I edited more in. It has a lot to do with the economy, but truth is that the economy tanking has led the legal profession to shift the business model to an exploitative one and lawyers are getting screwed like every profession these days; firms are farming out tons of stuff to slaves who will do anything to get their foot in the door. In a way it's a lot like in academia where no one gets tenure anymore and those with PhDs just drift from one adjunct job to the next. Lots of work is getting farmed out to India as well.
If you can get out with under... let's say $20-25k in debt... it might not be the worst career move, but if you get up to 50, 100, 150, 200k (yes, people are taking out this much in loans to go to law school) it is not worth it. The other option is that a T14 degree still does hold weight. So that's Yale, Harvard, Stanford, Columbia, Chicago (don't go here), NYU, Penn, Duke, Virginia, Cal, Michigan, Cornell, Northwestern, and Georgetown. I'd even say Cornell and Georgetown are dicey.