Latest news with #LegalShield
National Post
19-05-2025
- Business
- National Post
New Study: Legal Pitfalls Dent Small Business Owners' Bottom Line, Yet Most Forgo Counsel
Article content 47% lost at least $500; nearly 1-in-5 lost $5,000+ due to legal issues 40% missed out on new business revenue due to legal fears, lack of advice 60% avoided retaining a lawyer due to perceived cost and complexity Article content Article content ADA, Okla. — Nearly one in five small businesses lost over $5,000 to preventable legal issues last year, while 40% missed revenue opportunities due to legal uncertainties, according to a new LegalShield study revealing how outdated perceptions about legal services are undermining America's small business sector. 'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO. Released during National Small Business Month, LegalShield's study reveals a troubling gap between entrepreneurs' legal needs and their willingness to address them—even as regulatory demands and economic pressures intensify. The study reports: Article content 'Most small business owners only turn to attorneys when they're already facing litigation—that's the wrong approach. Using a health analogy, it's like not taking care of yourself and ignoring aches and pains until you need an expensive operation,' said Michael Fiffik, a LegalShield provider attorney. 'By proactively working with an attorney, businesses can prevent costly contractual claims, avoid regulatory fines and penalties, make informed decisions, and give themselves important legal advantages when inevitable challenges arise.' Article content 'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO. 'They often believe legal help is too complicated and expensive, but that perspective can end up costing them far more in the long run as they try and handle matters on their own. Legal support should be simple, accessible and above all affordable.' Article content Study Methodology: LegalShield surveyed 299 small business owners and managers across the United States, completed on April 5, 2025. Respondents ranged in age from 25-80 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content
Business Wire
19-05-2025
- Business
- Business Wire
New Study: Legal Pitfalls Dent Small Business Owners' Bottom Line, Yet Most Forgo Counsel
ADA, Okla.--(BUSINESS WIRE)--Nearly one in five small businesses lost over $5,000 to preventable legal issues last year, while 40% missed revenue opportunities due to legal uncertainties, according to a new LegalShield study revealing how outdated perceptions about legal services are undermining America's small business sector. 'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO. Share Released during National Small Business Month, LegalShield's study reveals a troubling gap between entrepreneurs' legal needs and their willingness to address them—even as regulatory demands and economic pressures intensify. The study reports: 61% of small businesses worry about accidentally violating laws or regulations 83% say access to affordable legal services is somewhat, very or extremely important A quarter of small businesses have considered closing their business due to legal challenges More than 1 in 4 spend 3-5 hours a week dealing with legal matters "Most small business owners only turn to attorneys when they're already facing litigation—that's the wrong approach. Using a health analogy, it's like not taking care of yourself and ignoring aches and pains until you need an expensive operation," said Michael Fiffik, a LegalShield provider attorney. "By proactively working with an attorney, businesses can prevent costly contractual claims, avoid regulatory fines and penalties, make informed decisions, and give themselves important legal advantages when inevitable challenges arise." 'Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business,' said Warren Schlichting, LegalShield CEO. 'They often believe legal help is too complicated and expensive, but that perspective can end up costing them far more in the long run as they try and handle matters on their own. Legal support should be simple, accessible and above all affordable.' Study Methodology: LegalShield surveyed 299 small business owners and managers across the United States, completed on April 5, 2025. Respondents ranged in age from 25-80 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
Yahoo
19-05-2025
- Business
- Yahoo
New Study: Legal Pitfalls Dent Small Business Owners' Bottom Line, Yet Most Forgo Counsel
47% lost at least $500; nearly 1-in-5 lost $5,000+ due to legal issues 40% missed out on new business revenue due to legal fears, lack of advice 60% avoided retaining a lawyer due to perceived cost and complexity ADA, Okla., May 19, 2025--(BUSINESS WIRE)--Nearly one in five small businesses lost over $5,000 to preventable legal issues last year, while 40% missed revenue opportunities due to legal uncertainties, according to a new LegalShield study revealing how outdated perceptions about legal services are undermining America's small business sector. Released during National Small Business Month, LegalShield's study reveals a troubling gap between entrepreneurs' legal needs and their willingness to address them—even as regulatory demands and economic pressures intensify. The study reports: 61% of small businesses worry about accidentally violating laws or regulations 83% say access to affordable legal services is somewhat, very or extremely important A quarter of small businesses have considered closing their business due to legal challenges More than 1 in 4 spend 3-5 hours a week dealing with legal matters "Most small business owners only turn to attorneys when they're already facing litigation—that's the wrong approach. Using a health analogy, it's like not taking care of yourself and ignoring aches and pains until you need an expensive operation," said Michael Fiffik, a LegalShield provider attorney. "By proactively working with an attorney, businesses can prevent costly contractual claims, avoid regulatory fines and penalties, make informed decisions, and give themselves important legal advantages when inevitable challenges arise." "Every hour a small business owner spends dealing with legal issues is an hour they're not serving customers, selling products, or growing their business," said Warren Schlichting, LegalShield CEO. "They often believe legal help is too complicated and expensive, but that perspective can end up costing them far more in the long run as they try and handle matters on their own. Legal support should be simple, accessible and above all affordable." Study Methodology: LegalShield surveyed 299 small business owners and managers across the United States, completed on April 5, 2025. Respondents ranged in age from 25-80 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and View source version on Contacts LegalShield Media Contact: Hollon Kohtz, Director of Communicationshollonkohtz@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
05-05-2025
- Business
- National Post
SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
Article content Article content ADA, Okla. — Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes. Article content Key study findings: Article content 'Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies,' said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. 'These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility.' Article content The study also revealed that small business owners are particularly concerned about: Article content 'Small business owners are facing a perfect storm of economic challenges,' said Fiffik. 'We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices.' Article content From Concerns to Action: LegalShield's Unique Small Business Insights Article content While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges. Article content This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study: Article content Q1 2025 showed significant year-over-year increases in collection-related inquiries March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024 These inquiry patterns are at levels not seen since 2020 Article content 'Small business owners are bracing for legal and operational challenges as economic uncertainty looms,' said Matt Layton, senior vice president of consumer analytics at LegalShield. 'Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses.' Article content As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead. Article content Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content
Business Wire
05-05-2025
- Business
- Business Wire
SMBs Sound the Alarm: 85% of Small Business Owners Fear Recession
ADA, Okla.--(BUSINESS WIRE)--Small business owners across America are increasingly concerned about economic uncertainty and the impact of potential tariffs, according to a new national study released by LegalShield. The study, which polled small business owners and managers, reveals mounting anxiety about a potential recession and significant worry about trade policy changes. Key study findings: 94% of small business owners and managers are worried about a potential recession 85% are concerned that tariffs may impact their business 55% anticipate direct legal implications from tariff policy changes 64% expect supply chain and partner agreement disruptions 47% believe they could face workforce adjustments, including potential downsizing "Small businesses are the backbone of the American economy, yet they're increasingly caught in the crosshairs of economic uncertainty and shifting trade policies," said Mike Fiffik, LegalShield provider lawyer with Fiffik Law Group, PC. "These businesses often lack the legal resources of larger corporations to navigate complex regulatory changes, leaving them particularly vulnerable during periods of economic volatility." The study also revealed that small business owners are particularly concerned about: Supply chain renegotiations (58% concerned) Workforce adjustment planning (44% concerned) Compliance with evolving trade regulations (40% concerned) "Small business owners are facing a perfect storm of economic challenges," said Fiffik. "We're seeing many begin to develop response strategies, including diversifying supply chains, renegotiating contracts, and carefully evaluating inventory management practices." From Concerns to Action: LegalShield's Unique Small Business Insights While national study data captures what small business owners are worried about, LegalShield has a unique window into what actions they're taking. As a leading provider of small business legal services, LegalShield handles approximately 50,000 calls monthly from small business members to its nationwide network of provider law firms. These service requests create a proprietary dataset that serves as a real-time barometer of small business legal challenges. This internal service data shows a notable increase in small business members seeking legal assistance for financial-related issues, validating the concerns expressed in the study: Q1 2025 showed significant year-over-year increases in collection-related inquiries March 2025 data reveal substantial increases in billing disputes, collections, and bankruptcy-related inquiries April 2025 data saw a 12% increase in bankruptcy-related inquiries compared to April 2024 These inquiry patterns are at levels not seen since 2020 'Small business owners are bracing for legal and operational challenges as economic uncertainty looms,' said Matt Layton, senior vice president of consumer analytics at LegalShield. 'Billing disputes and collection inquiries are leading indicators of future bankruptcy requests from SMB owners. Consumers feel the financial pain first, then they pull back on spending which can lead to negative impacts on businesses.' As economic uncertainty grows, LegalShield continues to monitor these trends while providing small businesses with the legal support to weather potential challenges ahead. Study Methodology: LegalShield surveyed 255 small business owners and managers across the United States, completed on April 15, 2025. Respondents ranged in age from 25-78 years, balanced according to basic U.S. Census demographic data. The sample included representation from all U.S. regions. All respondents self-identified as owners or managers of small-to-medium businesses. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
