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Without full proficiency it may not be a big deal either way, but if a law student has some time on their hands and wants to learn a language- what would be a plus, however minor, in the legal field?
English.

(seriously though, trolling aside, we hear French is a little bit useful due to the ICC being in Paris and it being used in some parts of Africa. End of day though, any foreign language will be valuable in some way - pick one you like and that's spoken in a country you'd like to spend some time in some day, and go for it, a language learned is never a waste of time).
While its true that the ICC is based in Paris, actual I've come across while practising tend to speak whatever language is useful in the field/industry rather than French. Most are Brits/Australians arbitrators speaking middle eastern/african/asian languages. As always, English is the single most useful language while connecting with different people. We've had management conferences with people from Britain, Australia, Germany, India, UAE, US etc. in a single arbitration (the tribunal, lawyers, clients everyone combined).

It makes sense to learn languages associated with the country you intend to practise in. If you're working in Paris, you NEED to learn French and so on.