OP I studied law at Oxbridge. So did my DH.
I now teach there (though not law incidentally).
What I would say is that we, as in those that work there, don't pressure anyone. However, many students place themselves under undue pressure. Also, the way we work (short terms, many tutorials, lots of written work) is intense.
That said, lots of students are very happy here and doing lots of cool stuff besides their studies. Our music, drama, sport, politics etc are thriving and the bars are full
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With regards to a law degree, I would say that it is a very good grounding for many careers, including politics. It really does test analytical skills to the max.
That said, you don't have to have a law degree to go into the law. There used to be some snobbery against those who didn't, but it certainly isn't the case any longer (except perhaps an individual bias - yes, DH, I'm looking at you). There's a joke that the History department at Oxford has some of the most devoted historians in the land, until they graduate and all go to work in City law firms
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