Matthies is right.
Every school has a waiting list full of borderline applicants. As seats become available, they extend admission to those who are closest to their desired profiles. A 120 is guaranteed not to be closest, no matter which school it is.
The advice given about waiting until seats fill up is a guaranteed fail. Those who have been providing said advice have no idea what they are talking about and should be ignored.
Anecdotal evidence is garbage - we don't know if the 'friend' who got in with a 120 had strong soft factors, knew the director of admissions, had family connections to the school, or was from a family of uber-rich who wrote the alumni association a huge check or sponsored a new library. All we know is that the faceless, unaccountable poster claims it happened.
A 120 wont do it. Retake after doing some review.
There are currently too many applicants to too few schools, leaving thousands of potential law students out of a career. If you like anecdotal evidence, I have a close friend who showed me his numbers and asked me to help edit his personal statement. His LSAT score was 155 and his GPA was 3.00. His personal statement was strong and he had 6 years of proffessional sales experience at a Fortune 500 company. He applied to every school in Chicago that he thought he might have a shot at: JMLS, Kent, DePaul, Loyola, and NIU. His application was denied at every school. The point is: you never can tell. All you can do is do your best to send the best possible application package. As a side note, my friend was discouraged by the rejections and changed paths - now he is a director of business development at a very profitable technology company.
Don't listen to the dunder heads who think a 120 will get you into law school when they have seats open. Few law schools run into this problem at all, and most simply let the seats go empty if they can't fill them with wait listed students. A 120 will not get you on a waitlist.
Why?
Simple: the lowest score you can receive on any given LSAT is 120. Fill out your name and refuse to answer any other questions? You'd likely get a 120. Why? Because that's the scale used on the LSAT. All scores are normalized on a scoring scale of 120-180. You can't get better than a 180 and you can't score lower than a 120.
The median score on the LSAT is currently hovering around 151. If you want to get wait listed or enrolled somewhere, that should be your target score.
Additionally, you should know that scoring a 120 means you have an uphill battle to face and should be thinking about whether or not you think you can increase your score enough as well as how you intend on explaining getting the 120. Both will be reported to the law school and they will want to know why you got the score, then retook the test and scored so well. My decent, but not particularly impressive score was explained as being a raw score that came about as a result of no preparation - I used my LSAT to determine if Law School was for me or if I should go in a different direction. That's not to say that a good prep class can't help (or be the explanation of the score discrepancies).