Few people recall that my undergraduate alma mater, Furman University in South Carolina, once had a law school. In the depths of the Great Depression, Furman closed its law school in 1932.  A North Carolina school that was well-funded by a tobacco magnate, bought the library of Furman’s law school. It was rolled into Duke University Law School, which is now rated number 11 among U.S. law schools.

In the past two decades a boom in enrollments led to a glut in the law school market. Some of this was fueled by easy availability of government-guaranteed student loans.

Moving from…