CHARLESTON, SC (WCSC) - The founders and directors of the Charleston School of Law announced Wednesday they have agreed to sell the school to The Infilaw System.
According to a press release, the sale will become effective upon approval by the South Carolina Commission on Higher Education and the American Bar Association.
Such approval is expected to take months to complete, according to CSOL spokesman Andy Brack.
"We made this decision because a majority of the founders had expressed a desire to pull back and retire," Robert S. Carr and George C. Kosko said in a joint statement. They are directors and founders of the Charleston School of Law. "As a result, this transaction is part of a necessary succession plan that ensures that the Charleston School of Law will be viable and thrive over the long term."
They continued, "One of the key reasons we chose to move forward with InfiLaw is because it is committed to maintaining the best of the Charleston School of Law, including our culture and vision, while at the same time bringing its strengths, including investment in the law school in terms of systems, programs and infrastructure, as well as a demonstrated commitment to public service."
"We want everyone to understand that until a transition to new ownership is complete, the directors will continue to own and operate the law school," Carr said. Moving to clear up a public 'misperception,' Carr stated that InfiLaw Management Solutions, a subsidiary of InfiLaw, will provide consulting services, but "will not make any operational decisions."
In an announcement to students, faculty, staff and alumni, the directors also indicated that they are willing to consider well thought-out and financially-viable alternative offers. They further established a process by which offers could be submitted to their lawyer, Edward Hughes at Nexsen Pruett, LLC, 400 Main Street Office Campus, Suite 100A, Hilton Head Island, SC 29925-3526; (843) 689-6277; firstname.lastname@example.org.
Carr pointed out that the decision to transfer ownership was not made in haste, but had been in the planning stages for quite a while. However, due to the complexity of such a transfer under any circumstances it took some time to find a viable succession plan.
They also acknowledged the public speculation that law school should be sold to a private or public institution. However, they pointed out that they have not been approached by any public institution interested in buying the Charleston School of Law and noted that private institutions that they contacted elected not to engage in substantive discussions. They also acknowledged that they looked at other options, such as becoming a non-profit institution and a sale to a current owner, but pointed out that none of the options would have done as much protect the interests of the law school for the foreseeable future as the InfiLaw transaction.