Basically, more students, more debt, less jobs. This is a couple of years old, but I don't think things have improved that much:
"In fact, “The Deep End” was conceived in 2007, that halcyon era of $160,000 starting salaries and full employment even for law grads who had scored in the 150s on their LSAT’s.
Those days are over. As the profession lurches through its worst slump in decades, with jobs and bonuses cut and internal pressures to perform rising, associates do not just feel as if they are diving into the deep end, but rather, drowning."
