I attend a T6 school. However, I have worked with great attorneys/met partners of firms that attended T4 schools. I would think that for the majority of law students, those that are really just looking for a strong return on investment and have no real idea/ are not emotionally invested in any particular type of legal work (90%), the risk/return odds are against you outside of the T14, unless you have a great scholarship or a job lined up.
To put it in perspective, I and four of my friends who are a little above median received more than 20 offers. Our buddies at a T1 school, which used to place 15-20% in big law have stated that their entire class only have nine people working big law jobs all together.
Another reality is that getting a degree from a T14 school is in reality a different degree. It allows you access to jobs that most T1, and roughly all T2,3,4 degrees will not get you. Aside from regionally dominant institutions within their region (eg. USC, UCLA, Wyoming, Boulder, Georgetown, Texas Tech), and large ideological network schools within their network (Notre Dame, BYU, SMU, Cal), your T1-4 degree may appear to practitioners like a University of Phoenix degree appears to the HR people at Goldman Sachs. Notice, I am not stating that the educational quality is worse, or the student body is less intelligent, it is just a market reality (ie. I got smoked on an assignment at a job this summer by a tier 4 student).