Cost and aid strategies at Your Law School


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Presenting insights into two key components of student choice, this webinar is a component of Hanover Research's 2013 Achieve Growth series for higher education executives. Part of a series of webinars dedicated to growing and sustaining enrollment, this webinar will present methodologies you can use to determine an optimal cost and aid strategy for your law school. What you'll learn during this segment:
• How to determine student responsiveness to tuition cost, net cost, and aid at your law school compared to your competitors
• Understanding of tools such as tuition cost sensitivity, net cost sensitivity, and tuition discounting benchmarking
• Impacts of selected strategies on specific student populations
• Lessons learned from the use of cost and aid strategies from a Hanover Research partner

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Cost and aid strategies at Your Law School

  1. 1. Cost and Aid Strategies for Law SchoolsMay 30th, 20132:00 EDTThe webinar will begin shortly….
  2. 2. Cost and Aid Strategies for Law SchoolsMay 30th, 20132:00 EDT
  3. 3. Cost and Aid Strategies for Law SchoolsQuestions: Please use the Q&A pod located at the bottom of your screenAudio: Participants can choose to use the microphone and speaker capabilitiesthrough their computer or phone. Please call into the telephone conferenceline if you’d like to use the audio through your phone.+(877) 273-4202; Access Code: 4705008Audio problems: Please email amoynihan@hanoverresearch.comor call (434) 220-1687.Recording: All webinar registrants will be emailed a link to access the recordedwebinar and additional materials.Introduction
  4. 4. Cost and Aid Strategies for Law Schools Market and institutional research firm headquartered in Washington, DC We provide solutions for law schools deans and their leadership teams inthe areas of resource management, student and alumni performance,academic program management, and recruiting and marketing For example: Identifying new non-J.D. sources of revenue for international, continuing education,and non-lawyer markets Reconstructing the USNWR law school rankings to understand institutionalposition, strengths and opportunities for improvement Helping to assess alumni engagement and attitudes towards their education Today’s topic is of particular importance to us as we have seen anincreased need for help identifying an effective cost and aid strategyBackground on Hanover Research
  5. 5. Cost and Aid Strategies for Law SchoolsDuring today’s webinar, we will cover the following topics: The implications of high student indebtedness Common aid strategies used in law schools Presenter: Austen Parrish, Southwestern Law School Q&AOutline
  6. 6. Cost and Aid Strategies for Law Schools Student indebtedness- The stakes are high Tuition elasticity Definition of tuition discounting Cost and aid strategies used in law schools Advantages and consequences of tuition discounting Tools to use to develop a tuition discounting strategyIntroduction to Tuition Discounting and Other AidTrends
  7. 7. Cost and Aid Strategies for Law SchoolsThe Stakes are High The LSAC reports that “As of 05/17/13, there are 374,002 Fall 2013applications submitted by 55,764 applicants. Applicants are down 13.4%and applications are down 18.8% from 2012.” (Source: LSAC)
  8. 8. Cost and Aid Strategies for Law SchoolsThe Stakes are High(Source: LSAC)
  9. 9. Cost and Aid Strategies for Law Schools Recently released report by the Illinois State Bar Association Small law firms face challenges hiring and retaining competent attorneys Fewer lawyers are able to work in public interest positions New attorneys have too much debt to provide affordable legal services topoor and middle class families and individuals As fewer attorneys find sustainable jobs in the private sector, moreattorneys enter solo practice Attorneys report that debt burdened lawyers are less likely to engage in probono work Debt drive young attorneys away from rural areas Heavy debt burdens decrease the diversity of the legal profession Threats to professionalismNew Realities
  10. 10. Cost and Aid Strategies for Law Schools Tuition Elasticity Formula Higher education tuition is relatively inelastic Importance for higher education institutions to measure tuitionelasticity correctlyTuition Elasticity
  11. 11. Cost and Aid Strategies for Law Schools The Chronicle of Higher Education defines tuition discounting as: “The difference between what students are actually paying to attend aninstitution and its sticker price.”Definition of Tuition Discounting
  12. 12. Cost and Aid Strategies for Law Schools Merit scholarships Schools offer awards of varying amounts to students based on a variety ofqualifications, including LSAT scores, undergraduate GPA, andundergraduate institution Often not guaranteed past the first year and are often based on studentsGPA meeting or exceeding the curve Ability for students to negotiate scholarship awards A growing practice UCLA School of Law, GW Law School Awarding every student a scholarship University of Illinois College of Law Significantly reducing tuition for a subset of qualified students Seton Hall University School of LawCommon Aid Strategies in Practice in Law Schools
  13. 13. Cost and Aid Strategies for Law Schools Allows law schools to address student need Increases student diversity Increases enrollmentAdvantages of Tuition Discounting
  14. 14. Cost and Aid Strategies for Law Schools Reduces student accessibility and affordability Shifts funds from other instructional and student services Increases financial risk exposure for smaller institutionsConsequences of Tuition Discounting
  15. 15. Cost and Aid Strategies for Law Schools Some institutions are choosing to lower both the discount rate theyprovide to students and the “sticker price” for full tuition and fees Though the overall revenues should remain the same, the primary issueof concern in this scenario is whether an institution which lowers itstuition will be perceived as less prestigious or of lower quality byprospective studentsComparing Tuition Cutting to Tuition Discounting
  16. 16. Cost and Aid Strategies for Law Schools Determining when to lower the sticker price The institution needs to be significantly under enrollment goals Will work best when most students are receiving institutional grant aidat or in excess of the amount of the planned tuition discount When reducing aid for a specific sub-population, the subpopulationshould be a large group though your institution currently enrolls only asmall “share” of that population Determine price elasticityTools to Use to Develop a Tuition Discounting Strategy
  17. 17. Cost and Aid Strategies for Law Schools Austen Parrish, Interim Dean and CEO, Southwestern Law SchoolPresenter
  18. 18. Cost and Aid Strategies for Law SchoolsQ&A
  19. 19. Testing Adobe Connect with Hanover StaffThank You Thank you for participating in this Hanover Research webinar. A link tothe recording of this webinar will be emailed to you.
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