Pre-Paid Legal Background
Pre-Paid Legal Services, Inc. develops, underwrites and markets legal service plans through a network of more than 50 independent law firms across the U.S. and Canada. The plans provide for legal service benefits, including unlimited attorney consultation, letter writing, document preparation and review, will preparation, traffic violation defense, automobile-related criminal charges defense and a general trial defense. The Company also markets an identity theft monitoring and restoration product. The company is traded on the New York Stock Exchange (NYSE) under the ticker symbol PPD. Pre-Paid Legal Services, Inc. is a member of the S&P 600 SmallCap index and the S&P 1500 Super Comp index.
The History of Pre-Paid Legal
Pre-Paid Legal Services began on July 11, 1969 when CEO and founder Harland C. Stonecipher was involved in a vehicle accident which left him with legal bills. He began researching the industry of European legal expense plans. On August 8, 1972, Harland Stonecipher created Pre-Paid Legal’s predecessor, The Sportsman’s Motor Club, offering legal expense reimbursement services as a motor service club. Pre-Paid Legal started selling plans through network marketing in 1983. Pre-Paid Legal went public on the NASDAQ National Market System in 1984, and two years later moved to the American Stock Exchange.On May 13, 1999, Pre-Paid Legal moved to the New York Stock Exchange, and within four months was listed as the 33rd fastest growing company on the NYSE, according to Equities Magazine.
In 2000, Pre-Paid Legal made the Forbes list of the 200 Best Small Companies in America for the fifth year in a row. In 2007, Pre-Paid Legal made the Forbes list of the 200 Best Small Companies in America again. The company currently provides services in all 50 states, Washington, D.C., and four provinces in Canada, with over 1.5 million members. Currently most plans are sold through the network marketing system (also known as multi-level marketing). It is also sold as an employee benefit through payroll deduction. |
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Pre-Paid Legal Company Snapshot
Type: Public
Founded: 1972
Headquarters: Ada, Oklahoma
Products: Family Plan (Standard and Expanded), Business Owners Legal Solutions Plan, Law Officers Legal Plan, Commercial Drivers Legal Plan, Legal Plan for the Self-Employed, Identity Theft Shield, Legal Shield Rider, Home-Based Business Rider
Key Executives and Founders: Harland Stonecipher (founder, CEO, chairman) |
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