A few observations to add as an incoming student. I think you underestimate the ability to land a job in D.C. The fact that W&L is a small school means that no large city will be dominated by its grads, like Boston is with BC and BU. But, for example, while it is just one law firm, Williams and Connolly, a very selective firm in D.C. interviews at only 17 schools in the country - the T14, Vandy, Texas, and W&L. That may be for no particular reason, and it is only one example, but in my mind that speaks to the reputation of W&L among D.C. lawyers.
While its "peer schools" may be BC, BU, Emory, GW, etc. in a numbers sense, I also think that W&L is often compared to a different set of schools by many applicants, including myself. My list of schools was comprised of mainly Southern schools, UVA, Vandy, W&L, W&M, Wake Forest, UNC, etc. Accepted to all but UVA, W&L was most appealing to me because of its tremendous reputation in the entire Southeast. I think if you compare it to the schools on the above list, it will rank favorably in most categories to all but UVA and Vanderbilt (though close in the South). Essentially my point is that comparing W&L to big city, Northern schools just doesn't make as much sense as comparing it to schools it truly competes against.