Since I posted above, I will clarify that I personally am not saying that people should not go to law school. I do agree with trying to be realistic about it, though.
I've enjoyed my time in school, and am not sure that I would change the decision I made before I enrolled if I could go back in time. But I honestly did not expect that I would have as much debt as I do, given that I am on a full tuition scholarship. I have really good grades, great job experience from my previous career, but I didn't get the lucrative summer jobs that I thought would take the edge off. Those summer jobs are, for the most part, no longer reality. For personal reasons I didn't foresee when I applied to law school, I wasn't able to work part time during the year as I planned on, except for one semester. So I have debt that I didn't plan on. And, I honestly thought the economy would be different by the time I graduated. It's not.
That being said, there are still jobs. They simply are not as plentiful. I worry most about the person who is in the bottom 50% and doesn't have the social aptitude to network.
Plan to do well on the LSAT. Plan to work your ass off in school to be sure you are ranked well. Plan to scrimp and save on day-to-day stuff. Plan to network and get to know the attorneys in the area you plan to practice. Know the market you are getting into, which may mean going to a lower-ranked school if it is more respected and has better connections in the town you want to live in. Plan to be unemployed until after the bar exam results are published, which means a few months without a paycheck after graduation. If you are realistic, and understand that the jobs that there once were will never be around again, that's all that one can ask.
I would, however, strongly recommend anyone who tests poorly to forego law school. If you cannot handle the stress of an exam, and you don't have a parent's law firm to work in after you graduate, you are going to be in trouble.