Thinking you know substantive law can be a dangerous thing for any lawyer who believes they don't need to bother researching. Obviously we all absorb the law in our areas of expertise but to suggest that practicing lawyers actually use law they learned in law school is a stretch imo.
You are right, of course, that both law school and the bar test memorization. I have always thought that to be a big flaw. As a trial attorney I have, of course, had to deal at times with very large and complex fact patterns. I never had to memorize anything. Dealing with the same fact pattern for 24-48 months reading documents, and deposing witnesses doesn't require memorization - it just requires memory.
As for the bar exam, I'm quite sure it has changed. Back when I took it, it required two full days. Eight hours writing essays one day. Then the multi-state multiple choice the second day. Not sure if states still require a separate day writing several blue books worth of essays. Either way, none of that has the slightest to do with being prepared to engage in the practice of law - which was the primary point I intended to convey.