Madoff, in his heydey, used to refuse to accept many people as clients. It was his way of maintaining his firm's mystique as selective and elite. However, near the end-- when the foundation of the pyramid began to crumble--he solicited everyone and accepted every dollar foolishlessly invested in his scam.
Law schools are following the same trajectory, as seen by the lowered admission standards, the waitlist scholarship offers, the dirty little transfer game, and, most egregiously, jacking up tuition for already-committed 2L's and 3Ls.
I think that it will take only a couple more admissions cycles, or just one more recessionary dip, for the vast majority of JD-granting schools to be seen as the approximate equivalent Madoff's investment firm. Moreover, kids who borrow to attend will be deemed, by peers and popular opinion, to be suckers who have ruined their lives, not bright yuppies about to join a noble profession.
that red portion made me furious (even though i'm not really affected). cover the revenue gaps when those students have the most highly inelastic demand.