While it's true that a profession can be oversaturated due to swings in the market - Law and finance are suffering a glut right now, just as comp-sci grads started working at coffee shops to get by in 2001 - these ebbs and flows even out over the course of time.
Auditoriums full of attorneys are massively inefficient and error-prone. It's not a good use of a law degree - come to think of it, billable hours and the organization of the law firm are both obsolete. Prix-fixe legal billing is the new school, and lawyers using technology to make it possible are making a ton of money, and there's going to be more demand as the cost barrier is lowered: Lawyers get to make more money working less hours for more clients. I don't mean there will be more lawsuits, I mean there will be more wills, living trusts, estate planning, contracts entrepreneurs and investors, setting up LLCs and corporations, etc... stuff that increases wealth for the middle class, and was once reserved only for the wealthy. So it's a net positive.
Technology does close some doors and obsolete some careers. It creates far more than it destroys, tho... and there are still craftsmen who cobble shoes by hand, just like old Ned Ludd, and they make enough to support a middle class lifestyle.
The larger problem is that colleges funnel their best and brightest into law instead of other fields of study, and business looks at college as a 6-year trade school. An employee with an advanced history or english degree will be very damn valuable - they can organize research into any number of issues, think critically and analytically about what they've found and communicate what they've decided about it clearly. That's worth more than knowing how to get "hello world" to run in LISP. Yet it's a "useless degree" to many hiring managers...
Both business and higher education are not acting in their own long term best interests in search of short-term profit.