Hopefully some older students will chime in, as I'm just a 1L and haven't gone through OCI, but I will offer my experience. For 1L summer jobs it has been incredibly easy. I know several people that got firm jobs or corporate jobs of some kind, others government or public interest jobs, and the rest judicial internships. Everyone I know has a job, and it seems like they are relatively good jobs. Also from what I have heard about OCI it seems like things have been really just getting better and better over the past couple years, since the slow years around 2009 and after, and the people I have talked to have nothing but positive things to say. I have also had a good deal of communication with the clerkship office lately as its something I am considering and it seems like Michigan does really well placing students and judges look very favorably on Michigan students - as much so, if not more so, than peer schools. I'm not sure what the data shows, or why it shows a decline in BL/FC, but I would assume it is completely self selected.
I hope this is helpful. I know it is entirely based on my anecdotal evidence so take it for what its worth. But I do feel pretty confident in saying that if BL/FC is your goal Michigan is a great place to be. Even relatively, I think the reputation of Michigan among firms and judges "out performs" its peer schools. There's also possibly even more of an advantage if less of your classmates are looking for those same types of jobs.
2L. 80% + of my friends who wanted BigLaw got BigLaw at OCI. 100% of my friends who wanted BigLaw and who are not socially awkward/immature got a job at OCI. Anecdotal evidence suggest the smaller class size is helping. Also Harbaugh.
Graduating 3L here. Do not listen to this. This is just wrong. It basically shakes down like this. Big law is a coin flip at median. If you're above median, you're probably fine if you bid New York (and definitely fine if you're in the top third). If you're below median, you're probably screwed. If you're median, its a coin flip. That is not good.
Most people with firm jobs talk about them. Most people that struck out transition into PI pretty quickly and act like they didn't want biglaw. The school does a decent job (surprisingly) at putting people into state court clerkships and convincing them that these things are prestigious and highly valuable. It also does a decent job at funding 3Ls who are jobless for a year. But let me be clear: there are a lot of jobless 3Ls. A lot. I'd say at least 10% of the class, if not more. Couple that with the people taking state clerkships because they've been duped into thinking that they are the answer to everything, and you're looking at close to 17-20% of the class taking jobs that they not only didn't bank on coming into law school, but jobs that many of them would have considered a failure coming in.
Getting a firm job out of Michigan is not easy. Its not impossible. But its not easy. I would be very very very wary of coming here if you have an offer with similar money at UVA or Duke or Penn. And I say this as a graduating 3L who is going to a v10 firm and had 10+ offers. For the people at the bottom of the curve, it is not good. There are way more of them than you think there are and they are struggling. The sunshine pumping by Michigan students is just that. The class of 2014 supposedly had a better OCI than my class did. That's what OCP told people after our OCI was over. The class of 2014's numbers were not good. Maybe 2016 did better than we did. Maybe they didn't. I don't know. Either way, you're looking at a trend that at the best looks like this: Bad Bad Bad Okay Mediocre Okay. Michigan doesn't place better than peer schools at Federal Clerkships. Michigan doesn't place better than peer schools at Big Law. I promise you this is not self selection. Do not let people with anecdotal evidence convince you otherwise.
1L summer jobs are just not the same as 2L oci jobs. Hell they aren't even the same as 2L public interest jobs. The 3L hiring market is not good and coming in as an incoming 1L, you're essentially a coin flip away from a pretty bad place. If you're willing to hedge your career on a coin filp, come to Michigan. But please please do so knowing that there is a really good chance you walk away a loser.
Other Michigan students are laughing at the posts made above starting here: viewtopic.php?f=10&t=247256&start=25#p8566469