Harland Stonecipher Net Worth

The idea for LegalShield was born after Harland was involved in a motor vehicle accident and was hospitalized on July 11, 1969. Although the other party was cited at fault, they filed a suit against Stonecipher for the accident. He hired a lawyer to defend him in court, but in doing so, depleted his life savings. After researching the industry of European legal expense plans, Stonecipher created Pre-Paid Legal’s predecessor, The Sportsman’s Motor Club, on August 8, 1972. The club offered legal expense reimbursement to its members. Pre-Paid Legal began utilizing “network marketing” (multi-level marketing or MLM) in 1983 then went public on the NASDAQ National Market System in 1984. In 1987, Pre-Paid Legal bought The People’s Network (TPN), a satellite television network dedicated to personal development. On May 13, 1999, Pre-Paid Legal was listed on the New York Stock Exchange. On September 10, 2011, the company announced that it would change its name to LegalShield when it was acquired by a private equity firm for $650 million. Harland’s cut of the sale was $54 million. Harland died on November 10, 2014 at the age of 76.