There is growing evidence that the law school bubble has
burst –
“The number of law
school applicants nationwide has plummeted, to 51,000 as of April from 88,700
in 2006, according to the Law School Admissions Council. The Great Lakes region
has been hit particularly hard, catching respected institutions like Minnesota
by surprise when applicant numbers went into a tailspin.
It is the reverse
of a trend that began during the enrollment boom of the early 2000s, when law
schools were doing so well that some began moving to become self-financing
entities supported by tuition and private donations. Now, as student enthusiasm
for the law wanes, financially pinched schools need to decide whether sagging
applications are a temporary blip or a fundamental course correction.”