In 2012, The College of Law underwent a major restructuring. The College of Law Limited was created as a private limited company to take on its educational and training business. The parent charity changed its name to the Legal Education Foundation. In April of that year, Montagu Private Equity agreed to buy The College of Law Limited for approximately £200 million. On 22 November 2012, it was announced that the college had been granted full university status and its name would be changed to "The University of Law". Shortly thereafter, Montague Private Equity completed the acquisition process. This raised questions about the legality of transferring the degree-awarding powers granted under royal charter to the original College of Law to the newly created company, and then selling that company, now with university status, to a for-profit provider. The UK Department for Business, Innovation and Skills explained that while degree-awarding powers cannot be transferred, when a whole institute changes its legal status, the powers remain with it. This was considered to be the case with The University of Law because all of the original College of Law's education and training business had been transferred to the for-profit college, and the activities remaining with the chartered body were not related to the degree-awarding powers. Dame Fiona Woolf was named the newly created university's first chancellor in 2013.