Albany Law School Remembers Beloved Alumnus Richard Parsons ‘71

January 07, 2025

The Albany Law School Community is deeply saddened by the passing of Richard Parsons ’71, a distinguished alumnus whose legacy has left an indelible mark on the institution and the broader world of business leadership. Renowned for his decades of experience as a business executive, Parsons was frequently called upon to guide companies through their most challenging moments. Within the Albany Law School community, he is remembered not only for his professional success but also for his unwavering leadership and dedication to the advancement of the school.

Even before he became an influential leader in business, Parsons was a remarkable student. Born with an innate intellectual curiosity and drive, he began his college education at the University of Hawai'i at just 16 years old. Following his undergraduate studies, he was guided to Albany Law School by his wife, Laura.

Parsons’ academic excellence continued at Albany Law, where he finished at the top of his class all three years. In fact, he bypassed traditional bar preparation courses, choosing instead to prepare on his own—and still went on to achieve the highest score in New York State.

Parsons graduated from Albany Law School as valedictorian in 1971. On top of his course load, Parson’s was the managing editor of the Albany Law Review and a member of the National Moot Court Team.

“I found at Albany Law School what I had been searching for my whole life — myself,” Parsons said to the graduating class of 2000.

Parsons’ journey from Albany Law to the highest echelons of law and business was nothing short of remarkable.

After earning his law degree, he served on the legal teams for Vice President Nelson Rockefeller and President Gerald M. Ford, where he contributed to national policy-making. Parsons went on to serve as an economic advisor to President Barack Obama's transition team. All the while leaving his mark on some of the nation’s most significant companies, including Dime Bancorp Inc., Time Warner, and Citigroup. Yet, despite his extensive professional travels, Albany Law School always remained close to his heart.

“Frankly, I trace my successes, and even the failures, in my professional life back to the foundation I got here at Albany Law School,” Parsons said during his speech at the Edward C. Sobota ’79 Memorial Lecture in February, 1993.

Parsons' dedication to Albany Law School remained unwavering throughout the years. He returned to campus as the Commencement speaker for the Classes of 1995 and 2000, attended alumni events, and made generous contributions to scholarships and initiatives that fueled the school's growth.

“There is just a fundamental understanding on the part of people that educating young people is what the future is about, how we make progress,” Parsons said of his support to Albany Law School.

In 2011, Parsons was honored with the school's highest distinction, the Trustees Gold Medal, in recognition of his exceptional contributions and steadfast commitment to the advancement of Albany Law School.

“No matter where I traveled for the law school, there was one name that came up over and over by our alumni, Dick Parsons. He left an amazing mark on the community and was always there to support our students and faculty,” said Jeff Schanz, Vice President of Institutional Advancement and Chief of Staff at Albany Law School.

Richard Parsons’ legacy will continue to inspire future generations of Albany Law School students, as his contributions to the school and the broader legal and business communities remain a profound source of pride.

"Mr. Parsons graduated before I joined the faculty in 1980, but I quickly came to know him through the myriad stories shared by colleagues about his time as a student. They spoke of him as scary smart, deadly serious at times, and wickedly funny at others, a dedicated supporter of his classmates, and a true friend of Albany Law," Professor Patricia Reyhan said. "I was fortunate to later experience these qualities firsthand. Dick was a frequent visitor to the Law School, always willing to speak to groups or offer guidance to students. At times, I hesitated to ask for his help, knowing that my requests paled in comparison to the global business demands on him, but he never hesitated to say yes."

President and Dean Cinnamon P. Carlarne also shared her reflections on Richard Parsons' lasting impact and what he meant to our community.

“Dick Parsons was a true pathbreaker and a towering leader in his field, and his profound impact on Albany Law cannot be overstated. Not only was he one of our most distinguished alumni, but he was also a steadfast champion for our students," Dean Carlarne said. "We take immense pride in his legacy and remain deeply grateful for everything he contributed to Albany Law.”