Cooley Law School set to make mass layoffs
Reports indicate that Cooley Law School is set to lay off over 50 percent of its faculty of 271 law professors. One angry professor speaking to the Lansing City Pulse had this to say:comments powered by Disqus
“We have non-disparagement and confidentiality clauses upon which our severance packages hinge so I cannot say anything on the record and very little off the record other than to confirm that the cuts to faculty and staff are significant and I am among those in that category,” shared one faculty member, who spoke under condition of anonymity. “Plus I am really, really pissed.”
The source continued: “I was notified last week. My last day is August 31 … I honestly don’t know if they are done. If enrollment continues to decline then maybe not.”
Continuing declines in enrolment and revenues have been the presumed sources of the trouble at Cooley, but James Robb, associate dean of external affairs and senior counsel to the school, confirmed that Cooley Law was, in fact, dealing with a bond issue arising from Wells Fargo Bank’s move to raise interest on a line of credit.
“It’s not something we take lightly,” Robb said. “This is a painful but necessary process so we can put the institution in the right to be financially attractive to the investors. It is correct we are working on the renewal of a bond issue. And, to the extent that the school is in a stronger financial position the bonds are more appealing to financial investors.”