Obviously take what I say with a grain of salt but:It's dicey. What you have to ask yourself is : What id your primary reason for buying a house?
MOST people buy a house because the generation before them says it's a good investment. They also buy a house because : it's the american dream, it's just the thing to do, it's something to share with your friends and family etc. etc.They then justify this massive expensive burden to "you can't go wrong with investing in your own home."
Given your incomes and the fact that this mortgage will have you scraping by (not to mention housing tax, repairs, damage, insurance etc, etc,) I would ask:
1 - Is this an emotional or logical buy (ie. is this just because we want "our own home" or "a place to raise a family in" etc. or is it actually a super investment)
2 - What is your future scenario? (is your wife paying off law school debts and currently articling for 42k a year but will get 70k then 95k over the next 3 years or are you both stuck at 50k for the foreseeable future?)