I've heard that laser isn't really that great unless you're printing thousands of pages a month. Modern good quality inkjets print text that is very close to laser quality and can do nice pictures and graphics. Just do a google search for reviews. pcmagazine.com etc...
In my experience, inkjets are perfectly adequate for printing papers (and in law school, I doubt you'll be printing more than plain text documents; these people are professionals. I highly doubt they'll be impressed by pretty pictures and borders). If you decide to go with inkjet, I recommend Canon. They are fast, do good quality work, and in many cases the black ink cartridges are only $8 (I think $12 or so for color). The big problem with Epson, HP, and especially Lexmark is that ink is expensive: a black cartride with these could easily be $30 a pop.