"It’s the fewest number of October test takers since 1998 and the second-lowest figure going back to the 1980s."
"The number of test takers peaked four years ago and has been on the decline ever since. The total for June and October is down 38% from four years ago. And the October total alone is 45% below the 2009 peak."
So we've seen these numbers before in the late 1980's. The problem is that there has also been a substantial number of law schools opened since that time. The figure reads that 65 new law schools have opened since 1970. I'd say the number is closer to 30 law schools since 1987.
So the ultimate challenge will be to spread the lower number of applicants across more law schools. Things will also depend on how the law schools have operated in a time of drastic growth as compared to the fast, sweeping decline that has occurred. If the schools remained financially strong and efficient during peak times, they should be able to weather this storm -- hopefully with innovative reform.