The History Of Prepaid Legal Services:
Prepaid Legal Services, Inc. is a network marketing company that focuses on marketing legal membership plans to middle America. The plans provide for legal service benefits, including unlimited attorney consultation, letter writing, document preparation and review, will preparation, traffic violation defense, automobile-related criminal charges defense and a general trial defense. Basically, they allow customers to have access to legal representation and attornies for a FRACTION of what it would cost outside of the membership.
Prepaid Legal Services, Inc. started in 1973 by Harland Stonecipher. The flagship product is the Life Events Plan and currently there are more than 1.5 million members in North America. A few years ago, the Identity Theft feature was added to the membership giving the membership more benefits. The strength of the Prepaid Legal concept is that it is marketing a unique service that people from every economic status can benefit from. It virtually doesn’t have any real competition in the traditional business arena or the network marketing industry.
Leadership And Training
Prepaid Legal Services is led by some of the most dynamic and documented leaders in the network marketing industry. Besides founder Harland Stonecipher, the corporate team contains many seasoned MLM veterans like Jeff Olson and co-CEOs Randy Harp and Mark Brown. On top of that, there are many seasoned veterans that sit on the Board of Directors. One example is current Board member, Stephen R. Hague, A 35-year veteran of the insurance industry, Hague has served as Chairman and CEO of several insurance companies. Hague replaced former Board member, John Addison, co-CEO of Primerica, when Addison resigned in 2003.
Prepaid Legal mainly focuses on building a business using offline building methods like contacting your warm market and handing out company DVDs to sharp people you come across. This “DVD-Exposure” technique has exploded it’s recruiting numbers across North America. With that said, they have recently instituted online presentation, lead capture pages and webinars for reps that want to leverage the internet to build their business.
What Are The Pros And Cons?
Prepaid Legal has many attractive features if you’re looking for a network marketing company to partner with. It’s leaders are great at teaching and promoting the fundamentals of building a network marketing business. The techniques that are taught are pretty simple and effective, assuming you don’t mind approaching your warm market. Another attractive feature is, if you are uncomfortable at giving presentations, there are a ton of tools, resources and systems you can use to recruit people into your business. Another feature that might interest you if you are looking at Prepaid Legal as a business opportunity is that there is a significant income you can generate just from marketing the service and acquiring customers. In short, Prepaid Legal is a great vehicle for the average person to come on board and see some success.
One disadvantage (if you want to call it that) that Prepaid Legal has is the potential for a rep to receive a chargeback. This means that if a customer cancels their membership within the first 12 months, the rep will incur a commission chargeback, due to the customer falling off the books. Personally, I don’t really see this as a disadvantage because all businesses, traditional or MLM, have some sort of chargeback feature when commission is paid on a customer that cancels, ex. life insurance.
In closing, Prepaid Legal Services, Inc. is an established company that is marketing a service in a groundfloor industry. Besides having a quality service and a strong pay plan, the fact that people who have no interest in MLM will still buy and keep the service is a major factor you need to be aware of if you want to build a large customer base that will pay you residuals for decades to come.