Interesting indeed. Assuming the class size adjustment is fairly legitimate, this would appear to be a ranking of "schools that generate lawyers who end up BigLaw partners or hotshots at locally prominent small firms."
That would explain Yale's relatively low ranking and the relatively high ranking of schools like Texas and UVA, but I am puzzled by why Stanford ends up so low.
Glad to see you here! (To all, if you've not had a chance to read Morten's books, they are exceptional. Well worth reading before starting a clerkship or new job, or, for those already in a summer clerkship or new job, very much worth reading to avoid the many missteps in a firm or other law office.)
As to Stanford, I've been thinking of this with regard to the Harvard-Yale-Stanford (or, for those so inclined, Yale-Harvard-Stanford) grouping. This has become a common assumption, but it might not be entirely correct. I'm wondering--at the risk of annoying any Stanford grads--whether it's really a pair, Harvard and Yale, with Stanford being more a law school viewed as Chicago is: exceptional but fairly small and a bit in its own world.