The benefits to LR include, but are not limited to:
1. Higher demand for you on the job market
2. Potentially higher pay for you on the job market -- some firms even offer a bonus to 1st yr associates who were on LR
3. Increased networking opportunities
4. Increased opportunity/liklihood of publishing a note (adding yet another line to the resume, and all the benefits that that entails)
5. Higher demand for you on the clerkship market
I have a good friend who graduated top of his class and was EIC of LR. He said the LR is what got him his clerkship, and the clerkship has proven invaluable to him in his practice -- first, it helped him as an ADA, and it continues to help him as a defense attorney with his own practice.
All thanks to LR.
He says if you don't care about any of that, then you should avoid LR like the plague -- it's a LOT of work. But if you care about any of that, then you have to pursue LR.
As for me...
I'll be shooting for LR and Coif, maybe one or two other organizations -- depends on what kind of free time I've got, and what the organizations do. Felsen, I didn't know you were a fellow Mormon -- I might see you at the LDS group's meetings....