Correction, 6/7/13, 4:15 p.m. EDT: The original version of this story mistakenly implied that the number of people applying for admission to Cornell University Law School this year is down 27 percent from last year. In fact, last year’s applicant pool was 27 percent smaller than 2011′s; as of Friday, this year’s pool was slightly larger than last year’s. The headline, subheadline, and third paragraph of the story have been revised to reflect the accurate information. We regret the error.

Are top law schools losing their exclusivity? Maybe. As everyone knows by now, law school applications have been falling—over 13 percent so far this year. The question is how that drop might affect you—the potential consumer of legal education.

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