<p>The median means nothing in a bimodal distribution. There are 197 ABA-accredited law schools in the US. They are producing more lawyers than needed, which is in turn driving the salaries of lawyers in the lower mode down.</p>
<p>[Empirical</a> Legal Studies: Class of 2007: A More Extreme Bi-Modal Distribution](<a href=“http://www.elsblog.org/the_empirical_legal_studi/2008/07/class-of-2007-s.html]Empirical”>http://www.elsblog.org/the_empirical_legal_studi/2008/07/class-of-2007-s.html)</p>
<p>Salary cuts and layoffs are regionally dependent.</p>
<p>[Law.com</a> - Law Firm Salary Cuts Keep on Coming](<a href=“http://www.law.com/jsp/article.jsp?id=1202430403772]Law.com”>http://www.law.com/jsp/article.jsp?id=1202430403772)</p>
<p>Edit: Here’s an article explaining why you probably shouldn’t take out debt to attend a sub-tier 1 school.</p>
<p><a href=“http://online.wsj.com/article/SB119040786780835602.html[/url]”>http://online.wsj.com/article/SB119040786780835602.html</a></p>