PPLSI

PPLSI, the parent company of LegalShield and IDShield, provides subscription-based legal services and identity theft protection for individuals, families, and small businesses. The company operates primarily in the United States and Canada.

The company was founded in 1972 by Harland Stonecipher as the Sportsman's Motor Club. Stonecipher, an insurance salesman from Oklahoma, was inspired to start the company after a personal experience in 1969 where he was involved in a car accident. Despite not being at fault, he faced significant legal fees, which highlighted a need for affordable legal assistance for the average person. In 1976, the company incorporated as Pre-Paid Legal Services, Inc., becoming a pioneer in offering pre-paid legal plans in the U.S. The firm went public in 1984, listing on the NASDAQ, and later moved to the New York Stock Exchange in 1999. In 2011, MidOcean Partners acquired the company for $650 million, taking it private and rebranding it as LegalShield. Stone Point Capital later acquired a majority stake in 2018.

PPLSI's business model is based on a monthly subscription fee which gives members access to a network of law firms for various legal issues like contract review, will preparation, and traffic ticket defense. Revenue is generated through these recurring membership fees. The company also utilizes a multi-level marketing (MLM) structure, where independent associates sell memberships and can earn commissions on their sales and the sales of their recruited team members. Associates earn commissions on new memberships, team sales, and renewals. The company's services are sold directly to consumers, as an employee benefit through businesses, and via its network of sales associates. In addition to its core legal plans, PPLSI offers identity theft and privacy management services through its IDShield brand, which was developed in response to growing member concerns about these issues.

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