UCLA has received $1 million to endow the David Binder Chair in Clinical Law.
Prof. Binder, as previously reported, makes $189K a year. Add in pension, health benefits, discounts on rice bowls in the student cafe, and you're probably looking at $220K in compensation-related costs.
Now if we invest that $1M at 4.5% a year – and that won't cover inflation – it'll yield $45K. So with this "endowment" the law school can afford to buy about 20% of a David Binder-level professor.
Maybe they'll be selling candygrams to make up the difference.
30 Jan 06
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