Following up on the extended conversation about Albany Law's financial exigency, there is more news out of Albany. Yesterday, Dean Penelope Andrews announced that it will offer eight faculty members buy-outs. (I presume that the law school isn't targeting buyouts at particular faculty members but rather implementing a broad policy implicating eight professors.)
At the same time, she stated that the school will not lower admissions standards to the point that admitted students are not likely to pass the bar. The Board circulated a memo to the faculty stating that "to admit students in order to increase revenues due to projected operating deficits would be both unethical and in violation of ABA standards."
More details and a bit of sniping by a faculty member supportive of the dean here.
On a separate note, and apropos of Jeff's recent post on buy-outs, those interested in learning more about one alternative, phased retirement, can look at this piece from the National Bureau of Economic Research. Those interested in an empirical test of the effects of buyouts (adverse selection and the like) may be interested in the UC system's experience outlined here.