Nothing will change. Law schools are a cash cow. Simple as that. No one is gonna kill the cow
FTFY
You can add a lot of talk of making law school 2 years, so better wait till it's just 2 years.
The public is talking about the 2 year law school, and they are also talking about making it cheaper, however the administration and the judiciary is talking about making it better. Although they are not saying this better takes longer and costs more. You are right they are a cash cow, and that cow is going to get feed better as time goes on.
As for nothing changing 5 additional "parts" for the bar exam are drafted and pilot tested as we speak. Maybe nothing will change however that is looking less and less likely.
Exactly why it depends on the school, from an investment standpoint.
Top schools the majority of the class is making $160,000 first year out. That can justify $200,000 debt. But a lower school the average student doesn't even find a job as a lawyer and has $100,000 debt.
See earlier in this thread a link to school employment and salary stats.
1 out of 5 students on average end up practicing law for a living. Even your top tier schools average at around 80 not finding a job in the first year
for part pay positions. For the vast majority the answer to Dave321's question is, no.