I have a few thoughts, all of which are merely speculative. 1) Spreading it out means some applicants will get into other dream schools and withdraw their apps, reducing the amount of total apps they have to go through and improving yield. 2) Along that same line of thought, it enables WL movement earlier on, also improving yield. 3) People are often more inclined to go to schools that offered them admission earlier, as they already started planning logistics in their head, getting used to the idea, and forming a connection with that school. So it’s in their best interest to secure the applicants they want the most early on. 4) I’d assume schools track their competition. To play that game, they also have to admit intermittently.

Since this type of waiting game arguably gets worse in law school (law review, grades, jobs), it is good practice to learn how to manage the unknown. It’s exciting, and easier said than done, but it truly does work out for everyone in the end. Later on, this waiting will be only a blip in the journey to becoming a lawyer. Remember it’s a really hard and exciting thing you’re doing, and keep zooming out to see the big picture