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Downturn drives Demand for Group Legal

The downturn in the economy has created increased demand for group legal plans from brokers and consultants, their employer clients and employees. Brokers are recommending group legal plans to employers who are trying to do more with less benefit

By staff Writer | Updated on May 01, 2009

The downturn in the economy has created increased demand for group legal plans from brokers and consultants, their employer clients and employees. Brokers are recommending group legal plans to employers who are trying to do more with less benefit dollars, and employers are implementing them as a way to help employees manage their financial well-being while remaining productive on the job. Employees are increasingly using their plans to address creditor, debt and real estate matters caused by difficult economic times.

Brokers Embrace Group Legal Plans This year, retention and controlling costs were again the top two benefits objectives for benefits professionals according to the 7th Annual MetLife Study of Employee Benefits Trends. As such, brokers are increasingly recommending group legal plans to their Fortune 500 clients as a tool to help them attract and retain talent at little or no cost to the employer. In the past five years, the number of Fortune 500 companies offering a group legal plan increased 40 percent. Currently, nearly 150 Fortune 500 companies offer a group legal plan. “Employers trying to maximize limited budgets realize that traditional benefits are no longer enough, so we recommend group legal plans and other voluntary benefits as a viable option for them in today’s economy,” said Dave White of D. M. White Corp. in Phoenix. “By offering a group legal plan, they not only enhance the competitiveness of their benefits package, they provide a valuable resource for employees, many of whom need legal assistance with financial matters now more than ever.”

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