The law bubble hasn't burst at all. Classes are full at most institutions. There are a lot of folks studying law and never practicing; great substitute in business for a PhD. If I had the choice I would get a JD instead of a PhD any day.
But at MU, Law School must come as an independent endeavor, private school "attached to" MU and driven via a strong cadre of available instructors. I think Hton has the resources, but probably not the desire. Anyone got a couple million extra laying around that they want return on in about 10 years? From what little "inquiry" I have made on this subject, that is the minimum it would take.