Ok, here is my perspective. Admittedly, I am one guy, and much of what I know was based on experience of prior years,which has changed due to the economic conditions. thus, you should evaluate what I say accordingly:
First, in the past, if you wanted a job with a top 100, big law firm, you either must have attended a T15 school and do reasonably well or you could have attended a lower tier but must have graduated in the top 5% or so of the class and make law review OR you have to make connections. If you got a hiring partner to like you, it won't matter what school you attend. I want to University of Miami Law School. We did have top firms recruting there. Since there aren't many positions open for top law firms, some of this may have changed.
However, there is hiring at the smaller, mid-sized firms. These firms will hire from the top local school in the state. However, they usually want kids in the top 10% of their class and/or law review.
If you want government, you can go to any law school. However, even the government is more competive these days due to large layoffs among law firms. You should be in the top 10% or so of your law class.
Although law school is primarily designed for the practice of law, it might be very useful for other professions such as tax specialities, dispute mediators, financial planners. What law school IS NOT GOOD FOR is for those people who don't know what they want to do. If you majored in a liberal arts and can't get a job, don't think law school is your golden ticket. I believe that there are too many students who are like this and are going to be very dissappointed.