Worth noting that past UT/UCLA/USC/Vandy, employment statistics within a particular USNWR tier are better correlated with location than with markets. To the extent that applicants use employment statistics at all to make their decisions, you'll see a shift away from "small-town" schools not because applicants don't want to spend three years there (although they may not want to) but because Biglaw doesn't want to recruit there. A big part of why schools like BC and Fordham outperform their rankings is that there are a relatively greater number of interviews conducted there.
It isn't hard to see why. Suppose you are a NYC firm with targets of top 10% for a T1 school. And suppose about a third of that won't interview with you (for self-selection reasons). If you go to Fordham, you are talking about doing ~30 interviews--definitely a worthy endeavor when it's right down the street. If you go to W&L, this is what, eight or nine potential interviewees? The odds that you'll even make an offer to one of that group are probably below 50-50, much less that it will actually be accepted. Getting to Lexington is then a two-hour flight plus a three-hour car ride. That's a giant hassle for a very small likelihood someone from W&L is actually going to join your firm. Remember, this is all time someone could be billing. And so understandably, many don't bother. W&L students can still send resumes and whatnot, but of course the chances of actually getting hired when you interview are exponentially greater. A lot of firms are only going to take those long trips if it turns into 75 interviews or so (like in Charlottesville or Durham).