This is the Year to Apply

 
O.K. So everybody knows that law school applications dropped almost 14% this year, and another 10% the year before. Much of this has been blamed on the economy, the rotten job market, and the scare tactics by the blogs and the press. I wrote about the hype and reality of this phenomenon two entries ago. Today, I want to explain what this situation means for those of you who are thinking about applying to law school.

This is the year to apply to law school. I know, I know. All the bad press, the genuinely slow job market, the high cost of tuition, student debt. These are all concerns. But don’t let the concerns conceal simple market logic and the opportunities now open to you.

First, 34% of the drop in applications this year came from LSAT scores between 160 and 169. This means a lot, to those of us trying to compete for the best students, and for those of you who are thinking about applying to law school.

The law of supply and demand tells us that when demand is high (that’s us, the law schools), and supply is low (you, the applicants), something’s got to give. Well, two things have “given” this year. First, law schools are taking applicants with LSAT scores they never would have considered a year or two ago. I don’t want to give out trade secrets, but you can do the research, and I can assure you, having been deep in the admissions trenches this year, that it’s true. Frankly, I’ve been amazed at the LSAT scores highly ranked schools have been taking. So, the bottom line: You will get into a better law school this year than you ever could have gotten into in the past, and perhaps the future as well.

The second thing that’s “given” is price. Not the sticker price of tuition – that’s gone up. But what has gone up far more substantially is the amount of merit-based scholarships law schools are willing to dish out in order to attract the best students. Of course the definition of “best students” varies by law school. But remember, substantially fewer of you have LSAT scores in the 160-169 range, and so the definition of “best students” at many law schools has changed. You might not have qualified for substantial financial aid (at a school that might not have admitted you) a year or two ago. Now, you do. And this means that a law school’s published tuition may mean nothing to you. If you’re accepted, some or all of your education may be paid for by your law school.

For example, my own school, Case Western Reserve, more than doubled its financial aid budget. (Unlike most schools, I’m proud to say, our increase in financial aid allowed us to increase our median LSAT score by 2 points.)

Your response is obvious: If you’re sitting on the sidelines thinking about law school, you have nothing to lose by applying this year. The quality of school to which you’re admitted, and the amount of financial aid you may get, could make it much easier for you to make a decision and finance your education. Jobs will be around. Your opportunity to go to a better law school, cheaper, suggests that you are more likely to get one of them and be far less in debt.

I don’t want to sound like a used-car salesman, and nobody can predict the future, but nobody knows how long this situation will last. Like most markets, the market for law students will attain some sort of equilibrium over the next few years, following the crash of this year. When it does, the opportunities available now may be unavailable tomorrow.

That’s why I say: This is the year to apply.