If you are studying hard for the LSAT but not planning on applying for a few more years I think you may have reason to be concerned/happy that the LSAT will not occupy as central a role in the process by the time you apply. Agree with canihazJD that the test's primacy in the US News rankings is what really matters here. If they don't change their formula at all, this change is unlikely to matter at all. If they reduce the importance of LSAT scores in their formula, the importance of the test will probably also decline. Even in that scenario, though, I think US News would probably change their process over the course of several cycles, and schools would in turn take time to respond and would continue to value high LSAT scores at a similar rate until they had a firmer grasp on how the rankings had changed.
TL,DR: I think there's very little reason for people applying this fall to worry unless you see US News announce a drastic change in how they value LSAT scores in their rankings in the coming weeks.
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If you are studying hard for the LSAT but not planning on applying for a few more years I think you may have reason to be concerned/happy that the LSAT will not occupy as central a role in the process by the time you apply. Agree with canihazJD that the test's primacy in the US News rankings is what really matters here. If they don't change their formula at all, this change is unlikely to matter at all. If they reduce the importance of LSAT scores in their formula, the importance of the test will probably also decline. Even in that scenario, though, I think US News would probably change their process over the course of several cycles, and schools would in turn take time to respond and would continue to value high LSAT scores at a similar rate until they had a firmer grasp on how the rankings had changed.
TL,DR: I think there's very little reason for people applying this fall to worry unless you see US News announce a drastic change in how they value LSAT scores in their rankings in the coming weeks.