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Whether or not you should transfer depends upon what you want to do. Like valkyrie said, if you are going to make law review and be in the top 10% (what is the grade curve) of your class then you are probably okay if you want to stay in the same region right after graduation. I don't know where you are in school but one of my friends went to Syracuse and was on law review, yada, yada. He went to work for the Governor in NY and now wants to move out to LA. He is having a really hard time getting firms to take him seriously. Accordingly, if you want to go to a big firm or somewhere outside your region, you would be better off at a nationally recognized school.
That being said, where you went to law school really only matters for getting your foot in the door at your first job. After that it is all reputation and your own accomplishments.
I went to a first tier law school and I have to say that the job market is super competitive, even if you go to a top school (at least here in LA). In the LA market, only the top students from the lower ranked schools get firm jobs at all, and they have a difficult time getting jobs in the public sector.
I don't think that it hurts to apply right now -- good luck!
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