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Investors - NOVEMBER 8, 2019

Historic $125m gift to law school

by Released

The W. P. Carey Foundation has made a $125 million gift to the law school at the University of Pennsylvania, the largest gift ever to a law school. In recognition of the Foundation’s generosity and in honor of the Carey family and its long-term involvement with Penn, the school will be named the University of Pennsylvania Carey Law School.

The gift will allow the Carey Law School to increase student financial support, ensuring robust support for historically underrepresented students; expand upon one of the most longstanding, rigorous, and expansive pro bono programs of any peer law school; and support the recruitment of the finest scholars who will generate new research insights that will inform and impact the profession.

In addition, the gift will enrich students’ preparation for long-term career success by increasing investment in innovative interdisciplinary, and entrepreneurial programming, and enables Carey Law School to provide its alumni a rich program of lifetime learning and career support beyond their first job, drawing insights from the newly launched Future of the Profession Initiative. Carey Law will be at the forefront of training students in creative problem-solving and the increasing interconnectivity of commerce, law, and public policy.

The W. P. Carey Foundation has a long and deep history with the University of Pennsylvania with generations of Carey family members having attended the University over the past three centuries. This gift honors their legacy, and in particular the first President of the W. P. Carey Foundation, Francis J. Carey (1926-2014) C’45, L’49, for the 70th anniversary of his law school graduation, and his brother Wm. Polk Carey W’53, founder of the W. P. Carey Foundation and W. P. Carey Inc.

“The Carey Foundation’s historic gift will further elevate an outstanding multidisciplinary program of legal education at the University of Pennsylvania,” said Penn President Amy Gutmann. “The Carey family and the Foundation have deep roots at Penn as dedicated alumni and generous supporters of the University’s educational mission and its students. Through this partnership their philanthropy will benefit generations of law students, the profession, and the rule of law. We are grateful for and inspired by their leadership and their commitment to the University.”

William P. Carey II WG’ 19, Chairman of the W. P. Carey Foundation said, “The W. P. Carey Foundation shares Penn’s fundamental conviction that the study of law must be connected with the insights of other disciplines. This gift will bolster cross-disciplinary opportunities for law students at Penn’s 11 other top-ranked graduate and professional schools, preparing the next generation of leaders in the law, business, government, and in the public interest. This is a proud moment for both the Foundation and our family as we pay homage to the legacy of both Bill and Frank Carey.”

 

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