Honestly, with technology coming in, there will be an oversupply of all kinds of graduates. Don't let that deter you too much, even if law doesn't work out, you can rely on your economics degree to get a job. If you are interested in law and get the marks, try it, if you don't really like it but want to do it for sake of prestige, forget about it, and if you don't know, try it and transfer to Arts if it doesn't work out.
As Strawberry said - there's an oversupply of graduates in every aspect. Law's no exception. I think law gets a bigger rap than the others because 10 years ago (ok, maybe 15 now), law was kinda a golden ticket to employment, particularly if you went to a Go8 uni. That's no longer the case anymore.