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Is it worth the effort to apply to UPenn Early Decision? LSAT 167/GPA 3.37 from T14 undergrad

No you won't get in, unless your special. Then of course, DO IT.

Can't get in if you don't apply, so is it worth it to craft an application just so you will be slightly better than no chance? You can still apply to everywhere else. Unless of course if you want to ED somewhere else.