UT Law is absolutely an elite (tier-1) law school for purposes of the USA Big Law firm recruiting and lockstep salary.
Generally the elite law schools are the top 14 schools in the USNWR rankings. Texas falls just outside of the top 14. It's still a great great law school, and a great school to go to if you want a decent chance at working for for an elite law firm (or the Texas office of a national/international law firm) in Texas or in the southwestern part of the US, but it generally doesn't have the nationwide reputation that even the schools near the bottom of the top 14 have.
Is a German law degree a post graduate degree? I don't think its quite accurate to compare a JD to a law degree that doesn't require a separate undergrad degree.
Most European countries teach law (and medicine) as undergraduate subjects, but I wouldn't say those programs any less academically rigorous.
Much of Europe skips the 2-year 'liberal arts' portion of undergrad.
It's a five year direct entry undergraduate degree. German universities only recently started granting Bachelor's and Master's degrees separately, instead of having the Magister or Diplom (direct entry Master's) as the lowest degree. Law and Medicine maintain the old model. Besides, German University preparatory high schools are at least equivalent to an A.A./A.S.