Law school entrance exam takers dropping

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Credit: The New York Times

From the New York Times' Economix blog, evidence of lowered interest in law degrees from Catherine Rampell:

The number of people taking the Law School Admission Test, known as the LSAT, offered in October fell sharply, down 16.4 percent from the year before, reaching its lowest level since 1999. October is usually the most popular time to take the test, too.  

No wonder, then, that law schools are cutting the size of their entering classes. Perhaps this means it’ll still be easier to get into the top schools, though, depending on how much the most elite schools decide to shrink their class sizes. 

There was a huge surge in law school applications during the recession and its immediate aftermath as people displaced by the poor economy sought the “safety” of a legal career. But now potential students seem to have wised up to the huge debt burden and poor job placement prospects.

I wonder if there's been similar evidence of smaller Ph.D. programs. I haven't heard any rumors of such, but there are other drivers of large entering grad student classes (demand for TAs, etc.)

Readers, what say you?