For those who follow this elitist logic- what is your counterargument on the theory of Tier 4 graduates NOT wanting to work at law firms or serve at the pleasure of an employer. This type of student attends Tier 4 to 'hang his own shingle' out there and provides 1 on 1 personalized service with clients and carves out a niche for him or her self.
Not that I think legal education should be restricted to the elite, but I'll answer anyway.
If you're just out of law school with no experience working as a lawyer, you don't really know how to do very much and you probably have the resources to do even less. Hanging a shingle is starting a small business, and this requires start-up capital. It's not easy to do this when you're already in six figures in debt. A business loan is unlikely--lenders will not consider someone one year out of law school with a six figure debt to be a good investment.