So, the short version = if you want to be a real lawyer you need to go to a T5, or do above median at a T14. Otherwise you're a glorified paralegal?
I'm not going to take issue with that suggestion, but will ask yet another question: exactly how do they (the law school collective) attract 40,000 new matriculants (or more) each year?
There are plenty of people in the t5 that are unhappy, so I don't think going to a better school will necessarily make things any better. This is the worst the legal economy has been since the 1970s and what was biglaw in 2007 is probably never going to be around anymore.
Yale students in general are fine because so many of them do clerkships, and a TON do SCOTUS clerkships. Harvard will do clerkships and take up basically all the jobs that are out there biglaw. Stanford will come in and swoop what's left and also clerk.
Everyone else- completely screwed. Even clerkships are going to be really tough to crack now because everyone is going to want to do them, including students that traditionally might have wanted to just go work biglaw straight out of law school and not do a clerkship at all.