According to the Wall Street Journal, members of the law-school class of 2011 had little better than a 50-50 shot of landing a job as a lawyer within nine months of receiving a degree.

In 2011, Law school grads faced the worst job market in more than 30 years, according to the National Association for Law Placement. The employment outlook for the Class of 2012 did not look much better, but official figures will not be released until next year.   

"The fact that only about 1 out of 2 graduates is getting a job as a lawyer is bad enough," Professor at the Washington University School of Law in St. Louis Brian Tamanaha said in an article in the Chicago Tribune. "But the situation is worse than that. Many who do obtain jobs don't earn enough to make their monthly payments on their debts."

According to U.S. News & World Report, about 78 percent of 2011 graduates of M.B.A. programs landed jobs within three months of getting their degrees (although the figures do not show whether the jobs required the degree). The percentage was based on 135 of 441 school responding to the magazine's survey; business school are not required to report placement statistics.

The 2011 data supported the idea in the industry that students from the top 14 U.S. law school have little trouble finding work. The top-ranked schools sent graduates into long-term legal jobs in high numbers, but 87 lower-tier schools had placement rates of 50% or less.

Data analysis revealed that only about 8 percent of 2011 graduates landed full-time, long-term jobs at larger firms with more than 250 attorneys.

Just a dozen schools reported that 80 percent or more of graduates found full-time, long-term legal jobs. The top five included the University of Virginia (95%), Columbia University (94%), Stanford University (91%), New York University (90%) and Harvard University (90%).

However, more than 20 schools reported that fewer than 40% of their graduates had secured full-time, long-term legal jobs. The bottom five included Whittier College (17%), University of the District of Columbia (21%), Golden Gate University (22%), Thomas Jefferson School of Law (27%) and Western New England University (30%).

University of District Columbia (UDC) reported that about 21 percent of its 2011 graduates had obtained full-time, long-term legal jobs in nine months. Another 15 percent were said to be in full-time, long-term jobs in which a law degree is preferred but not required.

Penelope Bryan, dean of Whittier Law School in Orange County, California says that in a sluggish economy, smaller firms are less likely to take a chance on recent grads. Instead, she says, they may hire graduates on a contract or part-time basis before making offers.

"You can't measure the value of a law degree in terms of what your employment number was nine months after graduation," says Dean Rudy Hasl.

A graduate who takes the California bar exam in July, he says, won't get the results until late November. Many employers won't even interview a graduate who hasn't been licensed, Mr. Hasl says, adding that he advises prospective students to consider the law degree a long-term investment.

"The law degree is something that allows you to move in so many directions," Hasl said.