The ASU press release is here. As Dean Patricia White remarks:
We believe this is the first major law school in the country to be named after a living person solely on the basis of merit. We are choosing to honor Justice O’Connor, and in so doing we honor ourselves. We believe that our association with Justice O’Connor will help us gain recognition of the ASU College of Law, its accomplishments and what it stands for. We are confident that now and in the future students, faculty and others will want to share in this association.
I suspect Dean White's assessment is correct, both that this is the first naming not based on money and about the positive benefits that will accrue to ASU from this association. I've opened comments, in the event someone knows of another law school named for a living person who had not donated substantial sums to the school.