I have to confess ignorance on this topic. I do not know much about LL.M. programs. But this past weekend, I happened to run into a classmate of mine. She mentioned her disappointment with the recruiting options available to us and expressed a desire to enroll in one of these LL.M. programs as a way of "waiting out" the bad market. I very politely inquired as to whether she really thought one year would make such a difference. She said she didn't know, but that it couldn't hurt.
Not knowing anything about the relative job prospects for LL.Ms versus JDs, I am going to go with my instinct and say that this is just a way for schools to extract more tuition money from students. Maybe someone more knowledgeable about this area can chime in. Who knows? Maybe some day a JD without an advanced legal degree will be functionally obsolete. Until then, I am willing to bet that the person who advised her to do this is a law school employee.