I tend to think any type of grad school is a losing game unless you're getting full scholarships or your employer is paying for it. I know a lot of people who can't find a job with their BA/BS right now so they think it's better to go to grad school, take out more student loans and hope the job market will improve in 2012 or 2013.

Regarding law school specifically, my good friend's dad is a lawyer (don't know specifically what kind) and he said it's just stupid to go to law school right now. I suppose it depends on a lot of factors like where you go to school/where you want to practice/what specific law field you're going into, etc, but I just can't imagine spending that much $$ on grad school/law school after spending so much on an undergrad education.