ahh didn't read this thread, hope OP is still around!
well you would have gotten your ATAR now so that should help you decide but here are my 2cents:
I don't think firms place as much emphasis on your uni as has been suggested in the thread. HR isn't so narrow minded as to think what uni you went to is such a decisive factor. Ultimately grades and even moreso, extra curriculars and relevant work experience are more important.
Deakin's law program for example has a heavy focus on commercial law which may be something firms want. It spruiks itself as being very focussed on getting its grads into commercial law firms so you may want to look into this.
The best thing you can do to get a job as a lawyer is have decent grades (say D average or higher), extra curriculars (mooting, law competitions, work with the law student society, other uni involvement) and nice work experience (volunteering at CLC's, part time work at law firm or general admin/office jobs). From this you should be set to secure a clerkship and from there it's much easier to land a job. Maybe it will be harder for the absolute top tier firms but a job there is hard for everyone. There a heaps of mid-tier firms that you can look at, you don't need to work for the big 5. I myself am aiming to work for a particular mid-tier firm over a top tier firm. The Australian legal job market isn't so saturated that it is impossible to get a job. You'll only have serious problems if you don't out any effort into making yourself employable.
As for Business (Law), if that is the Caulfield course, I think that is basically a commerce degree but you are forced to do a business law major. In which case, DO NOT TAKE THIS COURSE. The reason is if you are intending to transfer into say commerce/law, you'll end up with wasted units. People studying law can't do business law subjects so any work you have done towards that major will be lost if you apply to transfer. On the other hand, if you just did a commerce degree and proceeded with a different major, you could transfer into law without any loss.
the other option you mentioned is Deakin Law. The advantage of this is you may get credit for some units if you transfer. This means Monash may recognise some of the Deakin law subjects as equivalent to Monash law subjects so you don't have to re-do them, so a transfer won't set you back as much. The disadvantage of this option is that it is harder to do an external transfer than an internal transfer.
IMO, the best option is to take a commerce degree if you can get into it, or a business degree (which is basically identical to a commerce degree except its at caulfield so the ATAR is really low) and work away at it as you would as though you were doing commerce/law. Do all the first year subjects in your first year EXCEPT for business law. tbh if you put a reasonable amount of effort in, a HD or high D average isn't too difficult for first year commerce subjects. Marketing and management are pretty easy HD's if you are okay at writing essays. The others aren't terribly difficult either. With a HD average an internal transfer should be successful and hey presto you're in commerce/law without any setbacks to your degree! Even if you don't make it first time, you can keep trying each year (although it will get harder because your grades will probably fall).
anyway wrote all this while super tired so hope it makes sense and gl with applications!