Well, no. In the US, lawyers can't work for non-lawyers; that is, they can't work in a position where their legal judgement is subject to review by a non-lawyer. Part of their code of professional responsibility.

How do you square that with General Counsels who report to the CEO/Board?

As a senior at Yale right now, and seeing what most of my fellow students are going into next year, the Ivy League is great at pumping out over paid worker bees. See here http://yaledailynews.com/blog/2012/02/13/finance-continues-t... for the numbers going into finance (~20%) and just anecdotally I would guess there are only slightly less going into consulting. Finally, there are a not insignificant number (maybe 10%) doing some sort of engineering.

That's true. Consultants and bankers are also overpaid worker bees.

Edit: but at least they report to other consultants and bankers.

I graduated from Harvard, and like chris_b said with Yale, a not insignificant number of people went into some sort of engineering. It's not the plurality career choice, but it's not like the field is some sort of pariah at Ivy League schools.

Because Ivy -> high social status

engineering -> relatively low social status

This is poor analysis. Princeton, Cornell, and Penn have had strong engineering programs for many decades now, and Brown has had a very strong competence in Applied Math.

Your broad brush strokes regarding "Ivies" and lawyers are just mugging for stereotypes.