I dropped out in second year. I'd advise people against law school unless they're committed to entering the legal profession. With the job climate the way it is (especially in the US), it's going to be a losing bet for most people.
OP: Becoming a lawyer (or a literary critic, for that matter) is an intensive, full-time pursuit. Unless you specifically want to work as an attorney, I'd recommend against "crapping out" into law school. Either get into a funded MFA program or find a job that will give you time to write.