Well firstly, I think this whole discussion is a waste of effort.
The wisest thing said in this thread so far: "All those rankings and numbers are just statistical nonsense."
Both Monash and Melbourne Law are considered '1st tier' universities by ALL major employers. There can be slight preference either way, but NO firm in Australia will disregard you as a potential employee for that reason alone.
As far as international opportunities are concerned, employers are looking for extremely hard-working AND well-rounded individuals. The people with an 80+ average AND considerable extracurricular involvement AND volunteer work AND a part-time job, etc. etc.
When they find somebody of that 'caliber' of person, they do not look over them because they went to Victoria's second best university.
If firms had your attitude, which trust me, they don't - they would only employ students from the top university in the region, radically reducing the diversity of their workforce.
Quite obviously - Monash and Melbourne have slightly different teaching styles and produce graduates with a slightly different education. If you are the recruitment officer for a large firm, you would employ one of each, so that you have 'the best of both worlds'.
It is for this reason that the 'truly second-tier' law schools such as Deakin, Latrobe do still give graduates a chance to get an offer from a top-ten firm.
Anyway, I could go on all day about the stupidity of only wanting to go to Melbourne for the statistical ranks or the 'prestige' - but it's a waste of time. You know that Monash has a very established law school. Everybody in the legal industry in Victoria, if not Australia, knows that Monash has a very established law school.
I actually found it hilarious for the first month at Monash listening to some people complain about not 'getting Melbourne' - they were all of the same people sitting in the corners not speaking unless spoken to, whilst the people that were happy to be at Monash, were also happy to be making new friends and enjoying uni life.
Whatever happens, all the best, if you do end up at Monash, I will see you at enrolment day on 24th/25th - consider getting involved and coming to my party