The WSJ reports:
The number of law-school applicants this year is down 11.5% from a year ago to 66,876, according to the Law School Admission Council Inc. The figure * * * is the lowest since 2001 at this stage of the process. * * * Prospective law students increasingly are aware of the grim job market for lawyers and the challenges they would face in paying off law-school loans, college career advisers said.
Law school is counter-cyclical. A rising economy increases the opportunity costs of a legal education.
Still, this is a wakeup call. Law schools need to decrease and restructure tuition and make a better case for the long-term value of a legal education.