An approach to limiting oversupply of lawyers would be to make law schools less profitable by eliminating government funding & loan guarantees except for the neediest students & by making student loan debt once again dischargeable in bankruptcy.
But simply artificially eliminating or limiting competition would produce undesirable results such as stagnation & overpriced lawyers which might result in businesses moving out of the country to more friendly business environments.
If you haven't noticed, there has been a large oversupply of law graduates (and yes, Virginia, most of them take the bar) for some time now and prices/access have not gotten better for consumers. That's because the legal market is a tad more complex than an Econ 101 hypo and a simple SUPPLY > DEMAND = LOWER PRICES! doesn't really apply.
We're not limiting competition for the sake of limiting competition. We're limiting the number of law schools because a shitload of law schools produce way more graduates than there are legal jobs and leave them with a pile of debt, and because this isn't very good for the reputation of the profession as a whole even though it serves the interest of law professors quite well.
Knew that this type of comment was coming. Med schools are very expensive--unlike law schools which are profit centers. Also, med schools complain about a shortage of cadavers.
Canada is experiencing a shortage of articling positions for law grads, but medical residencies are probably a bit more complex regarding requirements.
It's irrelevant whether they are profit centers for universities. Universities should not be allowed to enrich themselves off the backs of students who aren't even getting employment in their field and from taxpayer backed loans.