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Monday, August 18, 2014

Quinnipiac Law School Opens New $50 Million Building Amidst 33% Decline in 1L Enrollment

New Haven Register News, Quinnipiac University Opens New Law School Building in North Haven:

Quinnipiac LogoOn Monday, Quinnipiac University law students will start the academic year in a $50 million new building at the school’s North Haven campus. ...

Currently, the school has 292 students enrolled, but [President John] Lahey said the new building was built with the potential to grow the law student population after numbers declined from 400 students. “It’s designed to get back to 400, but it can hold up to 500,” Lahey said.

Despite student enrollment dropping, Lahey said he’s looking forward to the law school growing in its new location. “There’s a decline for the demand for lawyers. Even with the decline, we’re the only school in country to spend $50 million for a new (law)school. It shows that Quinnipiac has a long-term, strategic commitment to law. It reflects my confidence and the university’s confidence in [Dean] Jen Brown,” Lahey said. 

Quinnipiac enrolled 84 students (65 full time) in Fall 2013 (with 154 LSAT/3.34 GPA medians), compared to 127 students (107 full time) in Fall 2012 (with 156 LSAT/3.39 GPA medians).

(Hat Tip: Above the Law.)

Update:  News 8, Tuition on the Rise at Quinnipiac

http://taxprof.typepad.com/taxprof_blog/2014/08/quinnipiac-law-school.html

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Comments

Cross-posted from New Haven Register:


1. "Moody's Investors Service has affirmed the A3 rating on Quinnipiac University's debt... The A3 rating and stable outlook reflect Quinnipiac's track record of remarkable operating performance, strong financial resource growth, and strong growth of revenue. These factors are counterbalanced by the university's high leverage with respect to operations and financial resources, challenging market position as a comprehensive university in a highly competitive market in the Northeast, and increased operational risk associated with the POOR PERFORMANCE OF THE LAW SCHOOL and a new medical school [my emphasis]... Quinnipiac is heavily leveraged with respect to operations and financial resources. Debt to operating revenue is extremely high at 1.6 times, and annual debt service comprises an uncommonly high 12.5% of operations in FY 2013. Expendable financial resources provide a thin cushion to debt of 0.6 times in FY 2013. "

2. Job outcomes for Quinnipiac Law School, per their required ABA disclosures: There were 148 graduates overall, but only 51 (34%) had full-time, long-term, license-required jobs within nine months of graduation at any salary. Of those 51, 36 were at law firms of between 2 and 10 lawyers, meaning probable salaries of $25k to $45k, at best. Only 3 were at large law firms. 26 were still unemployed (17.5%). Pretty raw outcomes for a law school that costs $47,076 in tuition and $19,796 in living expenses per year, and increases tuition by about 3.6% per year. I expect things to get worse, particularly since the median LSAT of their incoming class has dropped from the 70th percentile in 2010 (which would be the class of 2013) to the 59th percentile for the last incoming class, which will graduate in 2016.

Posted by: Unemployed Northeastern | Aug 18, 2014 12:45:05 PM

“There’s a decline for the demand for lawyers. Even with the decline, we’re the only school in country to spend $50 million for a new (law)school. "

And that is why casinos make a lot of money.

Posted by: jb | Aug 19, 2014 5:42:56 AM