TOOBIN: The Legal Jobs Crisis Doesn't Exist For Harvard Law Grads

First of all, Toobin said, there aren't enough lawyers for all of the people who really need them — including tenants who are fighting their slumlords.

"This is life-changing work. It can be life-changing for you too," Toobin told them during a speech that was streamed live on Harvard's website.

Toobin then acknowledged the "days of wine and roses are over" for lawyers, an apparent reference to the pre-recession era when a law degree pretty much guaranteed a job.

But, he quickly added, "That's not really so true at Harvard. People want you."

Toobin's comments came after The New York Times' Thomas Friedman wrote an op-ed arguing that employers care less these days if you went to an Ivy League school. That column prompted a response from a Yale student arguing that the school's grads are in fact better than everyone else.