From today’s New York Times:
Law school applications are headed for a 30-year low, reflecting increased concern over soaring tuition, crushing student debt and diminishing prospects of lucrative employment upon graduation.
As of this month, there were 30,000 applicants to law schools for the fall, a 20 percent decrease from the same time last year and a 38 percent decline from 2010, according to the Law School Admission Council.
(Quote from “Law Schools’ Applications Fall as Costs Rise and Jobs Are Cut,” by Ethan Bronner.)
This is a painful but almost certainly necessarily market correction.
I covered competition issues relating to lawyer oversupply here.