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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?
Also on the August train, count me in if you're still searching!