>I guess those guys mostly make their money by putting up billboards and farming out referrals?

I don't know why the manner in which someone studied law would have any impact on how or what they practice now. Most of the law and skill learned is by actually practicing, not what you learn in law school. Law school is about how to think like a lawyer, not how to practice law.

Pretty much any even mid-sized legal market is going to have really well-respected attorneys who graduated from some fancy top 5 law school, and some really well-respected attorneys who graduated from a local law school where they took night classes.