On where to publish after tenure

Instapundit remarks on a paper that argues that law professors publish just as much post-tenure but dial down the journal placement.

The journal process can be slow and tortuous, and not infrequently results in papers that are worse, not better. It puzzles me a bit that well-known tenured economists with access to the NBER working paper series, which has essentially become a means of self-publication rather than a means of circulating unfinished work for comments, bother with the journals at all. If people will read and cite the NBER working paper, why spend time rewriting to make the paper more like the one that the referees would have written when you could write a new one?