HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: For A Second Year, Sharp Drop in LSAT Popularity. “The organization behind the Law School Admission Test reported that the number of tests it administered this year dropped by more than 16 percent, the largest decline in more than a decade. The Law School Admission Council reported that the LSAT was given 129,925 times in the 2011-12 academic year. That was well off the 155,050 of the year before and far from the peak of 171,514 in the year before that. In all, the number of test takers has fallen by nearly 25 percent in the last two years.”

For a lot of people, the return on investment doesn’t justify the debt. And many are realizing that.

Related: Decline in LSAT Test-Takers Portends ‘Death Spiral’ for Low-Ranked Law Schools. I did a panel at the SEALS conference last summer and they asked us to predict how many law schools will close in the next five years. I said 25.