November 28, 2012
Vermont Buyouts and Other Law School News
This is a tough time to be a law school dean. Consider Vermont Law School dean Marc Mihaly, who only four months into the job, is now facing a $3.3 million budget deficit. With a 14% projected revenue decline on the horizon, Mihaly has announced a voluntary buyout for VLS staff which he says could be extended to faculty if there are not enough takers. He also announced that VLS will increase its LL.M program and certificate offerings to make up for the revenue loss. Taja-Nia Henderson at Concurring Opinions, has some interesting comments on the problems and risks associated with law school faculty buyout programs.
Meanwhile, Penn State Law dean Philip McConnaughay, facing declining enrollment at the dual-campus school, has proposed to "spin off" the Carlisle campus into a separate, autonomous entity beginning in 2015. This proposal came after state and local officials rejected his proposal to consolidatete the 1L program into the University Park campus. Interestingly, Penn State acquired the Carlisle campus in only 12 years ago.
Ten new law schools that are either ABA accredited or seeking accreditation have opened the doors in the last ten years with new schools in Idaho, Indiana, Louisiana and Texas planning to open. With enrollment declining and legal jobs paying enough to reasonably retire law school debt harder to find, it seems obvious that some industry restructuring, including possible consolidation or school closure, will occur. We can expect more stories such as the ones coming out of Vermont and Pennsylvania as this process unwinds.