It appears that law schools and business schools have nothing to worry about, and may actually see a silver-lining in the economic cloud. Registrations for the LSAT are up 6.2% and GMAT registrations are up 10.4%. For more information click here.
In the long run, law firms will also benefit. The biggest contributor to current high associate salaries, was the war for talent caused by flat law school admissions. Will that continue to be the case? It doesn’t look like it. Combine increased law school enrollments with lay-offs, and firms will be able to pick and choose who they hire and at what price.