I don't peruse this board very often (in fact, pretty infrequently). So, I'm not sure what you mean by "employment rankings." But this topic is something I do know a little about, from a "real life" perspective. While I didn't attend SLS, I am very familiar with it from the hiring side, and we've found SLS students--virtually from top-to-bottom--to be excellent "prospects," highly sought after, and (like their counterparts at the Stanford GSB) typically trying to decide from a number of very attractive offers. SLS, with only about 170-175 students per entering class, has, for the most part, a demand for its students that significantly outstrips supply--and by a substantial margin. Again, similar to the GSB, this supply/demand ratio is (for the most part) typically frustrating for firms at OCI. In particular, East Coast and Midwest firms have a tough time prying SLS students from the West Coast--even those originally from other areas of the Country who grow accustomed to California sunshine. SLS students genuinely interested in DC, NY, and Chicago are always in particularly high demand, simply because (like Yale), there is simply a very limited supply. If you really want to see some frustrated employers, walk over to the GSB during OCI and talk to the East Coast (or Midwest)-based banks, consulting firms, and S&P 500 Companies recruiting at the Stanford Business School. Again, it's all supply and demand, and the smaller classes at the Law School and the Business School put the vast majority of students at each institution in enviable positions. I know this from personal experience--again, sitting as an interviewer, not an interviewee.
I can assure you, however, that should an SLS student choose not to start her or his career at, say, a Vault 50 law firm, it's almost always by choice, and not from "desperation." The same is certainly true at YLS. And, like YLS, SLS students (and HLS students) are interested in a wide variety of careers
after law school, many well ouside the traditional "Big Law" route, and all of these "other paths" are readily available to SLS students. These run the gamut from PI, academia, government, business (Silicon Valley seems to have a siren-song attraction to some entrepreneurial SLS students), or simply pursuing another advanced degree (frequently a PhD in a field that interests them, complements their JD, and often a further step towards academia). The single-minded (and misguided) notion that every member of HYS's entering classes "must" covet a position with a Vault 20, 50, or 100 firm simply does not correspond with reality (particularly at Y, but also very true at S, and also--but probably to a lesser degree--at H). I know this well; we've had our hearts broken by a number of SLS students who simply chose great opportunities in PI, government or academia (or something else) over Big Law. (We understand. They followed their hearts, and a unique place like SLS gives them that opportunity. I, for one, applaud them. And we are certainly well aware of these "risks" when recruiting students from any of Y, S and H (as well as a few other schools)).
What does US News typically show? Close to 99% of SLS's graduating class employed within 3 or 6 months after graduation (I'm going from memory here)? And I strongly suspect that those other 2 or 3 students in a typical class have voluntarily chosen to trek through Tibet for the next 12 months (seeking the meaning of life), or are applying for a PhD in Astrophysics (or some other subject well beyond me)--and not seeking a corporate legal position or federal clerkship. The premier East Coast, Midwest and West Coast law firms (along with consulting firms, I-Banks, etc.) all descend upon OCI at Stanford Law. And, on a per-capita basis, which is the only true way to compare "apples-to-apples" among law schools, Stanford's Federal clerkship statistics--last I looked several years ago--were off the charts (for those wishing to pursue clerkships), second only to Yale (which has a healthy lead over both SLS and HLS, if memory serves).
No, employment "options" aren't a problem at SLS; far better to be below median at SLS than any other school I can think of, with the one exception probably being Yale--which also has the supply/demand ratio strongly in its favor. Hypothetically, I'd MUCH rather be near the bottom of my class at SLS (again, a function of supply/demand) than near the bottom of my class at HLS, with over 550 students per class (over 3 times the size of S and Y!) I know of a number of horror stories for below-median students at HLS, particularly those not wishing to remain on the East Coast, and particularly in the current economy.
In fact, the only recent survey I'm aware of allegedly representing employers' views on this subject (and, to be honest, I don't put much weight on any of the rankings outside of, perhaps, US News), I believe, ranked Stanford #1 among all law schools, with Yale at or near #10. I believe that was the Vault Survey of Law Firms, and I thought I saw someone post it on this board a few months back. I know we circulated it internally, and from a Big Law perspective, it wasn't surprising. Again, I don't put too much weight on it--I'm simply saying that with a very small, very selective class (very similar to Yale in that regard), finding attractive employment options out of SLS--wherever you want to practice or clerk or do whatever interests you--is typically not much of a worry for SLS students.
(P.S. The results of the Vault survey also likely reflects something that is whispered (and sometimes spoken outright) in the halls of "Big Law"; namely, that compared to their HLS and SLS brethren, YLS grads, while typically very bright, are more often not well prepared for the Big Law environment--unlike many of their colleagues at Yale's peer schools. The perception is (rightly or wrongly) that many Yalies are more interested in policy and/or academia/teaching than rising in a corporate law firm. This is obviously not always true, but I suspect the nature of the curriculum at YLS may help to produce this mindset among its students. And, I should also point out, depending upon your perspective, it is not a criticism of Yalies in the broader context of professional life. But it is a common criticism within the narrow confines of "Big Law." I also strongly suspect that there are a fair number of SLS and HLS students with this same "YLS" mindset; it is probably just more prevalent at Yale--partly because of the curriculum and structure at YLS, and partly a product of self-selection as admitted students choose among any or all of the "Big 3.")
you may want to look up how they arrive at that conclusion.