Latest Lawyer Employment Data is "Troubling" says WSJ

Law school was not a good idea for lots of its graduates. I've been over and over and over this, but here's more from the Wall Street Journal: 

My analyses show that employment patterns for the Class of 2010 have improved only marginally during the four and a half years since law school graduation. Unemployment still stands at 6.3%, and one fifth of the graduates still work in jobs that require no law license. The percentage of graduates working in law firms has stagnated at just 40%, while the percentage of solo practitioners has leaped. 10 These outcomes contrast markedly with those for the Class of 2000. Although a recession shadowed the early years of that class’s employment, the 2000 graduates substantially bettered their positions as they moved into their careers. That type of progress did not occur for the Class of 2010.

Is the writing on the wall for the lawyer glut? And are college seniors literate enough to read it?