Lawyer/Mommy/Blogger extraordinaire Lag Liv posted her thoughts on whether and under what circumstances law school is a good investment. Lag Liv is a Biglaw attorney who graduated from Chicago, and she was answering a query from a reader who got into a few top-30 law schools and who is interested in a career in Biglaw. I would simply repost Lag Liv's thoughts (and have her permission to do so) but the comment thread her post generated at her blog is also very valuable and offers a broader perspective.
She addresses, among other things, the importance of law school rank versus class rank and provides a snapshot of the current employment environment in Biglaw. In the comments, there is a discussion of how law school rank affects certain public interest jobs, clerkships, etc.
I'll direct you to read her post and the comments here.
Current law student, Shan, found that her comment was too long for Lag Liv's thread, so she generated her own blog post on the topic. She asks a prospective student nine questions, and if the student cannot answer yes to at least one of them, he probably shouldn't go to law school. Her post is here.