Suit recommendations/budget(men)? First gen professional

I understand if this is not the place to ask for fashion advice. Let me know, and I'll ask this elsewhere! I only ask because I honestly don't really have anywhere else to ask - I am not in touch with any of my male relatives and I'm the only person in my extended network to go to law school, or any other form of 'higher education' beyond a bachelor's.

I actually have a pair from five years ago but I lost around 40-45 pounds since then and I was recommended I buy a new pair rather than have the old one adjusted.

Do I need to buy a suit that goes up to, say $800, for general 1L law firm interviews/networking events? Or can I expect the same results with a cheaper brand, around ~ $300? And would dark navy be more ideal than dark grey for someone younger?