Disclaimer: I'm not an entertainment lawyer, but I have spoken with several in the course of my explorations of the legal field (I'm going to law school next fall), and from everything I've heard, it matters quite a lot. Unless you have excellent connections (read: are close with industry execs, talent, or established entertainment attorneys), you'll have a VERY difficult time breaking into the field unless you're at a school like USC or UCLA (or Stanford etc). As far as I can tell, most top entertainment firms recruit from top corporate firms, which don't usually recruit from 2nd tier schools. The one exception might be if you could do exceptionally well at Loyola (top 5%).
Hope this helps, good luck!