Short answer:

In law: perceived effort > perceived reward

In other industries: perceived effort < perceived reward.

As you correctly identified however, what ppl often neglect to mention is that for these industries, e.g. IB, big tech, it is free market competition but only the very best get to reap good rewards. Those who've "made it" will of course proclaim loudly about the virtues of their industry. The vast majority are silently slogging away in less than optimal career outcomes.

I would say law is much more egalitarian due to restricted competition. Law school is already one great filter. The chances of attaining a reasonably good career outcome once you're a law student, is higher than in a more wide-open field like business or CS.