As the New York Times reports today, applications from aspiring JDs are on pace to hit a thirty year low. About 30,000 brave souls have applied for a spot this fall's law school class, a staggering 20 percent drop from this time last year, and down 38 percent from 2010, as shown in the graph below from the Law School Admissions Council.  When all is said and done, about 40,000 students are projected to enroll, which would cap off a 24 percent free-fall in just three years -- or the time it takes your average student to graduate. 

In 2006 I had to make a choice between going to law school or buying a home.

The only winning move was not to play.

Frankly, the real culprit here is the hours that people are expected to work, but I don't know the structural reasons for that.