I went to a top 20, scored above the 98th percentile on the LSAT. This is a complex question. First of all I want to say I really wanted to go to law school, and it is was the worst decision of my life. Assuming you want to go to law school, even though it is a horrible profession, there a couple strategies about school selection.

There are a few variables to consider. One is the cost of law school. Law school is very expensive, with many schools charging more than 40K a year. A second consideration is the opportunities that a law school will provide you. If you graduate from Harvard Law School you will have more opportunites than if you graduate from Cooley Law School. Third would be what type of law do you want to practice. If you want to practice so called Big Law, you almost have to go to big named highly ranked law school in the top 10. If you want to to do personal injury, immigration, social security, criminal law, etc it does not really matter where you go. Then you throw into the mix your law school grades. Many law employers are obsessed with grades. So much is riding on your first semester grades. Basically, the top 10% of your class, and it is basically like going to the casino, will have an opportunity for decent access to interview. Everyone else is disposable. The odds are against you big time. It would really help if you had a successful attorney relative that has a slot open for you at their firm. Unless you get into Big Law the pay is mediocre, $30,000-$50,000, and you would have been better off being a plumber, electrician, or just about any other career without the debt. Worst case you go through the grief of law school, MPRE, Bar Exam, accumulate six figures in debt with a low paying law job or no job.

Yes it matters. some schools have a higher prestige than others because the people they teach become really successful. graduating from a college that is popular in that field will = better job opportunities.