Building on Paul Campos' points, law professor Jason Solomon notes another problem with the excessive number of law students – the Income-Based Repayment (IBR) program gets more expensive for taxpayers:
[M]ost recent law graduates, for now and the foreseeable future, will be on IBR soon, if they aren't already. Their loan payments will be capped, but as a result, they won't even be keeping up with the interest accruing on the loan. These payments will provide the gov't some additional revenue in the short-term, but in 20-25 years, there's going to be a debt on Uncle Sam's books for each student for hundreds of thousands of dollars of principal and unpaid interest. When that gets "forgiven," it just means the cost gets transferred to the taxpayers, adding to the deficit.
Steven Davidoff argues that one possible solution – lowering the cost of law schools – is not as easy as it might seem.