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

Legal analyst Jeffrey Toobin spoke at Harvard Law's "Class Day" on Wednesday, telling grads not to worry about the "oversupply of lawyers" that's been in the news.

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.