HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: The Law School Crisis Is Spreading: The Best Law Schools Are Attracting Fewer Students. “Since 2011, Michigan Law, considered one of the country’s top law schools, has cut its first-year class by 26 percent. The number of applicants to the school fell 20 percent over that period, according to data from the American Bar Association. Michigan Law is not the only elite law school to experience such a stark contraction. As applications plunge, especially from the very best students, a growing number of highly regarded law schools are slashing class sizes. The crisis in legal education, once confined to the lower tier (schools ranked below 50 by U.S. News and World Report), has hit the upper echelon.”

All is proceeding as I have foretold.