We’re still waiting for official confirmation on the latest U.S. News law school rankings. The leaked results show that NYU Law has fallen behind the University of Chicago to #6. That’s two spots below NYU’s rivals at Columbia Law school.

At the Practical Law Company Summer Kick-Off party last night, NYU’s precipitous fall of one spot was the topic of conversation. Consternation was rife among NYU law students, Columbia law students were smug, and even Fordham law students enjoyed the schadenfreude. Tomorrow, we’ll do a full retelling of all the possible reasons NYU kids came up with for why the school may have dropped.

But one thing we know is that now that they’re out of the top five, NYU students do not want to pay twice what Columbia students are paying for the same extracurricular event. We’ve learned that a ticket to the NYU “Barrister’s Ball” is twice the price of a ticket to Columbia’s “Barrister’s Ball” — even though their events are taking place at the same venue.

I guess only top five schools are able to negotiate fair market prices…

A tipster who attended the Columbia event and wants to attend the NYU event (he gets around) gave us the scoop. Here’s all you need to know:

* Columbia’s ball was at Chelsea Piers. Ticket price: $35.
* Part of the Columbia ticket price will be donated to help relief efforts in Haiti.
* NYU’s ball will be at Chelsea Piers. Ticket price: $70.

Our tipster said:

I’m just trying to understand the fair market price for a law school formal at Chelsea Piers.

Great question. This morning, we reached out to a spokesperson for NYU, but we haven’t received a response.

On the other hand, Columbia Law students were more than happy to talk:

Students at sixth ranked NYU should probably get used to paying a financial penalty for attending that school.

Something tells me that NYU Law’s new name is going to be “Sixth Ranked NYU Law School.”

Honestly, this is shaping up as a bad week for NYU Law. Maybe the students deserve a discount on their tickets, since they will no longer be attending a barrister’s ball at a top five law school.

Earlier: U.S. News Rankings Leaked? This Happens Every Year.