Short answer, no. As you've mentioned, increased supply of law grads and contracting demand for legal services has led to a downward trend in terms of prospects.

On the AI issue, yes there's going to be automation of many tedious jobs that junior lawyers are typically tasked with e.g. discovery, first cuts of draft agreements, etc. However, I don't think AI can ever replace lawyers in the near future. It's likely that it'll free up juniors from mundane tasks and focus on more complex issues that can't be automated. Like most other experienced lawyers here, I've spent years on soul-crushing jobs but I can't say I've really learned very much. The most valuable experience I've had tended to be higher up-stream.

Now more than ever, being successful in law is a tough gig. You need stellar grades to even get internships in a hope to get a TC at a reputable firm. If you're middle of the pack, it's a tricky decision whether to invest the time to get a law degree and pursue a career in law. I'd speak to more lawyers in the profession to get a feel if it's a path you wanna take..