I must say, though - there is a lot of room for improvement. Here are my suggestions, from personal experience with multiple student newspapers, on what to improve:
1. Print multiple days a week. And whatever you do, if you can only print one day per week, don't print your lone edition on Friday so that it hits stands just after lunch. Print on Tuesday, preferably Tuesday and Thursday or Monday and Thursday so that an actual campus debate and discussion can unfold. Make yourself relevant.
2. Live blog student events in real-time. Send a correspondent and have the person upload text, photo, and video accounts to the paper's website. Make yourself relevant.
3. Cut more ties with the administration. Only when you operate based on your own ad revenue will you have true editorial independence. Get an office outside of the LBC in a cheap rented space somewhere around The Boot.
4. Increase distribution strategically. You don't even have a distribution stand of any sort in the law school which contains 700-some students just a few hundred yards from your office. What are you thinking?
5. Break news.