whilst the 1st yr doesn't count in most unis, if you want to apply for vac schemes, summer placements, mini pupillage's in that summer between 1st and 2nd yr, you will get nowhere when all you have to show so far is a 40% pass rate, try to get a 2.2 pref a 2.1 in ure 1st year.
Also remember a lot of core qualifying modules are covered in your first year, if you just scrape a pass on these modules equally will get you nowhere fast as firms could look upon as pretty incompetent to be fair.
Yes you can turn it around and do very well come end of ure second yr (nod to lewis) and things work out ok but try not to be in that situation in the first place.