I am not surprised that reality has taken over and the number of LPC students is dropping.
When I was admitted as a solicitor in 1973, my recollection is that there were some 30,000 solicitors. If the working life of a solicitor is about 40 years, then, in simple terms, the profession required 750 new solicitors a year to maintain that number. I believe the number of solicitors now is in excess of 130,000, and based on that number, the profession requires 3,250 new entrants a year.
For 2013/14, a Gazette article on 9 December indicated that there are 5,198 students for the LPC. This implies a number sufficient to supply a profession of 208,000; thankfully a reduction of the 2008/09 figures. If I have understood your article correctly, then in 2008/09 there were 10,933 aspiring lawyers, sufficient to keep a profession of 437,000 supplied. This is a staggering oversupply.
Mind you, if the population doubles in the next 100 years…
John E Few, retired solicitor, St Neots