Thursday, June 28, 2012
TTTT Smells of Desperation: Texas A&M University to Purchase Fourth Tier Texas Wesleyan University School of Law for $20 Million
Private ABA-Accredited Toilet Sold:
“Texas A&M is buying the law school at private Texas Wesleyan University, a purchase that sets up a public law college in the Dallas-Fort Worth area and fulfills a long-sought goal for officials at one of the nation's largest universities.
The schools jointly announced the deal Tuesday after Texas Wesleyan officials approved the sale Monday night. Texas A&M will pay $20 million and sign a 40-year lease to use the law building at Wesleyan's campus in Fort Worth. Texas A&M regents are expected to approve the purchase on Friday.
The school will be known as the Texas A&M School of Law at Texas Wesleyan University with a concentration in business and intellectual property law, starting in the 2013-2014 school year.” [Emphasis mine]
Overall Financial Picture for Texas Wesleyan University:
On TTTTexa$ We$leyan Univer$iTTTTy's 2009 Form 990, scroll down to lines 20-22 of page one. You will see that the supposed "non-profit" corporation had $100,242,230 in total assets countered by $33,408,213 in total liabilities. According to this document, on May 31, 2010, the university held $66,834,071 in end of year net assets.
Coverage of the TTTTransacTTTTion:
On June 26, 2012, Fort Worth Star-Telegram reporter Diane Smith published the following:
“The end result will be an institution to be called the Texas A&M School of Law at Texas Wesleyan University.
"It's exactly what we have been looking for -- a world-class law school in Fort Worth," said Texas A&M University System Chancellor John Sharp. Texas Wesleyan Law School has 674 students.
Texas Wesleyan President Frederick G. Slabach said the aim is to work together to build a top tier law school in North Texas.”
These pigs cannot be serious in their assessment, i.e. they are merely trying to spin this as a good investment for state taxpayers. Unless, of course, they are genuinely delusional. While the trash can will have better name recognition, don’t hold your breath in anticipation of the school climbing all the way to the first tier of U.S. law schools. To John Sharp: you purchased a FOURTH TIER LAW SCHOOL! In what universe is that considered a “world-class” law school?!?!
On his June 27, 2012 entry entitled “Gone to Texas,” Paul Campos reported on the sale of this fourth tier trash pit to Texas A&M. Take a look at this excerpt:
“What that data show are the following facts for the 223 members of the class of 2011:
(1) Five graduates got jobs with law firms of more than ten attorneys.
(2) Nearly 10% of the class listed themselves as solo practitioners.
(3) The school produced zero federal or state judicial clerks.
(4) No graduate got a public interest job (including public defender positions).
(5) Nearly 30% of the class was either unemployed or had an unknown employment status.
Basically, almost nobody got a job, if a job is defined as "an acceptable employment outcome given the cost of attendance."
In his concluding remarks, Campos aptly summed up the situation:
“It will be interesting to see if TAMU's administration decides to sink significant resources into trying to patch the Titanic's hull, or whether instead it expends minimal capital on its bargain basement acquisition and simply closes up shop in a few years if and when it discovers that its new cash cow should have been turned into all-beef patties.
In any case I expect we'll see more of these sorts of deals in the near future, as desperate law schools look for various white knights -- even if most of the latter end up looking a lot more like T. Boone Pickens than Sir Lancelot.” [Emphasis mine]
Prior TTR Entry:
I profiled this “institution of higher learning” on May 21, 2012. That entry showed that this school: (a) will charge $30,580 in full-time tuition for the 2012-2013 academic year; (b) is firmly entrenched in the fourth tier of ABA-approved law schools; (c) provides garbage employment prospects for its students and graduates; and (d) that the average law student indebtedness for the Texas Wesleyan JD Class of 2011 was $96,391.
Furthermore, according to US “News” & World Report, 80 percent of this particular cohort took on such debt for a TTTT law degree from this commode. Who wouldn’t want to attend such an “elite” program, with such outcomes?!?!
Conclusion: You’re welcome, Texas Wesleyan University bitches - for the average "sophisticated consumer" doing more research into this economic decision. You have relied on the law school as a cash cow for far too long. The job prospects for Texas Wesleyan JDs are abysmal. While students will continue to get financially raped at this school, at least their diplomas will not have the name “Texas Wesleyan University” written across them. Also, the pigs at that private “non-profit” institution will no longer reap the financial rewards of this racket.
Posted by Nando at 6:40 AM