Don't forget, WI was ranked 35 just last year, then 28, now back to 35. It's overall score fell 1 point, from 63 to 62, and it may very well go back up again after this year. Employers could care less about these natural variations in the rankings, and it is hardly indicative of anything. Employers don't care.
One thing I wonder about is the strength of ones applications transferring out of WI after their 1L year (the situation I am considering). If there are two students who are otherwise tied, would the fact that their schools now switched places on the USNWR rankings make the difference?
Also, I worry about trends. Is WI's falling funding (and other schools with dependence on state funding) going to further contribute to its gradual decline? I would have thought so, but look at UC-Davis, rising in the ranks despite being in CA's terrible financial situation AND more dependent on CA funding than Hastings. So...go figure.