The Charleston School of Law has announced that they have come to a preliminary agreement to sell to InfiLaw. The sale price has not been disclosed for the school. Having purchased the Charleston School of Law, the InfiLaw System will add it to its portfolio of law schools that include the Charlotte School of Law, Florida Coastal School of Law and the Phoenix School of Law. InfiLaw is owned by a private equity firm.
The ownership transfer has been expected. Last month an agreement was reached between the two parties where InfiLaw would start managing the law school. Two of the founders of the Charleston School of Law commented, “we made this decision because a majority of the founders had expressed a desire to pull back and retire. As a result, the transaction is part of a necessary succession plan that ensures that the Charleston School of Law will be viable and thrive over the long term.” The founders have commented that the deal is “not a done deal,” and that other alternatives would be considered. Any offers would be directed to their attorney, Nexen Pruett.
A satirical craigslist ad selling the law school was then made in response to the situation. Generally, students don’t like InfiLaw’s for-profit status, and are transferring or otherwise applying elsewhere.
The ownership transfer will have to be approved by the American Bar Association and the South Carolina Commission on Higher Education. Though the process to attain the approvals may take several months, the plan is basically set, and moving forward the Charleston School of Law will be part of the for-profit InfiLaw system.