HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: The Market for Law School Applicants — A Milestone to Remember. “We are indeed living through a business school case study, which is both bad and good. At many schools — likely well more than half — hard choices need to be made to ensure survival. (And for the record, virtually all schools, regardless of rank, are feeling uncomfortable levels of heat.) A law school needs cash to pay its expenses. But it also needs faculty and curricula to attract students. The deeper a law school cuts, the less attractive it becomes to students. Likewise, pervasive steep discounts on tuition reflect a classic collective action problem. Some schools may eventually close, but a huge proportion of survivors are burning through their financial reserves.”

Related: Law Schools Still Have A Ways To Fall.