what are the chances?

What if I were to retake the exam and improve my score to a 710 or 720, do you think it would make much of a difference in my application in the above mentioned schools? What about a 740?
Additionally, if I go to law school for three years, do you think that will make up for the need to have full-time professional work experience? Is it better to apply straight outta law school than now, in other words?
I know there is no quantifiable or clear cut way to answer my question, but I would appreciate it if you gave me a rough idea of what my chances would be then.

Thank you again for taking your time to answer these questions.

Hi shqipo,

Yes, scoring over 700 would be helpful. Look at the mean score for the schools you are interested in and that will give you an idea of what they are looking for. Also, there is a sticky thread of GMAT and GPA that is useful.

More school won't help significantly unless you are going to spend time working and interning doing those three years.

This is my personal opinion and viewpoints vary on this - but speaking as an MBA grad, I think for a management degree it is incredibly helpful to actually work - there are huge differences between working and being in school, and I really believe that to benefit fully from an MBA you need to understand the work world by working. Obviously many MBA programs are starting to admit people straight from undergrad, but I believe that is more to benefit the program (by capturing super stars before they go to medical or law school) than actually a benefit to the applicants.

Good luck!

Amy