“It was thought to be this green pasture of stability, a more comfortable life,” said Mr. Fanciullo, who had heard that 90 percent of N.Y.U. law graduates land jobs at firms, and counted on that to repay his loans. “It was almost written in stone that you’ll end up in a law firm, almost like a birthright.”

With the cost of law school skyrocketing over the years, the implicit arrangement between students and the most expensive and prestigious schools has only strengthened: the student takes on hefty debt to pay tuition, and the school issues the golden ticket to a job at a high-paying firm  if that’s what the student wants.

“Students came in with a certain sense of what the compact was going to be,” said Irene Dorzback, the assistant dean for career services at the New York University School of Law. But with the system crumbling in recent months, Ms. Dorzback said, “people are now accepting this notion of a lost year.”

The timing is worst for the class of 2011, the second-years now looking to get into firms, because of a unique logjam created last year. After the September financial crisis, firms chose to defer their new hires at the price of steeply cutting recruiting this year.

But students who miss the brief window of opportunity to land an offer this fall may struggle to break into firms once next year’s class rises. When Julia Figurelli, a second-year student at the University of Pennsylvania, decided to enter law school a year ago, she expected to find a lucrative law firm job in three years  if not collecting the $160,000-a-year associate salaries at one of the uppermost partnerships. By the time she obtains her J.D., she says, she will have around $200,000 in debt.

“Had I seen where the market was going, I would’ve gone to a lower-ranked but less expensive public school,” she said. “I’m questioning whether law school was the right choice at all.”

Once aiming to work in Philadelphia, Ms. Figurelli is now hunting for jobs in lower-paying markets, like Pittsburgh and Fort Lauderdale, Fla. “I’m looking anywhere my competition isn’t looking,” she added.