I recognize the intended irony, but there are some on FR who would interpret this literally and cheer this on. So, to preempt that, let me say that even with this scenario, the wheels come off eventually, once all the lawyers have sued everyone else out of business. Then they turn on each other, and their malpractice insurance companies go out of business for lack of being able to pay the claims.
We can take a cue from the natural world on this one. In a normal, in-balance biosystem, the ratio or predators to prey is about 2 to 3 percent. That seems to keep everything on an even keel, preventing overpopulation while at the same time supporting a reasonable level of predators. But when the sh*t hits the fan, and the optimum balance of sharks to victims gets out of balance, eventually the sharks eat each other. In the economic analog, the system implodes (i.e., revolution is the order of the day).
It's true that a nation made up primary of lawyers would have nothing to divide amongst themselves - someone has to be making something that's worth applying a legal "rent" to. My point is that from a policy perspective, looks like we've made the decision to let our productive infrastructure die. No more "post-Sputnik" type education programs, no more protection of nascent industries, etc., etc. Therefore, the prudent young person contemplating 4-8 years of advanced schooling must look honestly at the situation and ask themselves "How can I earn a living?" An objective analysis of that question leads to choosing the legal profession. And yes, it will just make everything worse. But without a clear recognition of the problem and doing what many FReepers here have suggested, it seems to be the only rational choice. C'est dommage.