Does factual evidence show that we are living in a bold new "Age of Aquarius" in which young people throw off the strictures of their square parents' uptight generation and forge their own path, outside of the square uptight money-focused world where everything is always about money and shit? The answer is a resounding "yes, dad." For not only are The Youth giving up on law school—they're giving up on business school, as well.
The WSJ reports:
The median number of [business school] applications world-wide fell 22% in 2012 for the two-year degrees, after a nearly 10% decline last year. For many programs, the losses are off of multiyear highs that occurred as young professionals sought refuge and new skills in academia amid the financial crisis... Overall, 62% of U.S. schools reported declines in applications to two-year M.B.A. programs.
All the driftless kids who reflexively decided to "wait out the recession" by entering grad school learned a painful, debt-filled lesson, and have now complained about it loudly and at sufficient length to scare off younger friends who might make the same mistake. That's called progress. Or evolution. Or maybe "the business cycle."
Whatever it is, don't expect The Youth to pay you to tell them. Wikipedia and common sense, motherfuckers.