Yes, she escapes

Emerald traverses a few roofs before suddenly jumping down to an alley and slips into a building. She had set up this escape route in advance and quickly changes her outfit to her school uniform and hides the briefcase in her school back pack. She blends into the crowd and makes her way back to the academy dorms. She gets to her dorm room she shares with Cinder, Neopolitan and Mercury although none are there at the moment. She heads to the desk and gets to work picking the lock on the case. It takes some time but she eventually gets it open.