In law, it's a HUGE deal for first jobs. Pitt is miles ahead of Duquesne in reputation, but I knew if I walked into an interview and there was a Duquesne diploma behind him, I wasn't getting that job.
I interviewed for an unpaid clerkship in Michigan, and the guy interviewing me said "wow, Pitt, Ivy League, that's impressive." I think he was thinking of Penn, but it wasn't a question, so I just didn't acknowledge it. He thought I went to Penn Law, and didn't even get a 2nd interview. He was a UM Law grad, and I assume everyone who got a 2nd interview was also a UM Law applicant.