The LSAC has posted its second report of this admissions season on applicants for fall 2016. The LSAC is reporting that "As of 12/11/15, there are 92,708 2016 applications submitted by 16,817 applicants for the 2016–2017 academic year. Applicants are up 3.4% and applications are down 0.5% from 2015–2016. Last year at this time, we had 29% of the preliminary final applicant count." Based on this preliminary data, one would predict that there will be around 57,990 applicants for fall 2016.
I think it's too early to tell what's going to happen next fall, but this seems to confirm my speculation from earlier in the year that we've at least leveled off in applicants. Whether there will be much of an improvement remains to be seen; I'm skeptical of this. Applicants need to be very attentive to the quality of the law school education they're going to receive and their employment prospects. Along those lines, here's a link to a paper I put up last summer that ranks law schools using median LSAT scores of their entering class in fall 2014, along with the percentage of their class of 2014 employed in full-time, JD-required jobs nine months after graduation, and recent citations to their flagship law reviews.