On the College Guide blog:

Here’s a good rule for people who are interested in going to law school: don’t go to a third or fourth tier school. Just don’t; it’s not worth it.
There is obviously both methodological and perhaps even ethical trouble with the whole notion of ranking law schools into tiers. No doubt there are bright students, engaging classes, and talented faculty at all sorts of schools.
But the reason one goes to law school is to get a job as a lawyer. Period. And the firms that could potentially employ newly-minted lawyers pay attention to law school rankings. In the words of one lawyer friend of mine: “when first tier law school graduates are having trouble finding jobs, the ones down the rung are just f—ked.” Keep that in mind.

In 2004, of course, Half Sigma (then the Calico Cat) wrote a classic post about how law school is a waste unless you go to one of the top 14 schools.