to Work in Direct Selling" in 2016 and 2017.<ref>{{cite news|title=Direct Selling News Announces the 2016 Best Places to Work in Direct Selling|url=http://directsellingnews.com/index.php/view/direct_selling_news_announces_the_2016_best_places_to_work_in_direct_sellin#.WRHyZxiZNPO|accessdate=May 9, 2017|work=Direct Selling News|date=January 15, 2016}}</ref><ref>{{cite news|last1=Tortora|first1=Andrea|title=The Best Places to Work in Direct Selling 2017 Honorees|url=http://directsellingnews.com/index.php/view/the_best_places_to_work_in_direct_selling_2017_honorees#.WRHynhiZNPP|accessdate=May 9, 2017|work=Direct Selling News|date=April 1, 2017}}</ref>


==References==
==References==
{{Reflist}}
{{reflist|30em}}

==Further reading==
* {{Cite news|url=http://www.dallasnews.com/business/business/2015/03/07/the-five-documents-every-entrepreneur-needs|date=March 2016|title=The Five: Documents every entrepreneur needs|first=Hanah|last=Cho|work=[[The Dallas Morning News]]|issn=1553-846X|publisher=[[A. H. Belo]]}}


==External links==
==External links==
*{{official website|http://www.legalshield.com}}
* {{Official website|https://www.legalshield.com}} (LegalShield.com)
* {{Official website|https://www.idshield.com}} (IDShield.com)
*[http://www.tulsaworld.com/business/article.aspx?subjectid=46&articleid=20110201_46_E1_PrePai192609 Prepaid Legal to Merge with MidOcean Partners, Acquisition for $650 Million July 2011]
*[http://www.cbc.ca/marketplace/pre-2007/files/money/prepaidlegal/ CBC News Report on PPL]
*[http://www.thestreet.com/_yahoo/stocks/melissadavid/10209942.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA Pre-Paid Weathers Guilty Verdict]
*[http://www.thestreet.com/story/10030240/pre-paid-legals-colorful-workforce.html Pre-Paid Legal's Colorful Workforce]
*[http://attorneygeneral.state.wy.us/CPU1PR113001.pdf Attorney General’s Office Nets Refunds From Multi-Level Marketer]
*[http://www.forbes.com/lists/2007/23/biz_07200best_Pre-Paid-Legal-Services_OPJR.html Forbes Best 200 Small Companies in America #120]
*[https://web.archive.org/web/20081017063846/http://www.forbes.com/entrepreneurs/lists/2008/23/biz_200smalls08_Pre-Paid-Legal-Services_OPJR.html Forbes 2008 Best 200 Companies in America]
*[http://www.forbes.com/lists/2009/23/small-companies-09_Pre-Paid-Legal-Services_OPJR.html Forbes 2009 Best 200 Companies in America #68]
*[http://www.forbes.com/lists/2010/23/best-small-companies-10_rank.html Forbes 2010 Best 100 Small Companies in America #78]
*[http://mediamoogle.com/ Information on the Pre-Paid Legal MLM business]
*[http://www.prnewswire.com/news-releases/pre-paid-legal-services-becomes-legalshieldsm-129584673.html Pre-Paid Legal Services Becomes LegalShield]


[[Category:Companies based in Oklahoma]]
{{Portal bar|Companies|Law|Oklahoma}}
[[Category:Companies established in 1972]]
[[Category:Criminal law]]
[[Category:Multi-level marketing companies]]
[[Category:Insurance companies of the United States]]
[[Category:Privately held companies based in Oklahoma]]
[[Category:Ada, Oklahoma]]

Revision as of 15:28, 11 May 2017

LegalShield
Formerly
  • Sportsman's Motor Club (1972–1976)
  • Pre-Paid Legal Services, Inc. (1976–2011)
Company typePrivate
IndustryLegal services
Founded1972; 52 years ago (1972)
FounderHarland Stonecipher
Headquarters
Ada, Oklahoma
,
U.S.
Areas served
  • United States
  • Canada
Key people
Products
Services
  • Legal services
  • identity theft monitoring and restoration
Revenueest. $400 million[1] (2014)
OwnerMidOcean Partners
Number of employees
700[3] (2014)
Websitelegalshield.com
idshield.com

LegalShield is a United States-based privately held company offering pre-paid legal services and identity theft product solutions for individuals and businesses, that uses network marketing, business to business, and direct-to-consumer marketing to sell its products. As of 2016, it reported over 1.6 million members and 700 employees. LegalShield is headquartered in Ada, Oklahoma, and conducts business throughout the United States and Canada.

Business model

LegalShield offers pre-paid legal services and identity theft solutions for individuals, families, and businesses in the United States and Canada via network marketing, business to business, and direct-to-consumer sales.[3][4][5]

Headquartered in Ada, Oklahoma,[3] LegalShield develops and markets its pre-paid legal service products for both personal and business. The company's plans include services such as preparation of wills and living trusts, health care, IRS tax audit assistance, and trial defense for individuals. For small businesses, the plans can include services such as preparation and review of contracts and other documents, debt collection assistance, employee benefits support, legal correspondence, and trial defense services.[5][6] LegalShield had 1.6 million users in December 2016.[6]

IDShield is a division of LegalShield that provides identity theft protection through a team of licensed private investigators. The services offered by IDShield include security and privacy monitoring, emergency support, and complete identity theft recovery. Both IDShield and LegalShield have mobile apps available to their users.[6][7]

In 2017, LegalShield released Launch by LegalShield, or simply Launch, which helps people establish new businesses. Launch includes a three-month LegalShield membership to provide customers with legal counsel to assist their new business formation and personal needs. LegalShield has partnered with Jacques Slade, a YouTuber popular amongst millennials, to promote the service. LegalShield and Slade promoted Launch at the annual South by Southwest festival and conference in 2017.[8]

History

LegalShield was established as Sportsman's Motor Club in 1972, then known as Pre-Paid Legal Services, Inc. from 1976 until its acquisition by MidOcean Partners in 2011.[1][3][9] Harland Stonecipher (1938–2014) served as the company's founding president and chief executive officer (CEO).[10][11] The life insurance salesman from Ada, Oklahoma, created Pre-Paid's predecessor, a "motor service club", after being involved in a car accident in 1969. Although the other party was cited for fault, they filed a suit against him for the accident. Stonecipher had health, life, and vehicle insurance coverage, but was required to hire a lawyer to defend himself in court and struggled to pay associated legal expenses.[1][12][13] After researching the industry of European legal expense plans, he created the Sportsman's Motor Club to reimburse members for legal fees.[13] Stonecipher's first office had a single room and was located in a local strip mall.[1][14]

The club changed its name and incorporated as Pre-Paid Legal Services, Inc. in 1976, becoming the first company to offer pre-paid legal plans in the United States that catered to individuals.[1][12][13] By 1979, Pre-Paid offered connections to legal services in six U.S. states, and by 1982, had established a way to direct members needing legal assistance to provider attorney system.[1]

Initial public offering

The company went public in 1984.[1] Pre-Paid was first inducted into NASDAQ, then moved to the American Stock Exchange in 1986,[15][16] followed by the New York Stock Exchange in 1999, being listed as "PPD".[11][17][18] In 1998, Pre-Paid acquired The People's Network, a marketing company based in Dallas.[19][20]

In 2001, the Securities and Exchange Commission required Pre-Paid to stop counting the commissions paid out to sales associates as assets, instead of expenses, which reduced reported earnings by over half.[10] Pre-Paid did not file its financial statements for 2000 until February 2002. The statements showed decreases in earnings from $43.6 million to $20.5 million and stockholder equity from $147 million to $42 million.[21]

In 2002, the Denver Business Journal reported that Pre-Paid earned a $27.1 million profit on $303.7 million in revenue, an increase from its $1.9 million profit on revenues of $129.6 million in 1997, and provided its members access to a network of 46 firms with 1,270 lawyers.[22]

About 30 lawsuits by approximately 250 plaintiffs were filed in Alabama in 2004 against Pre-Paid. All of these were dismissed or settled by 2006.[17] In October 2004 and February 2005, Pre-Paid faced two lawsuits in Mississippi. A jury ruled in favor of the company in the first suit. In the second suit a jury found Pre-Paid and Stonecipher guilty of deceptive advertising and fraud.[10] In November 2005, Pre-Paid and Stonecipher were required to pay $9.9 million in fines.[23] TheStreet.com reported that Pre-Paid faced additional lawsuits filed by 400 Mississippi plaintiffs. These were ultimately settled.[17] TheStreet.com also noted that the company has had a number of legal successes, including the defeat of a class action lawsuit as well as overturning a fraud verdict.[23] The company and the Oklahoma Chamber of Commerce, of which Stonecipher served as a director,[11] described the lawsuits against the company as "frivolous" and "abusive".[24]

In 2005, Pre-Paid's independent auditor was unable to approve the company's 2004 financial statements because of "material weaknesses" related to the processing of commissions.[10] New rules proposed by the Federal Trade Commission (FTC) required Pre-Paid to disclose to potential associates that less than 25 percent of its sales representatives sold multiple insurance plans in 2005, which the company confirmed in a U.S. Securities and Exchange Commission (SEC) filing.[17] In November 2006, Pre-Paid announced plans to spend $27.4 million to repurchase shares owned by executives.[17]

In 2007, the FTC began investigating Pre-Paid's marketing of its identity theft service and Affirmative Defense Response System (ADRS), which the company developed to increase group sales. Pre-Paid changed its marketing materials in 2009, after regulators found the company’s claims misleading regarding ADRS.[25] According to an SEC filing, the FTC and Pre-Paid "[reached] a mutually agreeable solution", and in 2010 the agency ended its three-year investigation without any action. Pre-Paid remained the focus of an informal SEC inquiry; the agency requested documentation about the company's stock repurchasing, consumer complaints related to provider law firms, payment card compliance, Stonecipher's resignation in April 2010,[9] as well as the resignation of director Tom Smith.[25] The company reportedly earned $454 million in 2010.[12]

Acquisition by MidOcean Partners

After receiving an offer in October 2010, Pre-Paid was purchased by the New York City-based private equity firm MidOcean Partners in January 2011, in a cash transaction valued at around $650 million.[4][9][26] Pre-Paid became a privately held company and its common stock was removed from the New York Stock Exchange, following approval by stockholders in June 2011.[4] Inspired by the name of one of its most popular products, the company's title was changed from Pre-Paid Legal Services to LegalShield.[1][12][13]

On July 1, 2014,[3] Jeff Bell was appointed LegalShield's CEO, replacing Rip Mason, who began serving as executive chairman of the company's board.[5][27] In September 2014, LegalShield employed 700 people, and had 300,000 associates and 1.4 million customers; members had access to 1,000 attorneys.[3] Following Stonecipher's death in November 2014, The New York Times reported that LegalShield represented more than 1.4 million American families, or 3.7 million people, in 49 U.S. states.[13] In November, the company announced personnel and organizational changes to "strengthen operational effectiveness and efficiencies".[28]

In March 2015, Direct Selling News said that LegalShield's call center responded to 2 million member calls for legal help in 2014.[1] Furthermore, the magazine reported that nearly 47,000 small companies used LegalShield services in 2014, and 34,000 larger businesses made its legal and identity theft plans available to their employees, representing approximately 30 percent of LegalShield's business, which was estimated at $400 million (2014).[1] The company acquired Shake Law in April 2015.[29]

In 2016, Advertising Age published an article written by Bell, in which he responded to the November 6 episode of Last Week Tonight with John Oliver about multi-level marketing. In the op-ed, Bell said he left the Direct Selling Association's board and cancelled LegalShield's (which he says has used "ethical direct sales strategies since 1993") membership over the organization's failure to protect and regulate the marketing industry.[30]

The company hosts an annual convention. The 2016 event in Oklahoma City attracted 10,000 participants.[31]

Rankings and recognition

In 2007, Pre-Paid was included on Forbes' list of "The 200 Best Small Companies" for the first time, ranking number 120.[32][33] The company ranked #130 and #66 on the business magazine's same lists for 2008 and 2009, respectively.[34][35] In 2010, Pre-Paid ranked number 78 on Forbes' list of "America's 100 Best Small Companies".[36] In 2011, Pre-Paid ranked number 28 on the Direct Selling News' "Global 100" list of leading companies.[12]

In 2015, the market research firm Javelin Strategy & Research named LegalShield an "Identity Protection Services Leader in the prevention and resolution of fraud" in its "Identity Protection Services Scorecard".[37] Direct Selling News included LegalShield in its list of the "Best Places to Work in Direct Selling" in 2016 and 2017.[38][39]

References

  1. ^ a b c d e f g h i j k l m Silcox, Beth Douglass (March 2, 2015). "Company Spotlight Equal Access, Equal Adaptability: LegalShield's Moral Imperative to Grow". Direct Selling News. Plano, Texas: VideoPlus. ISSN 1554-6470. Retrieved March 8, 2017.
  2. ^ a b c d e "Company Information: Leadership". LegalShield. Retrieved March 8, 2017.
  3. ^ a b c d e f Burkes, Paula (September 7, 2014). "Executive Q&A: LegalShield chief comes home to Oklahoma roots". The Oklahoman. Oklahoma City: The Oklahoman Media Company. Retrieved February 24, 2017.
  4. ^ a b c "MidOcean Partners Acquires Pre-Paid Legal for $650 Million". Direct Selling News. August 1, 2011. Retrieved March 7, 2017.
  5. ^ a b c "CEO Spotlight: Jeff Bell, LegalShield". Voluntary Benefits Magazine. Voluntary Benefits Association. September 29, 2014. Retrieved February 24, 2017.
  6. ^ a b c Kari, Paul (December 21, 2016). "Should you pay a monthly fee for legal services like you do to health insurance?". MarketWatch. Dow Jones & Company. Retrieved March 1, 2017.
  7. ^ Eddy, Max (December 31, 2015). "IDShield". PC Magazine. ISSN 0888-8507. Retrieved March 1, 2017.
  8. ^ "LegalShield Debuts Legal Service for Startups at SXSW". Direct Selling News. March 16, 2017. Retrieved March 20, 2017.
  9. ^ a b c "Pre-Paid Legal in $650 Million Buyout". The New York Times. The New York Times Company. January 31, 2011. ISSN 0362-4331. OCLC 1645522. Retrieved March 7, 2017.
  10. ^ a b c d Davis, Melissa (February 22, 2005). "Pre-Paid Weathers Guilty Verdict". TheStreet.com. Retrieved March 6, 2017.
  11. ^ a b c "U.S Chamber Reappoints Harland Stonecipher CEO of Pre-Paid Legal Services, to Board of Directors". United States Chamber of Commerce. June 27, 2005. Archived from the original on December 2, 2006. Retrieved March 7, 2017.
  12. ^ a b c d e Seale, Barbara (March 1, 2012). "LegalShield: Expanding Justice for All". Direct Selling News. Retrieved March 1, 2017.
  13. ^ a b c d e Martin, Douglas (November 20, 2014). "Harland Stonecipher, Insurance Pioneer, Dies at 76". The New York Times. Retrieved March 7, 2017.
  14. ^ Swanson, Eric (November 11, 2014). "LegalShield founder and community booster Harland Stonecipher dies at 76". Ada Evening News. Retrieved March 9, 2017.
  15. ^ The Big Book of Home Business Company Directory. Ouvrage Collectif. June 21, 2016. p. 48. Retrieved March 9, 2017.
  16. ^ Adelson, Andrea (May 26, 1996). "Earning It; Getting Legal Advice, Without Billable Hours". The New York Times. Retrieved March 9, 2017.
  17. ^ a b c d e Duhigg, Charles (November 13, 2006). "Why Short Sellers Want to Crash the Tupperware Party". The New York Times. Retrieved March 7, 2017.
  18. ^ "Hardland Stonecipher". The Oklahoman. November 12, 2014. Retrieved March 9, 2017.
  19. ^ "Pre-Paid Legal acquires satellite TV channel". The Journal Record. Oklahoma City, Oklahoma. September 25, 1998. Retrieved May 9, 2017.
  20. ^ Hogan, Gypsy (September 25, 1998). "Pre-Paid Legal Plans Satellite Channel Buy". The Oklahoman. Retrieved May 9, 2017.
  21. ^ Morgenson, Gretchen (April 18, 2003). "Exchange to Warn Investors on Companies". The New York Times. Retrieved March 7, 2017.
  22. ^ Fletcher, Amy (September 15, 2002). "Prepaid legal is a cheaper way to get lawyer's services". Denver Business Journal. Retrieved March 9, 2017.
  23. ^ a b Davis, Melissa. "Verdict Hammers Pre-Paid". TheStreet.com. Retrieved March 7, 2017.
  24. ^ "Chamber Joins Miss. Case against Frivolous Lawsuits Pre-Paid Legal Services Targeted Improperly". United States Chamber of Commerce. November 24, 2004. Retrieved March 7, 2017. {{cite web}}: Check |archive-url= value (help)
  25. ^ a b Mecoy, Don (July 27, 2010). "FTC ends investigation of Pre-Paid Legal". The Oklahoman. Retrieved March 7, 2017.
  26. ^ "Pre-Paid Legal (PPD) to Be Acquired by MidOcean Partners Units for $66.50/Share". Street Insider. Retrieved March 7, 2017.
  27. ^ "LegalShield of Ada hires new CEO Jeff Bell, an OK native". Ada Evening News. Ada, Oklahoma: Community Newspaper Holdings. August 9, 2014. Retrieved February 24, 2017.
  28. ^ "Ada-based LegalShield announces major restructuring". Ada Evening News. November 7, 2014. Retrieved February 24, 2017.
  29. ^ "Q&A: CEO Jeff Bell on LegalShield's Latest Offerings". Direct Selling News. July 21, 2016. Retrieved May 9, 2017.
  30. ^ "John Oliver Won't Make Multi-Level Marketing Ethical". Advertising Age. Detroit: Crain Communications. November 11, 2016.
  31. ^ "Q&A: CEO Jeff Bell on LegalShield's Latest Offerings". Direct Selling News. July 21, 2016. Retrieved February 24, 2017.
  32. ^ "#120 Pre-Paid Legal Services". Forbes. October 11, 2007. Retrieved March 8, 2017.
  33. ^ "The 200 Best Small Companies". Forbes. October 11, 2007. Retrieved March 7, 2017.
  34. ^ "#130 Pre-Paid Legal Services". Forbes. October 7, 2008. Archived from the original on October 17, 2008. Retrieved March 8, 2017.
  35. ^ "#66 Pre-Paid Legal Services". Forbes. October 14, 2009. Retrieved March 7, 2017.
  36. ^ "America's Best 100 Small Companies". Forbes. Retrieved March 7, 2017.
  37. ^ "Industry Scorecard Names LegalShield a Leader in Identity Theft Services". Direct Selling News. May 4, 2015. Retrieved May 9, 2017.
  38. ^ "Direct Selling News Announces the 2016 Best Places to Work in Direct Selling". Direct Selling News. January 15, 2016. Retrieved May 9, 2017.
  39. ^ Tortora, Andrea (April 1, 2017). "The Best Places to Work in Direct Selling 2017 Honorees". Direct Selling News. Retrieved May 9, 2017.

Further reading

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