HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: Law School Applications Down 18%. That’s from 2012, which was hardly a banner year. Interestingly, I understand that at Tennessee our applications — and even more significantly, our yield rate, the percentage who accept offers — have actually gone up significantly. We actually wound up with a slightly larger 1L class than planned for this year. But then, we’re a pretty good value as law schools go.