Well...to be honest, I don't even know how anyone short of someone in the market (reasonable man?) could have much authority talking about the legal job market. There's just too much knowledge out there for any of us to speculate very far. .02
That's because you're busy studying for your silly little exams.
2Ls at my school who struck out from EIW and OCI are still wondering what options they have. Midlaw doesn't really exist. Shitlaw isn't hiring all that well. There's public interest and government positions, though.
Since my school has great LRAP, they're going to be fine from a financial perspective, though I pity the majority who really wanted Biglaw from the get-go (and who worked their asses off for it; some of them did very well during 1L), and are now effectively shut out from it forever.
And this is a T6 school we're talking about.
Let's now talk about some dude who wants to go to a T2 law school (not HY; I mean tier 2). Biglaw is effectively out by default. Again, midlaw doesn't exist. Shitlaw is being taken by the T14s or top students in the T1. PI and Government are good options, but without good LRAP, the student is looking at a dismal financial future.
What other options are there of which danny and GATORTIM speak? In-house? That ain't happening unless you have a few years as a biglaw associate under your belt. Insurance defense? Is that something you really wanted to do passionately, such that you decided to go to law school? Personal Injury? Really!?!? I mean, if that's your life's ambition, then all is well and good. But I have a hard time believing that one's life ambition is in ID or PI.
So yes, I do happen to know more than you about the job market. You will know significantly more in the next 6 or so months as well, as you begin to research what your realistic options are with your credentials.