As long as Hospitals and Law firms continue to hire competent Doctors and Lawyers, this would be a win for society. More people getting health care or access to the legal system, at lower prices, would be a good thing for society.

And I don't see any reason why an increase in the number of Doctors or Lawyers would cause Hospitals or Law firms to hire incompetent employees.

We actually have a surplus of lawyers right now, at this very moment. Large numbers of people with law degrees are unable to find work in the field.

So fewer people are going to law school. And this is true even at the top end. The most talented people are going into law in lesser numbers.

It's not a theory, it's actual fact.

That's pretty much how free markets operate. There is nothing wrong with it. The idea that X profession deserves the smartest kid in the room is nonsense if the profession has found out how to get along without that kid.