Temple University recently received a $5 million gift to create a scholarship initiative within the Beasley School of Law. The gift comes from lawyer and Philadelphia native Leonard Barrack and his wife Lynne. The couple's cash gift will establish the Barrack Scholars in Law, a five-year scholarship initiative currently in the works.
Leonard Barrack is the senior and founding partner of Barrack, Rodos & Bacine (BR&B), a law practice established in 1976 which litigates securities and antitrust class actions and commercial litigation. BR&B was one of the first firms to recover more than $1 bilion dollars in a securities class action on behalf of a client It's unclear how much Barrack is currently worth, but like another Keystone State lawyer I wrote about who's also given big for law schools, he's made quite a bit of money over the years.
The Barracks are Temple alums. Barrack not only has an undergraduate degree from the school but also graduated from the university's law school. Barrack chairs the law school's board of vistors and the family has two children who are Temple graduates, too. This is the kind of donor profile we often say can translate into big time higher education giving. In fact, the Barracks are considered one of Temple's most generous benefactors.
The family's interest in education is personal in part. As Barrack once put it, "My parents immigrated to the U.S. in 1923, and they placed profound value in education as a means to achieving the American dream."
It's worth digging into some of the couple's past engagements with the school, which helped pave a philanthropic road for this latest gift. All the way back in 1994, the family helped launch the Barrack Public Interest Fellowship Program at Temple law school. This couple has clearly been interested in easing the financial burden of getting a law degree for some time, and their latest $5 million gift continues in that vein.
Other efforts include Barrack Hall and the Kohn and Weiner chairs at the law school. Barrack also chaired Temple’s $350 million capital campaign. Via the couple's Barrack Foundation, a vehicle which also supports local Jewish organizations, the Barracks have steadily supported Temple.
All in all, this is a funder that's put a giving bullseye on Temple, with a special interest in advocating for its law school.