What will law schools do? The October 2013 numbers are in. According to Excess of Democracy, "The number of October 2013 LSATs administered was 33,673, down 10.9% from October 2012 and down about 45% from the October 2009 LSATs administered. The cumulative total of LSATs administered is 57,670, compared with 63,003 at this point last year, 71,981 in 2011, 87,318 in 2010, and 93,341 in 2009."
I wonder what the law schools will do about this. It probably depends upon whether you're looking at one of the big ten or twenty schools or one of the many lesser lights. I imagine the top schools will do little in the way of changes merely because the pool of applicants is dropping.
For the run-of-the-mill law school (which is most of them), a reaction is required. I expect to see some cut the size of the entering class (with a great loss in revenue), some admit applicants with lower LSATs and GPAs (with a drop in the sacred U.S. News and World Report rankings), some increase faculty teaching loads, some shift classes to adjuncts, some offer faculty buy-outs.
It will be all about cutting. The only question is what will they cut?