Drew:
Here's my own experience, YOMMV.
I went to a private undergrad and a private law school. I walked out of my graduation ceremony with a little under $100K in loans to pay back, as you estimated in your post.
I wasn't in the top 10% of my class and my first job out of law school was for $40,000. I knew some of my classmates who were in the top 10% were making $100K+/yr at that same moment in time (across a variety of firms in different large cities). Over the years, I've talked with a large sample of other law grads. They have all had relatively similar experiences with respects to salary after school... but there is a wide variety in terms of the schools these grads attended.
So my own personal belief is that it's your ranking, not your school, that gets you the better paying jobs.
The exception I've heard (but have no data to support) is for students from top tier schools (Harvard, Princeton, Duke, etc). They get good jobs apparently regardless of their ranking - a function of the alumni network and the school's reputation.
Thus, if I had it to do all over again, I would go to a state law school (no offense to my alma mater, it's a good school... it was just darn expensive).
As far as your work/life balance after law school... well, frankly, I would've done the 70-80 hour/week if there would've been a big-city firm willing to hire me on partner-track. But there wasn't, I had burned out anyways... and 10 years later, I love what I do and don't regret my path at all. My partner-track fellow alum are still on the track - not one has yet made partner at a big firm to the best of my knowledge. And they're still working 70-80 hour weeks... while I head to Disney World on a regular basis.
