The longer you wait the better your relative odds get of being accepted. The people who can afford to/are willing to drop everything the day before classes start and switch law schools have the best odds of being picked, I think. Obviously, however, not many people can do this. Most of the people on the waitlist are facing a quandary just like you are. If you really want to get into the school you should stay on the list as long as you can, but be aware that there are probably other people waiting as well who able/willing to take a 10 thousand dollar hit on a broken/emergency lease to get in (some people will even give up ~15k already put down at another school for tuition in order to seize and opportunity at their top choice).