TatteredDignity wrote:It's absolutely outrageous. But it's not like they're just storing the money away for a rainy day. They're finding ways to spend it. Usually on inflated professor's salaries.
I think that's the thing that most annoys me. It isn't a seller's market for academics right now. Most of these poor saps would gladly accept half of what they're being paid right now to avoid having to practice law. Everyone knows schools are on the verge of collapsing, and there are way more academic hopefuls than there are available positions. I can guarantee you that if we slashed WUSTL profs' salaries in half tomorrow, fewer than 5 would be angered enough to return to practice (if they were ever there). Shoot, most of them probably don't even have that option any more.
In the free market, you're supposed to pay people just enough to keep them in their jobs. But that obviously isn't happening in this screwed up system.
The university has a huge fucking endowment, and the law school has the same, especially when you count the $/student ratios. You would hope we'd be able to weather this storm better than our competitors.
I'm actually hoping that--in the midst of this $2.2 billion fundraising drive by the university--they actually try and pluck some more star professors from schools facing a budget pinch. Maybe schools like GULC/GWU, which are bloated and far more reliant on tuition $$ than endowment funds. If this is what they do with the money, I'm fine with tuition going up.
This is the kind of market you save up for to buy into.
I found this neat info, although it's kind of dated. Adjusted for cost of living and number of students, we had the fifth-largest endowment of any law school in the nation in 2000. Simply adjusted for class size alone, we still come in at 12th nationally. Not sure how much things have changed since then, but I doubt they're much different right now:http://leiterlawschool.typepad.com/leit ... _scho.html