I graduated far more recently than most people using this forum and went to a “Top 14” school and knew a bunch of people from multiple T-14s who graduated with no job. I knew a couple unemployed Stanford law grads from my year and Stanford has a tiny graduating class. Fortunately most if not all of them are now gainfully employed but it may have taken them one to two years of looking or volunteering.
According to this link, only 78% of Columbia law grads from the Class of 2013 got biglaw or a clerkship from graduation. → This number matters the most usually. Around 7% of the class was school funded. http://www.lstscorereports.com/schools/columbia/2013/
According to this link, only 72% of Harvard law grads from the Class of 2013 got biglaw or a clerkship from graduation. → This number matters the most usually. Around 3.8% was on a school funded fellowship.
http://www.lstscorereports.com/schools/harvard/2013/
Part of the reason why the numbers are low is because of huge class sizes. I know many law schools have recently cut down on class sizes to counter the lower employment.
I think the economy has gotten better since the Class of 2013 did OCI in 2011. However, law school is still risky not only because of the questionable employment rates, but also because it costs so much; frankly, a lot of the legal jobs that you have to take to pay off your loans suck. Unless your parents are rich and willing to pay (and you’d be surprised as to how many rich kids are in law school - half of my friends had no loans) I would think twice before committing to law.