For many years, there has been chatter that the returns to a law degree aren't what they used to be. (E.g., see this). Other stories have talked about how tough it is to find a job after graduation. All of this would indicate that the returns on a law degree are lower than they once were or that the price one earns from being a lawyer has dropped.
Today I saw this chart:
The law of supply states that when the price drops, fewer suppliers will enter a market. This chart shows that the market for lawyers is consistent with the law of supply.
Link to source article here