Buddy, Can You Spare $25 Million?

Over on TaxProf Blog, I blogged the recent National Law Journal piece (The Price of Legacy: $25 million), based on Robert Jarvis's comprehensive article (A Brief History of Law School Names, 56 J. Legal Educ. 388 (2006)) on the sale of law school naming rights. The article reports that law school naming rights have been sold for these amounts in recent years:

$115 million: Arizona (1999)
$30 million: Ohio State (2001), UNLV (1996), Utah (2001)
$20-$30 million: Temple (1999)
$20 million: Denver (2004), SMU (2001)
$10 million: Florida (1999)
$3 million: Nova (1989)

The article concludes: "[T]he current market rate for a law school's name has been set (in round figures) at about $25 million. (As it happens, this is the exact figure the University of Pittsburgh pegged its law school at when it announced a lengthy list of naming opportunities.)"