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Law Schools Negotiate Debts, Cut Costs To Stay Alive

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November 11, 2014

Law schools are “like Dracula: hard to kill,” writes Steven Davidoff Solomon in a New York Times article examining how one – Thomas Jefferson in San Diego – negotiated with creditors to write off hundreds of millions in debt and stay open. With schools other than the top 10 struggling with low admissions and poor job placement numbers, their debt suggest that law schools may effectively be “worth nothing,” but on the other hand “a closed law school is worth little, or most likely nothing, to creditors.” The new economics of running a law school suggest “there will still be many law schools, just fewer newly minted lawyers.”

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