HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: 1L Enrollment Shrank 4.5% in 2014, to the Lowest Level Since 1974 (When There Were 53 Fewer Law Schools). “The 204 ABA-accredited law schools enrolled 37,924 full- and part-time first-year students in the fall of 2014, a drop of 4.4 percent from 2013 and a drop of 27.7 percent from the historic high of 52,488 in 2010, according to an ABA press release.” There’s no particular reason to think we’ve hit bottom yet.