Melb Law beats Monash Law hands down. In terms of practicality, they isn't much of a difference, both top and medium tier have Monash/Melb students. For accessibility, Monash law is way more realistic and also a lot safer, it whoops Melb's LSAT/postgraduate approach.
But if you are thinking of going internationally to practice law, perhaps Melb JD is more favorable. Its a lot more recognized outside Australia and it carries that prestige Monash doesn't seem to have internationally. From what I know, the country I originally came from leans more towards the UK graduates. Thus, graduating with a Monash Law is perhaps not in my best interest, given that it does not carry the fame and recognition, lets say, Melbourne has.