Law professors generally don’t earn as much as Biglaw partners. Legal academic salaries, while generally in the low six-figures, rarely go over, say, $400,000.
But some law profs own very, very nice homes. See, e.g. (in descending order by value):
- Columbia professor Hans Smit ($30 million mansion — yup, that’s seven zeros);
- Yale professor James Whitman ($5.7 million co-op);
- NYU professor Cathy Sharkey ($5.2 million apartment);
- “Feldsuk,” aka Harvard professors Jeannie Suk, who has a new book out that looks quite interesting, and Noah Feldman ($2.8 million mansion);
- Columbia professor Edward Morrison ($2.6 million townhouse); and
- Columbia professor Sarah Cleveland ($2.5 million townhouse).
Sometimes the professors get financial assistance for these purchases from the schools that employ them. But sometimes the professors buy them on their own, without any university help.
For example, as reported in the New York Observer, Daniel Fischel, former dean of the University of Chicago Law School, just picked up an $8.45 million Manhattan pied-à-terre. As breathlessly described by writer Max Abelson, the apartment features “custom electric shades, a steam shower, and a Sub-Zero wine refrigerator.”
Sounds fabulous! Maybe Professor Fischel can donate a weekend in this apartment to the CLF public interest auction?
Fischel’s famous neighbors, plus the story of how he got this rich — being a law school dean pays well, but not that well — after the jump.