It would take a YUUGE investment for TCU to open a law school that would compete with those already up and running. There's a reason Whittier and Valpo, both small universities with way above average academics, are winding down law programs. The market for new law grads is saturated.
On the other hand, there is apparently a demand for a lot more physicians. Reading between the lines-- wasn't the first entering class for the new med school pushed back a year?-- TCU had better focus on getting the M.D. school funded and operating, or risk looking like a bunch of schmucks if it is not successful without further set backs.
I hope I am wrong about the opening date for the M.D. school being pushed back.
ED: My wild guess is that, if a law school was feasible at TCU, a deal would have been made for Wesleyan's or a new law school opened, a few years back. Sort of like planting a tree; the best time to plant a tree is 20 years ago.