If you're under 25 and can get into Columbia, you should seriously consider it. As the business contracts, the big shops are going to be more and more selective about the credentials of who they give a shot to. I know there is an opposite school of thought about if you're bright and have clips and can report they'll find you, yada, yada, yada. I don't buy it. Not if you want to work somewhere like the NYT or the Washington Post or the Chicago Tribune. Of course, not everyone does, and that's OK, too.
But you should also give yourself a time limit afterward for making it big, after which you should go to law or business school. Perhaps somewhere in the 30-35 range, depending on where you are in life. With a good LSAT score, you can get into some damned good state schools for next-to-no tuition.