Gene Expression offers an explanation for the absolutely brutal job market for law school grads:

Despite the “market signal” of the collapse of vast swaths of the legal industry in the wake of 2008, and the real correction in the number of applicants an students, these sort of data still imply that the supply of self-deluded suckers is large enough to saturate the market.

Marginal talent is being priced out of the middle-class.