It appears that law schools are about to experience a bit of economic justice. 

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. 

This is a desperately needed adjustment, for which the academy largely has itself to blame.  The legal economy is a shambles, and law schools have done virtually nothing to react.