LegalShield develops and markets prepaid legal service plans through its network of attorneys in the United States and Canada.
In 1969 Harland C. Stonecipher was involved in an automobile accident and the subsequent lawsuit depleted his savings. This situation inspired him to create The Sportsman’s Motor Club, the predecessor to Pre-Paid Legal, which changed its name to LegalShield in 2011.
In 1984 Pre-Paid Legal went public, trading on the NASDAQ. In 1989 it moved to the American Stock Exchange, and then to the New York Stock Exchange in 1999.
The company was taken private in 2011 when it was acquired by MidOcean Partners.
Today LegalShield offers membership plans which are similar to insurance. The plans offer IRS audit protection, traffic violation defense, and will preparation. Members gain access to an independent network of attorneys.
LegalShield has 1.5 million members.