Is this a law school forum?
A friend of mine didn't pass July's bar; he's retaking it in February.
I'm not sure whether this is true for every state's bar association, but in Texas a list of people who passed the bar is posted on the Texas Bar Association's website. So everyone will be know whether or not you passed. "Failing" the bar is common. Some states have 50% pass rates.
If you don't pass, you don't become an attorney. Simple as that. It can affect your job security. Competitive firms may not allow multiple attempts at passing the bar.
Again...is this a law school forum?