ages ago, exeter was an extension college of oxford, and reading was an extension college of cambridge. i have no idea what an extension college is, or why it was in exeter. i find it cringe worthy when i hear the "exeter-cambridge link" - its just pretensious crap. exeter is a great uni that stands strong by itself.
regarding law, exeter likes to boast about its eu masters course and i think i read that it was the only course like it in the uk (or one of very few) which deals with eu law, so i guess it offers a specialism that you may not find at other universities. if you want to be a barrister, you will need to go to durham, bristol, nottingham, london or oxbridge. i dont think there has been a barrister from outside of this group for many, many, many years. if you want to be a solicitor, then you will be more than fine with an exeter degree, but you may not be able to apply to magic circle law firms (which doesnt really matter because there are hardly any whatsoever). being exeter, your degree will be a good one, but every so often a circumstance pops up where employers want oxbridge degrees more than anything. if you post this question in the law forum i suspect you will get the same answer. this doesnt mean that the quality of your degree is less than oxbridge, durham, bristol, nottingham or london. it simply means that now and then law is prejudice field because many of the good jobs are private sector (rather than public sector - which will have strick antidiscriminatory guidelines) .