About Prepaid Legal Services
Prepaid legal services have changed the legal landscape and the manner in which consumers are able to use an attorney. Consumers who purchase a prepaid legal service plan typically pay a small monthly premium that gives them access to an attorney. In this way, prepaid legal service plans have also changed how attorneys interact with clients. However, prepaid legal service plans have also faced criticism for fraud and deception. Consumers interested in purchasing a prepaid legal plan need to know what to look for in choosing the right plan that fits their legal needs.
History
The prepaid legal service trend began with the founding of Pre-Paid Legal Services Inc. in 1969. The company cites the prepaid legal service idea as coming from Harland Stonecipher, the company's president, after he got into a car accident. Originally started as a service strictly covering car accidents, the company grew to offer prepaid legal services covering the entire legal spectrum. The company began trading publicly in 1984. During that time, the company also incorporated multilevel marketing using independent agents to market the legal plans. Pre-Paid Legal Services remains the only prepaid legal service plan to offer such services to North America.
Significance
Prepaid legal service plans have significantly changed the legal landscape and the relationship between clients and attorneys. Previously, only wealthy individuals (or companies) could hire an attorney to be on call (on "retainer"). Such an agreement between an individual and an attorney often ran in the thousands of dollars. Prepaid legal service plans change that by allowing individuals to pool their resources and pay a small premium to access an attorney whenever they need one. This empowers and protects individuals by giving them the ability to call an attorney regarding any important legal matter such as debt collection or contracts. It also significantly lowers the cost of legal access for consumers while allowing law firms to reach a larger audience.
Size
Pre-Paid Legal Services has an average of 1.6 million customers through North America. Currently, North America is Pre-Paid Legal Services' sole market. Smaller organizations offer similar prepaid legal service plans, but these plans are largely local and limited in size and scope. To service each of these customers, the prepaid legal company employs the use of thousands of law firms in all major cities in North America.
Features
Prepaid legal plans possesses features similar to that of health plan HMOs. Each month, the customer pays a small premium to the company. In the case of the largest prepaid company, Pre-Paid Legal Services, this premium amounts to approximately $26 per month. When an individual consults the advice of a law firm retained by the prepaid legal company, the law firm is reimbursed by the company for any services given to the customer. Within the prepaid plan are several options that help customers choose the right option that fits their legal needs. For example, individuals who want legal protection from identity theft can purchase additional legal consultation in case the need ever arises in the future.
Warning
Prepaid legal plans have faced their share of criticism on the state level. For example, the company at the forefront of the prepaid legal trend, Pre-Paid Legal Services, has been accused of misleading advertising and other lawsuits claiming deception. Customers interested in prepaid legal services should go over the available prepaid plans carefully to ensure the accuracy of any purchases they are making. Additionally, customers should be aware of any benefit caps attached to prepaid legal plans. Like health insurance, not all legal troubles are covered by prepaid plans, and some plans will only offer limited coverage and benefits.
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