I wonder how much of that is professional wisdom that embodies this lognormal distribution. Law isn't quite the same as dev, since there can be a lot of lost calendar time just due to certified mail, or court dates, or whatever. But I've found that when I apply this formula to my estimates, I'm a lot less anxious when I start to bang my head against unforeseen setbacks.
Of course, knowing which value to emphasize to a manager depends on why they want the estimate. Sometimes they really want the effort estimate, and sometimes they want the calendar estimate, and I'll sometimes give both if the context warrants it.