I go to W&L and I'd have to say UNC on this one. If Vandy comes through though...go there.
Care to elaborate?
1) UNC in-state will be WAY cheaper. I believe it's like 35-40k vs. 15k a year. That's at least 60k overall.
2) The schools are the same in the rankings now. Historically I think W&L might be seen as a little better, but it probably depends on who you are talking to. I really think your job prospects will come down to your grades, etc. more than which of these schools you attend. Thus, I think the price difference makes UNC a much smarter choice.
3) If you can get in-state at UNC, then I'm guessing you are from NC. Assuming you want to work in NC, UNC will give you at least equal opportunities there, but probably better. I get the feeling NC firms really like to take grads from NC law schools. Even if you don't want to stay in UNC, there's really no place that W&L would give you much of an advantage over UNC.
Like I said, though, if you get into Vandy...go there. It's essentially on par with Cornell and I think the boost would be worth it. Although this depends on what you want to do career-wise and where you want to end up.
It would help us give you advice if you elaborate a bit more on your background as well as your goals.