Been lurking here for a while, but thought it was appropriate to join in this discussion. I'm a pretty recent Pitt Law grad, and I'm surprised at some of the comments here.
First, I think the comments about giving are spot-on. I did my undergraduate at a different school and primarily follow them in athletics, and my giving has so far been almost exclusively either to my undergraduate school and to Pitt Law. Although I went to a handful of basketball games as a law student, I (and other classmates I know who also didn't go to Pitt for undergrad) don't give to the undergraduate school or to the athletic program. I generally want Pitt to do well, but if my money is going anywhere, it's to the law school.
Second, Pitt Law's biggest problem by far isn't Dean Carter or the faculty; Pitt Law's issues stem primarily from the same issue that's plagued law schools across the country - less students are applying to schools, and law schools are put in the position of either cutting class sizes (and losing money), or loosening standards for incoming students' LSATs and GPAs. Dean Carter (who, full disclosure, was the dean for my entire time at Pitt, although I never had him as a professor) arrived at Pitt right when the bottom was falling out of the law school market, and wisely made the decision to cut class sizes and take the financial hit that resulted. The class before me (2015) had around 225 incoming students - that number for the class of 2019 is around 130. That's a significant drop, and the law school has needed to come up with the dollars to balance the budget from the university, because they're getting ~75% less in tuition dollars from students.
That said, it's not enough, and the school, university and alumni community need to do more to provide scholarship dollars to raise the credentials of the incoming classes. The market for law students is incredibly competitive, and Pitt's peer schools have increased scholarship funding substantially to maintain the quality of their incoming students, and Pitt hasn't kept pace with its competitors at the expense of the quality of its students. Just as an example, last year's ABA disclosures reflect that at Penn State Dickinson in Carlisle (was tied with Pitt last year and is now ranked 10-15 spots higher), 97% of its students receive scholarship money, with 40% receiving full tuition scholarships. At Pitt, 65% receive scholarship money, with only 10% receiving full tuition. As a result, Dickinson's median LSAT and GPA scores are 158 and 3.48, while Pitt's are 156 and 3.42. Those numbers might not seem like a lot, but when incoming class statistics are ~20% of the US News ranking score, it's quite significant. The market today dictates that schools essentially compete against each other for law students with scholarship money, and the fact is that Pitt hasn't kept up with its competition.
As a recent graduate, Pitt has a tremendous amount to offer, and is pretty "underrated" as far as the US News rankings go. Its employment scores are strong - and look good for this year, as another grad mentioned with the placement of grads in big law firms - its faculty is well-respected nationally, the University approved a $6 million renovation to the law building, and Dean Carter has put into place a number of worthy initiatives that have strengthened the law school but don't tend to attract headlines. The factors that lag behind are Pitt's incoming class statistics (which can be corrected with additional scholarship funding to attract top students, as Pitt's competitors have done) and the bar passage rate (which correlates with LSAT score and can be corrected with higher-achieving incoming students). Improve in those two aspects and you likely have a law school ranked in the ~40-60 range as my fellow alum mentioned.
Pitt Law's current ranking is not representative of the education that I or my peers received. Although I loved my time at Pitt Law and feel that the education I received has put me in a position to achieve what I wish to achieve professionally - and regardless of the imperfect nature of the US News rankings - I want for the rankings to reflect what Pitt has to offer. But I feel it needs to be given the resources to do so, because the name of the game is the LSAT and GPA scores of the incoming classes.