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Most deferrals come with an agreement that you'll attend the school after your deferral.

If you want to sit this cycle out, just withdraw those applications on good terms and reapply next year. Law schools understand, and they shouldn't hold it against you.

papajohns wrote:
Is it generally OK if I defer for one year at my accepted school, then re-apply to my dream schools in the mean time?

A lot of schools require that you agree not to apply to any other schools the next year if you defer. If you don't get into your target school or one which you feel comfortable graduating from you should probably just withdraw, improve your application (LSAT, GPA, softs, PS/LOR's, whatever you can still improve) and reapply next year. If you got in this year chances are you'll get in again next - an extra year of work experience should help, not hurt your overall application.

Yeah don't do this.
Politely withdraw and apply next cycle if you don't want to attend the school you were accepted at.
First wait and see what happens with your target school through.