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I would like to request my transcripts now before Fall grades are posted because I have a feeling that they're going to decrease my overall GPA. The problem is that by the time I apply in February or March, the Fall grades would have already been posted. Will law schools care if I apply in March using transcripts that do not include the Fall semester's grades?
I know that they're eventually going to see my Fall grades since they will request a final transcript. However, I am afraid of them basing their decision off of my Fall semester grades.

Can someone please tell me what I should do and if it is okay to apply in March using my current transcripts?
Thanks.

Most schools do not accept March applications, so that's a bigger problem than whether or not your grades take a minor hit this semester. That said, no one is going to base their decision off your fall semester grades; your cumulative LSAC GPA is all that counts.

I'd strongly recommend taking (at least) a year off if your current timeline has you applying that late in the cycle.