It can be a bad long term investment for sure. It is not for everybody that is for sure and the reality is in 5-10 years your either going to be a good lawyer or your not. At that point your school is no longer responsible. If your good you are likely to earn something if your not good then people won't want you. The law is something you can see clear cut results in no matter what your area your in. If your a litigator you either win trials or you don't. If you draft wills they go smoothly or they don't. If you write contracts that always end up in litigation then that speaks to your abilities. It goes on and on the more screwups you have the less people will want from you. The more successes you have the more people will want from you.
As far as the KEEN competition all the jobs I listed except for nursing say job prospects will be competitive. http://www.bls.gov/oco/ocos038.htm
A growing number of students are graduating with architectural degrees and some competition for entry-level jobs can be anticipated. Competition will be especially keen
for jobs at the most prestigious architectural firms as prospective architects try to build their reputation. Prospective architects who have had internships while in school will have an advantage in obtaining positions after graduation. Opportunities will be best for those architects who are able to distinguish themselves from others with their creativity.
Architecture graduates may face competition, especially for jobs in the most prestigious firms.
About 21 percent of architects are self-employed—almost 3 times the proportion for all occupations.
In recent years, some architecture firms have outsourced the drafting of construction documents and basic design for large-scale commercial and residential projects to architecture firms overseas. This trend is expected to continue and may have a negative impact on employment growth for lower-level architects and interns who would normally gain experience by producing these drawings.
Pilots attempting to get jobs at the major airlines will face strong
competition, as those firms tend to attract many more applicants than the number of job openings
. Applicants also will have to compete with laid-off pilots for any available jobs. Pilots who have logged the greatest number of flying hours using sophisticated equipment typically have the best prospects. For this reason, military pilots often have an advantage over other applicants.
Although faster employment growth is projected in physicians' offices and outpatient care centers, RNs may face greater competition
for these positions because they generally offer regular working hours and more comfortable working environments.
It does say the growth prospects are excellent to work in inner city hospitals in off hours etc, but I am guessing there are as many nursing students that want that gig as law studnents want to document review.
These are the only 3 careers I looked up and I am sure if I continue the Bureau will say everyone faces competition. Finding a job you like, that pays well, etc is hard no matter what your doing. Law students are the only people that have to fight for jobs if these bloggers etc ever looked outside their law school bubble they would realize that.