Since you already have work experience, you're not really going to be lumped in with others who are going "directly" from undergrad to grad school. I think that the decision should be driven in part by how much you like quantitative vs. qualitative analysis. If you're into quant stuff (e.g. markets, finance, operations research) go for the MBA. If you're more of a qualitative guy into the socratic method, law school is the place for you. That's not to say that there aren't places where they intersect. For example, securitization and M&A law would have both a qualitative and a quantitative component. Of course, if you're really indecisive, you could enroll in one of the many joint MBA/JD degree programs that are out there at large research universities. I have an MBA. It's ok. My friends with JD's don't appear to be having any more fun than I am. And while I've never met an unemployed lawyer, I've never met an attorney who enjoyed being one.