Yes, you can go to boast to someone who gives a fuck. I mean, why introduce a pissing contest when noone else is pissing?
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Law's difficult, but not any moreso than any other university degree, in my opinion. I mean, I just completed my law degree, and yes, there were moments when I wanted to kill myself, but I'm sure if you stuck me in an Architecture or Engineering degree, I'd similarly want to neck myself too.
Law has a more intense rap because, in my opinion, the personalities which law attracts tend to be alpha or beta personalities (check), with loud mouths (check), who are drama queens (check) or are extroverts (check-ish). Of course, this isn't indicative of the entire cohort, but by and large, I find that law students fall into two of those categories. But essentially, no, law isn't that bad.
As for universities, yes, I suppose you could argue that the majority of clerks at mid-top tier firms are USyd/UNSW/Go8. Why that is the case is part prestige bias, but also part calibre of candidate. Think of it another way, to get into USyd Law (which needs a fairly high ATAR). Would your chances improve if you went to Ruse? Probably. The person who comes 80th in the cohort still gets 99. The person who comes 80th in the cohort of Woop Woop High School probs gets like 70s.
It's the same with universities. The person who is 30th in the cohort at USyd probably gets a clerkship at a top tier. The person who is 30th in the cohort at (say) UWS probably doesn't.
Does that mean that it's impossible to get a clerkship from UWS? Absolutely not. You have just as much chance if you're a stellar student (well, you SHOULD, this isn't taking into account university bias, which does from time to time occur). There are two grads at Mallies (one of the big three top tier firms) who are from UWS - but they were both medallists in their respective years.