I live in Central Ohio, where there are 2 law schools. The state of Ohio has 8 law schools; many of us have wondered when that number will be winnowed.
I know many attorneys, and I teach at an undergrad college. If any of my students tell me that they are interested in law school, I say (echoing what my attorney friends tell me): Don’t do it, unless, somehow, you can emerge debt-free and you have a guaranteed job in a law firm (for example, a family firm that you can walk into).
Sometime ago I read that if you take into account the number of people that have law degrees but do not practice law, the average lawyer salary is $14,000 a year.
You and your attorney friends are wrong. The problems faced by Lawyers who graduated between maybe 1995 and 2005 will never be fixed. But, the glut of baby boomer lawyers are retiring. There will be plenty of work for lawyers just getting started now.