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