What is a prepaid legal service plan?
Prepaid plans operate like a legal insurance plan. For a small monthly fee, a plan member (or sometimes an employer or union) prepays for legal services that might be needed in the future. The fee entitles the plan member to basic services.
What happened to prepaid legal services?
In January 2011, Pre-Paid Legal agreed to merge with entities formed by MidOcean Partners, a New York private equity firm that describes itself as “focused on the middle market”. The deal closed on June 30, 2011, and the company once again became privately held.
Is Prepaid Legal and LegalShield the same thing?
Yes. Prepaid Legal changed its name to LegalShield on September 10, 2011. While our name changed, we’re the same organization and offer an even more robust suite of services than we did just a few years ago.
How much is Pre Paid legal?
How Much Do Prepaid Legal Services Cost? Prepaid legal services will usually run you somewhere around $300 a year (depending on where you live). Over 10 years, that little $300 adds up to $3,000.
Is Pre-Paid Legal a pyramid scheme?
Purchasers who buy legal insurance from the company are recruited to set up networks to sell policies to others. One suit, a class-action filed by a Manhattan law firm earlier this year on behalf of former and current Pre-Paid Legal members, claims the company operates an “illegal pyramid scheme.”
Is Prepaid Legal legitimate?
Prepaid plans are a type of legal insurance plan offered by a number of different companies and marketed through employers, labor unions, credit unions, department stores, credit card companies, and even door to door. The theory is that legal services, much the same as nuts and berries, are cheaper when bought in bulk.
What is Pre Paid Legal Services?
A pre-paid legal service can be a consortium of lawyers who’ve banded together to offer discount legal services. It can be a plan that offers simple legal forms drawn up for a modest fee, or it can provide access to a database of legal forms.
What is prepaid legal insurance?
Prepaid legal insurance is a legal insurance policy that is paid in advance. It protects people from losses that can be incurred in the course of working with an attorney.
What is a prepaid legal lawyer?
Prepaid lawyers are attorneys who offer ongoing legal services to clients who agree to pay a monthly or annual fee in advance.
What is paid legal services?
LegalShield (formerly known as Pre-Paid Legal Services, Inc.), is a company that provides legal expense plans to families and individuals. For a low monthly fee, the Company’s legal expense plans (referred to as memberships) offer a variety of legal services in a manner similar to medical reimbursement plans or HMOs.