The University of Pennsylvania’s law school received a record $125 million gift from the W.P. Carey Foundation. As a result, the school has been renamed and is now known as the University of Pennsylvania Carey Law School after a vote from the school’s Board of Trustees earlier today. The law school’s press release indicated the record gift will be used to increase financial support for historically underrepresented students, grow the existing pro bono program help recruit additional legal scholars to the school.
The Carey family has been very loyal to the University of Pennsylvania. The family claims ancestors have been consistently graduating from Penn for 300 years. With this renaming, the same Carey family can now count three graduate schools that have been renamed in their honor. The University of Maryland Francis King Carey School of Law was renamed in 2011 following a $30 million donation. The Arizona State University W. P. Carey School of Business was renamed in 2003 after receipt of a $50 million gift. Given the family’s past history, we see no reason why this renaming won’t be successful.