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It seems like it can either go both ways, when undergrads graduate into a weak economy they are more likely to continue their studies since the job market is very competitive. On the other hand, people with jobs are reluctant to leave them for law school due to the uncertainty of the labor market. Then there's people staying home more which can equal more study time. What do you think will happen?
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Doesnt matter, lets just do the best we can! :)
I feel more people getting laid off and recent graduates not being able to find a job lead it to being more competitive. Also, if people are at home with nothing to do, it'd be a good time to study up on the LSAT.
If I had to wager a guess, I'd say the market for new attorneys will shrink in a deflated economy. This would create a reluctance in the national student body and in the workforce to pursue a career as an attorney. Thus, the foreseeable effect is probably a less-competitive cycle. Of course, we may not see the full ramifications of this for a few cycles.