Law firms and judges care once again how the school is ranked in a particular region.
I tend to look at the positives not the negatives in terms of the legal marketplace. Look at it from this standpoint: Society will probably become more and more litigious as the years go by. History has proven this to be true. Next, as the middle class people no longer enjoy jobs such as 25 dollar an hour janitors or non skilled laborers making 50k a year- these middle class and also lower income people will certainly want to become claimants against someone to pay the bills (goverment, former employer, insurance company). Lawyers will certainly have to be involved in either of these situations.
the white rabbit, that's what I mean. Law firms both know and have some say in where law schools rank in general (I don't mean the exact number, but they know how the schools that feed into their market compare.