How can law schools (and graduates) survive in the current economy?

Of all the college bubbles that are currently bursting, the law school bubble may be the most heartbreaking.  Here are students who often went into law because they thought it was a sure thing, one of the few degrees that had a guaranteed job waiting at the end of it if you could make it through the difficult process of actually getting the degree.  For these students the extravagant costs of school were worth that security.

These days, however, entry level law jobs- especially those paying enough to actually take care of loan payments, are a bit slim on the ground.  Yet despite the masses of unemployed law students, the cost of the degree hasn't changed any.   How long can this continue?  The ABA Journal's January issue has a great article on just that topic.