Definitely not! It's a well-respected degree worldwide. That being said, it doesn't guarantee you immediate access to a job. For instance, I know many Law graduates who've completely drifted away from their original career goal and are now doing pitiful, meaningless jobs. At the end of the day, it all comes down to what you'll choose to do with your degree.
I think it's fairly well established that up until the time of the LLB, most law teaching was (as the Oxon BA suggests) highly philosophical in nature and not what is commonly understood to be legal education now.