LegalShield on Thursday introduced a new profit sharing plan, giving employees of the legal services provider a bigger stake in company performance.
The plan will pay out bonuses to employees twice a year, in July and December. LegalShield, named one of Direct Selling News’ 2016 Best Places to Work, employs more than 700 at its headquarters in Ada, Oklahoma, and additional offices in Oklahoma, New York and Texas. The average tenure of company employees is eight years.
“LegalShield has a history of innovation, and it’s great news to hear how they are sharing the success of the company with employees,” said Oklahoma Gov. Mary Fallin. “CEO Jeff Bell is to be commended for continuing—and growing—the family culture that began with [founders] Harland and Shirley Stonecipher.”
As a privately held company, LegalShield does not disclose earnings, but management reports that membership growth has been healthy in recent years. Since 2014, when Jeff Bell stepped into the role of CEO, membership production is up 23 percent, and active members have increased 13 percent to more than 1.5 million families.
“We count on our employees to deliver best-in-class service to help us continue to succeed and grow and we want to reward them for their efforts,” said John Long, LegalShield’s Senior Vice President of People and Leadership Development.