The Pros and Cons of Pre-Paid Legal

Posted on May 26, 2013 in Planning & Advisors

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Far be it from me to turn away business (actually, I’m not), but there really are times when pre-paid legal services could be a better option for your business than hiring a firm and paying the higher rates.

A pre-paid legal plan is like legal insurance.You’re provided with some services at no cost (except for your monthly membership), some services at a reduced rate.If most of your company’s legal needs involve quick consultations, pre-paid legal could be a convenient solution.One of the drawbacks, as reported by Tina Dettman-Bielefeldt, Chairman of the Green Bay (Wisconsin) chapter of the Service Corps of Retired Executives (SCORE) is that you can’t necessarily request a particular attorney.As a result, you don’t have the same opportunity to work with a trusted advisor who knows about your business and its goals, who can work with you proactively.

Also, there are many companies offering pre-paid legal plans, and some may be less-than-adequate.Ask for references, and research the companies before buying the coverage.

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