CHARLESTON S.C.—The founders of the Charleston School of Law have confirmed the school is being sold to The InfiLaw System, which operates three for-profit law schools.
In a statement Wednesday, Robert Carr and George Kosko said the school is making the move because most of the founders have indicated they want to retire.
The change in ownership must be approved by the American Bar Association and the state Commission on Higher Education.
The Charleston school earlier announced it had entered a management contract with InfiLaw. Such a contract is often the first step toward a sale.
Word of the management contract caused concern among the law school’s students, alumni and some state lawmakers that a sale would diminish the value of degrees awarded by the institution.
