The Pre-Paid Legal Story

THE PRE-PAID LEGAL CHRONOLOGY

1969 – July 11, 1969, Harland Stonecipher is involved in a head-on collision which results in serious legal fees. He has auto insurance tocover the damage to his car, medical insurance to cover the
cost of his hospital stay, and even life insurance had the accident been fatal. Bu the has no coverage or protection for the legal bills that accumulate.He begins researching the industry of European legal expense plans.

1970-1979 - On August 8, 1972, Harland Stonecipher creates Pre-PaidLegal’s predecessor, The Sportsman’s Motor Club, offering legal expense reimbursement services as a motor service club. In 1974, Stonecipher speaks at the American Bar Association’s annual convention. Throughout much of the 70s, Pre-Paid Legal utilized the services of only three salesmen to solicit new members and service existing accounts. In 1978,Pre-Paid Legal stock is traded in the Oklahoma over-the-counter market.

1980-1989 – In 1980, Wilburn Smith, one of Pre-Paid Legal’s most successful Associates, quits his job at a local supermarket and joins the Pre-Paid Legal sales force. The introduction of the network marketing concept by John Hail takes hold in the ’80s and Pre-Paid Legal first initiates sales through network marketing in 1983. Pre-PaidLegal is listed on the NASDAQ National Market System in 1984, and two years later moves to the American Stock Exchange. At the end of the decade, Pre-Paid Legal “tightens the belt.” In response to operating losses in the first two quarters, the company implements major restructuring of its administrative and marketing functions. Layoffs at the Home Office result in a 46 percent decrease in personnel. The home office staff numbers 114.

1990-1999 – A pivotal decade, the ’90’s ushers in challenges the company has not yet seen and hardens the resolve of the most dedicated within the company. Hard times are evidenced by the move from over 230 employees in 1987 to 85 in 1990. Restructuring and careful business practices results in the company rebounding to a staff of 491 at the end of the decade. Additionally, on May 13, 1999, Pre-Paid Legal moves to the New York Stock Exchange, and within four months is listed as the 33rd fastest growing company on the NYSE!

2000 – Present – In 2000, Pre-Paid Legal makes the Forbes list of the 200 Best Small Companies in America for the fifth year in a row. As Pre-Paid Legal Founder Harland Stonecipher co-authors The Pre-Paid Legal Story, his company now surpasses the one million membership mark. In 2001, Pre-Paid Legal finalizes building plans for a new $30 million corporate campus. With memberships now available in 48 states and four provinces and the corporate campus finished, Pre-Paid Legal is positioned for exceptional growth and success. A home office staff of over 700 now supports over 1.5 million Members and Independent Associates across North America.

[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Email] More »

Related Links