Law School Deans, Law Schools

Thoughts On the Global Economic Meltdown From Columbia University

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We’ve done a few stories on how the financial crisis is hurting public and private law schools. Over the past couple of weeks, administration officials at Columbia have shared some candid thoughts with the student body.

Law School Dean David Schizer let students know how he personally dealt with the last economic recession:

In conversations with many of you, I’ve heard that the economy is very much on your mind, so I wanted to share some thoughts with you based on my own experience. I was in law school during an economic downturn. I remember that some employers cut back on their hiring, and it turned out to be a serious mistake because, when the economy later rebounded — as it always does — they didn’t have the staffing in place.

According to Dean Schizer, this “mistake” will not be repeated:

In conversations with graduates who are involved in hiring decisions, in both the public interest area and in private practice, I’ve learned that memories are clear on this point, and that many employers who are of particular interest to you are eager to avoid this mistake. This is all the more true for Columbia graduates, who are always in great demand at the top of the legal profession. We know that our country will be going through some difficult times and know that you, as Columbia-educated lawyers, will have much to contribute to shaping our future.

Nothing is f***** here dude, nothing is f*****.

After the jump, Lee Bollinger weighs in on the general university finances.

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Columbia University President Lee Bollinger decided to address the entire student body about the challenges the university is facing during the economic crisis:

The nation, New York State and the City are all confronting serious financial challenges, and the consensus is that matters will not improve in the short term. We must, therefore, plan with the assumption that the rapid pace of gifts to the University may slow and that the financial health of our students and their families may necessitate an increase in financial support from Columbia. Columbia’s greatness is built on our tradition of attracting remarkable students regardless of their financial situation, a commitment that is unqualified.

Bollinger then shared specifics on the state of Columbia’s endowment. He announced across the board cuts for all of Columbia’s schools:

To facilitate a smooth transition to these new financial realities, we are asking all budget units to model an 8% decline in endowment funds available for operations next year. Hopefully, by accepting and planning for this new reality, we will be in a position to move forward in strength.

It’s nice to see top administration officials communicating with students. Maybe they really are all in it together.

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Earlier: Economic Downturn Continues to Hammer Law Schools

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