If the current figures from the LSAC web site hold up, it appears that law school applications are starting to stabilize. There is still a drop compared to 2014, but the figures show a 2% drop in applicants and a 4.2% drop in applications. That is not as scary compared to double digit drops in past years. Historical applicant figures are in this document. There is a graph on the LSAC web site noting the last three years of applicants and applications that show the 2015 timeline as slightly below that of 2014, which is well below 2013.
I can’t speak to the experience at individual law schools though I would think that many deans and admission officers would be relieved hearing these numbers. This could actually bring some pause to staff/faculty buy-outs, budget cuts, and other reductions law schools have been forced to make (like law library budget cuts).
Additional comment on this development is in the Wall Street Journal. Aggregate numbers of total number of law schools and law students 1964-2012 are available in this chart from The Faculty Lounge. Bloomberg is still emphasizing low job placement for graduates in this article. Law School Employment data and other law school statistics are available from the ABA.