Speaking as a Canadian with a law degree, the US situation looks downright scary. To wit:
-These days, every podunk law school charges Harvard money
-There are more podunk law schools than ever before... so many of them popped up during the boom and even though the market has taken a serious turn for the worse there has been practically no decrease in the number of freshly minted JDs (too profitable to close them, I guess)
-As indicated above, the market generally sucks...