"Law school just isn't the path into the middle class that it once was." - Alfred Brophy, University of North Carolina law professor, quoted by Jennifer Smith in "Law School Applicant Pool Continues to Shrink," The Wall Street Journal, July 22, 2014. Here you can read the coverage (sub. req.)
According to the most recent data from the Law School Admissions Council, law school applicants for this years has plummeted 37% from 2010. The number of LSAT takers in June 2014 was, at 21,802, the lowest in 14 years.
Brophy, reports Smith, estimates that the incoming class could number 38,000. That would be the smallest first year class since 1974.
That leaves law professors in a scary state of job insecurity. Probably for the 2014-2015 academic year, more law schools will be announcing faculty voluntary buyouts and layoffs.