"The legal profession is 'right-sizing,' and law schools should follow suit."

Argues David Lat, rejecting the alternative of keeping up the present incoming class size by lowering admissions standards. The shrinkage model is painful:

Last week, we heard reports of one law school basically axing its entire junior faculty. All of the untenured professors received notice that their contracts might not be renewed for the 2014-2015 academic year. Ouch.