"There is a widespread sentiment for trying to reduce our student-faculty ratio," Meltzer says, but adds, "Some colleagues feel it should be done by reducing the number of students [not increasing the number of faculty]."

The changes for first-year students will not happen until next fall at the earliest.

"If we can start making incremental gains in our hiring we'll start doing it," Meltzer says. "A lot of this depends on what people give money for."

Rakoff cites other important changes instigated by other committees including "a real effort to raise money for foreign students" and "having a pro bono service requirement for graduation."

As of next year, students will be required to complete 40 hours of pro bono work in order to graduate.

The strategic plan will also address student financial aid.

"For a number of years we've had a program of loan-forgiveness for students who take low-paying jobs. It's a way of permitting us to rely as heavily as we do on loan-financing...without having debt burdens dictate students' career choices," Meltzer says.