The workload of law isn't that bad, but it depends on what grades you're aiming for, and whether you're aiming for just a pass or HD/Ds. In a way, you do tend to have (especially from 2nd year onwards) a largely law based social-life in that you see your law friends more than your non-law friends & even your school friends, to a certain extent, depending on how involved with uni extra-curricular activities you are. Not to mention how busy your friends are! But its still a social life, just kinda insular, especially when you approach the assessment stage of the uni semester. Misery loves company, so all the stressed out law students tend to converge together. I find my lack of social life during the busy tiems of semester is largely due to trying to juggle uni, work & other activities together, each with equal attention. But I find that I still can go to my friends' parties etc, because you find that most people are in the same position as you and tend to hold parties during the non-busy periods of the uni semester. Its definitely managable though. You just may end up losing some sleep, and drinking copious amounts of coffee. =)
But the workload is definitely from the readings & assignments. I find that I spend most of my time reading and taking down notes for law. You only get about 1-2 assignments during the semester, so its constant work throughout the semester, with a bit more work during assessment periods or you cramming majorly during weeks 6-8 & weeks 12 &13. Its about 2-3hrs of prep before class, if i do it properly. Then, hypothetically, about 1-3hrs afterwards, just writing up notes.