This is the criterion most often discussed by prospective law students and the most difficult to determine because it is so subjective. You need to decide what is important to you and not rely on someone else’s “ranking.” In particular, once you leave the set of 10 or 20 schools considered “national” law schools, the rankings are completely meaningless in conveying any universally useful information about any given institution. The 40th ranked school is not objectively “better” than the 120th ranked school.
Placement information suggests that when it comes to finding a job, graduating from a prestigious school is less important than graduating high in your class. You are more likely to do well at a law school in which you feel comfortable. Although graduates from prestigious schools may begin their careers with more options, as your career progresses, your professional accomplishments will mean more than where you earned your J.D.
Professor Brian Leiter at the University of Chicago has developed a very helpful analysis of the US News and World Report ranking, to demystify what it actually measures. LSAC also has some helpful information on this topic.