This is why I think it's advantageous to wait:http://employmentsummary.abaquestionnaire.org/
57% of Fordham's class of 2011 had long term employment that required a JD. Again, I think Fordham is an excellent school. However, to pony up 150k for tuition, and then at least another 75k for living expenses, all for a 57% shot at long term employment, sounds ridiculous.
FYI just to pay the per/mo interest on 225k is 1600/mo. Try that without big law in nyc. Hah, even try it with biglaw in nyc.
Once again, I think Fordham is an excellent law school. The horrible legal economy is not the law school's fault, but they could at least lower tuition, or offer more in scholarships to those who have decided to attend in this awful market.
Yeah, I'm aware it is a particularly challenging time. But keep in mind that these stats are like looking at a distant star through a telescope. The light (placement data) makes a rather long journey and gives us a picture of the past, not the present. So the Class of 2011's big law placement took a big dip. This is seriously disappointing. BUT, these are people whose OCIs happened in 2009! Decisions on placement were made 3 years ago for many of these people. During the depth of the recession! And law firms who didn't see it coming got caught with too many new hires, creating a sizable (but not endless) backlog. Thus, c/o 2011, 2012, and probably 2013 experienced an employment recession just like the rest of the world did in 2008 and 2009. But things started bouncing back in 2010, so look for improvement in the placement of c/o 2013 and on. Also, there was a major dip in class size, it seems.
So, if you are fresh out of undergrad and have a secure lucrative job you don't hate, you can afford to wait until things are booming again (can you wait 12 years?). Many of us aren't in that position. You assess the risks, assess your own abilities, and then you set about living the life you want, rather than waiting for things to hopefully get easier some day.