The Charleston School of Law, a for-profit institution in South Carolina, on Wednesday announced that its founders and directors had signed an agreement to transfer ownership of the institution to the InfiLaw System, which operates three other for-profit law schools, The Post and Courier reported.
The law school had previously entered into a management-services agreement with InfiLaw, a step that fueled speculation about an impending sale because it is often the first step toward such a deal. Students and alumni then raised concerns that a sale to InfiLaw would diminish the value of their degrees and harm the school’s reputation.
In order to go forward, the deal must be approved by the American Bar Association and the South Carolina Commission on Higher Education. The school said in its announcement that such approval was expected to take months.
Two of the school’s founders, Robert S. Carr and George C. Kosko, said in a joint statement that the decision had been made because a majority of the founders “expressed a desire to pull back and retire.” Mr. Carr said that InfiLaw Management Solutions, a subsidiary of the chain, would provide consulting services but would “not make any operational decisions.”
The school’s statement said that the directors had indicated that they were “willing to consider well-thought-out and financially viable alternative offers.”
The founders’ statement said that they had “looked at other options, such as becoming a nonprofit institution and a sale to a current owner.” But they concluded that “none of the options would have done as much to protect the interests of the law school for the foreseeable future as the InfiLaw transaction.”Return to Top