Don't neglect legal throughout the year but its not something you should need to memorise, really just understand.
This. There are some parts of the Legal Studies course that require minor rote-learning, but that's about it as far as memorising goes. It's a common misunderstanding that you can just memorise things from the textbook over and over and get by well, but that's not the case (in my eyes) anyway. You should be understanding and applying the material you learn; looking at daily cases and news that relate to the legal principles you've learnt in class.
In light of that, a recent case/example that has been in the news, has been the couple who are trying to fight for the right to choose the sex of their next child. They want a girl and so much so, they terminated having twin boys. This relates to the legal system, as the couple are now taking their case to VCAT to have their bid overturned, as it was originally rejected. That's an interesting case to refer to; you'll find this case in the main newspapers presumably. It can be used to show how individuals want to change the law. I also agree with what werdna and Burberry have said.