The LSAC reports that "As of 3/7/14, there are 288,905 fall 2014 applications submitted by 42,068 applicants. Applicants are down 9.9% and applications are down 10.6% from 2013. Last year at this time, we had 79% of the preliminary final applicant count." If this year's applicants follow last year's pattern, we'll have approximately 53,250 total applicants for the class entering in fall 2014. Dan Filler has some historical data on the first year enrollment from 1964 to 2012 here. I link to some more comprehensive data (going back to the 1940s) here.
My last post in this series is here. Also, on the last post in this series a troll wrote "I think we'll probably get 40K matriculants this year and will then see a steady uptick starting next year." That led someone to write elsewhere that "Nothing makes me want to simultaneously projectile vomit and strangle people as much as the comments on the Faculty Lounge. ... It's like reading an optimistic Bear Stearns report in 2008. Delusional nitwits who are sad their little gravy train ride is coming to an end." Just to be clear, that was a troll who was writing about 40,000 first years this coming year, not one of our usual commentators (even one of our usual critical commentators).
I'm going to closely monitor the comments.
Update: The LSAC has just released the February 2014 administration figures. They are up slightly from February 2013. I think it's way too early to draw much in the way of inferences from this new data point. We are still down 6.2% in administrations over last year. I appreciate the restraint in the comments on the original post; please continue to be restrained in the comments now.