Tuesday, October 27, 2020

How NYU recruited faculty from top law schools in the 1990s: a case study

Richard Stewart, a leading scholar of administrative and environmental law at Harvard, moved to NYU in the early 1990s.  He lived in a 4,000 square foot town house in Greenwich Village, a few blocks from NYU's law school.  This was rented to him by the University at an undisclosed price, but no doubt well below market rates which even a law professor could not ordinarily afford in that area.  As part of the deal, he had the option to sell the property, with some of the gain going to NYU, and some to Professor Stewart.  He exercised that option a few years ago, netting over eight million dollars.  Eight million divided by the 25 years he taught at NYU up to that time works out to an additional $320,000 per year of service, on top of his salary.  (The article notes that another NYU law faculty member, recruited from Chicago in the early 1990s, lives in a similar townhouse, but without the option to profit from a sale.)

https://leiterlawschool.typepad.com/leiter/2020/10/how-nyu-recruited-faculty-from-top-law-schools-in-the-1990s-a-case-study.html

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