IUB gets doubly screwed with pre-ITE data. First, their ranking pre-ITE was not where it is today and they flat out were not recruiting the types of kids that go there now. So the reportable numbers from pre-ITE do not reflect the increased student body of ITE due to IU's big donation and rankings bump. It is not an apples to apples comparison.
You are now just assuming that IU-B's placement will miraculously jump up to reflect their new ranking. It is just as likely (with people putting more emphasis on the plight of recent law school grads) that USNews will change their methodology to further compensate for placement, and thus IU-Bs ranking will go down. WUSTL is not talked about in the same breath as Vandy/USC/UCLA because it places more like the UIUC/ND etc. Until IU-B starts placing like these other T25 midwest schools, they belong in a tier with schools like Cincinnati/Case etc.