When times are bad, law schools admissions go up. New minted college graduates look around at the bad employment opportunities and say to themselves, "Wow! If I take another degree, I'll be a lot more employable, and maybe when I come out of that school, economic times won't be so bad." So they flood into law school, B-schools and even graduate schools. But law schools are hot! For a while, we called it the "LA Law Effect" because of the television show that started it all. Students who had watched the actors portraying high-powered lawyers dressed in designer suits, having sex and playing power games had serious misconceptions about the practice of law. But they really, really wanted in! No Perry Mason staid guys any more.
Similarly, when the economy picks up, law school admissions begin to drop. We start to see just the folks who really want to be lawyers after all. As the undertaker sighed, gee business is looking awfully healthy. This image of a Nubian Vulture is from good ole Wikipedia where they try to provide images in the public domain or licensed for use under the Creative Commons. Here is a nice link to read more about Wikipedia: