Ever have one of those weeks? You know, those weeks when it’s Tuesday and you’re ready for the weekend? Charleston School of Law has been having one of those weeks. First, the school, which was founded in 2003 by two multi-millionaires George Kosko and Robert Carr, announced it would be cutting back on graduation events to save money.
What exactly does that mean? Despite turning a $25 million profit from 2010 to 2013, the two-member board (Guess who the two members are?) decided the post-commencement banquet would be too much. Students and the alumni association are raising funds to cover the cost. That’s right, the school made $25 million in profit—not revenue. Despite that, they can’t afford a few thousand dollars for catering. And that leaves student groups and the local bar association scrambling to raise $6,000—the cost they need to replace the event.
On top of that, Kosko and Carr also announced they would not be inducting any 2015 graduates into the Forensic Club, which is the only award given at the ceremony. It is the first time ever no one will receive entrance into the club. It’s not entirely fair to assume, but it would make a lot of sense that Kosko and Carr don’t want to pay for the plaques that come with the prestige.
The reason the two board members are giving for the tiny pockets is declining enrollment. There were about 60 less students to enroll this past year—equivalent to about $2.3 million.
And if this news wasn’t enough, Charleston also announced they might not admit students for this fall’s class. That’s right. None. In an statement from Kosko and Carr, they wrote: “We cannot in good faith enroll another class when, like last year, the school is spending more money than is coming in…”
Of course, there have been numerous reports thrown around on when and if an American Bar Association accredited law school would close amidst dwindling interest in legal education. The Charleston School of Law could very well be the first.
Sources: The Charleston Post and Courier, The Washington Post & Above the Law
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