I see some parallels in academia. It seems really hard to get tenured at a top-25 (or so) department. But you can always go elsewhere for another job (academic or not). I suspect it's a similar thing with those who don't get to stay at a Biglaw.
Don't think the XOXOers are reading this though.
No, it's not easy to find work if you got laid off or you didn't land BIGLAW at 2L OCI.
Is it really that grim? A classmate's wife is a lawyer who got her law degree from Northeastern and works in the DC area (where I am). There are also a couple of acquaintances who went to some local law schools and are gainfully employed. They are all doing fine as of now. So maybe I'm being too optimistic.