Public interest, litigation, academia. I would like to practice for a while, then possibly get my PhD in philosophy--I would be interested in teaching philosophy of law or social-political philosophy. My plan (this morning) probably sounds like a lot of people's: to go to the best school I can while paying the least.
If you want public interest, Emory might make more sense. Some PI jobs are very exclusive, but the overall field has many opportunites. PI has low pay, so avoiding debt is a good idea.
If you want criminal litigation, go to Emory. Criminal litigation is not an especially competative area of the law and you do not need the absolute best creditials to enter right away.
If you want commercial litigation, then the decision comes down to whether you value access to major firms OR the limitation of debt. Emory places about 25% of its class in NLJ 250 firms whereas Michigan places about 55% of its class in NLJ 250 firms. If you include those at Michigan who elect to accept Fed clerkships or teach, their access to BigLaw is probably in the 60-70 percent range. At Emory, if you finish outside the top 1/4, you will not have a good shot at BigLaw. Nevertheless, you will have no debt.
If you want legal academia, go to Michigan. Your chance of being offered a job in legal academia with an Emory JD will be extremely low.