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&lt;p&gt;Pity the approximately 40,000 law-school students who are about to graduate into the worst legal job market in a quarter century. Among the things to keep out of their hands: sharp objects, horse tranquilizers, and today&amp;rsquo;s &lt;i&gt;Wall Street Journal&lt;/i&gt;, which runs a bleak story on the slender prospects and fat debts of the latest crop of J.D.s. Some of the takeaways:&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;Average law-school debt = $100,000&lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;In 2009, firms gave full time offers to 69% of summer associates, down from about 90% in the previous five years.&lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;Saul Ewing slashed hiring of law graduates this year by 2/3&lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;The University of Texas School of Law estimates the employment rate for 2010 graduates is down about 10% to 15% from last year. &lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;&quot;This the worst job market I&#39;ve ever seen,&quot; said the head of career services at the University of Iowa College of Law. &lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;The nation&#39;s 100 highest-grossing corporate firms last year reported an average revenue decline of 3.4% &lt;/i&gt;&lt;/p&gt;&lt;p&gt;&amp;bull;&amp;nbsp;&amp;nbsp;&amp;nbsp; &lt;i&gt;Law firms had an average of 16 summer associate positions to offer this year, about half the number of the previous year (according to NALP)&lt;/i&gt;&lt;/p&gt;&lt;p&gt;These last 2 factoids underscore the funky economics of the (fading?) highly-leveraged BigLaw model: a 3.4% dip in revenues translates into a 50% hiring slash.&amp;nbsp; &lt;/p&gt;&lt;p align=&quot;right&quot;&gt;-posted by brian&lt;/p&gt;

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