It was a GOOD week for …
For profit law schools, after the ABA approved InfiLaw Corporation’s acquisition of Charleston School of Law, subject to approval from the South Carolina Commission on Higher Education. InfiLaw already owns Arizona Summit Law School, Florida Coastal School of Law and Charlotte School of Law. Charleston School of Law, also a for-profit school, was founded by five South Carolina lawyers. The owners pulled out an estimated $25 million in profit from the school between 2010 and 2013. But that left it in poor financial shape and unable to deal with the current decline in law school application and enrollment. The owners turned to InfiLaw when no other buyer was apparent, and accepted a loan to buy out two of the owners. InfiLaw now has six months to get approval from the South Carolina Commission on Higher Education for the sale to move through.
