HIGHER EDUCATION BUBBLE UPDATE, LEGAL EDUCATION EDITION: CBS News: Are Law School Admission Standards Slipping?

According to an analysis by Jerome Organ, a professor at the University of St. Thomas, 33 percent of law school entrants had median LSAT scores of 160 or higher in 2013, compared with 40.8 percent in 2010 (the LSAT is scored on a scale between 120 and 180). Conversely, first-year students with scores of 149 or lower rose from 14.2 percent to 22.5 percent.

“Not all law schools are lowering admission standards,” wrote Wendy Margolis of the Law School Admissions Council in an email. “If some of them are, you would need to ask them about their individual reasons. …

In recent years, some law schools have cut the number of people they admit and the ranks of faculty that teach them. Given the economics, experts expect some of the nation’s law schools to close and the quality of students to keep slipping.

It’s a shakeout.