Fordham Class of 2011 here-
i tell everyone now that asks, do not go to law school unless
1. you know what area of law you would like to practice in- and by knowing I mean have interned or work in a variety of places to get a flavor as to what attorneys in those respective areas do. You don't know how many kids come to law school thinking "the practice" or these tv shows, only to find out that the most lucrative of jobs requires you to sit in an office with a large window, from 930 to 7:45 at least, with another associate from your year researching and writing memorandum on small issues of law for partners who think your always doing it wrong and wanted it yesterday. It took me 2 and half years to figure out I wanted to be a prosecutor, and I was fortunate enough to land a position as an ADA in my city. I was able to do that because I had researched the position and interned and dedicated my courses to classes such as evidence and crim.
2. If you are not at a top 5 school- you must receive a substantial scholarship that will cover a majority or all of your costs. Fact is that there about 43,000 law school graduates per year. There are only about 26,000 jobs. According to the nalp figures released today for the class of 2010- average and median salaries dropped at least 10%, while the number of students reporting being employed is 66%, and that's including part time, non permanent, as well as non legal positions. Combine this with the rising costs of tuition, with it hovering around 40k for most private schools, not including room and board and placement for summers and books. So its basically a gamble, as kids always think they are going to go in and land that 160 k job, and take out the money for it (usually loans around 180K plus interest on those PLUS loans) and then are in a rut when they cannot find a job or the only job they can find is in a small firm for the going rate of about 55k. Its practically impossible to pay down that kind of debt on that salary, unless your under IBR and its a government or nonprofit position (PILF).
3. the truth is hard but the only real safe field right now is in the healthcare industry. Nurses, doctors those are the positions that we are going to need in the future as the boomers retire. Also careers that depend heavily upon math and science- IT fields, certain types of engineers. Some say finance as well, however there's so much fluctuation there it can never truly be safe.
Basically it was a combination of the economy collapsing, shedding many experience lawyers into the market, as well as increased size of students graduating, decreased hiring, rising tuition, and the failure of boomers to retire that has eroded the legal industry.
