I suppose it probably affects the total amount of litigation. If both parties know they will have to pay their own attorneys fees I'd expect less money to be spent on attorney's fees overall. That might also mean less time spent in court. If it does, perhaps that would be seen as good for the legal system (the courts themselves)?
I haven't checked the stats, but I don't think that there's less litigation in the US compared to other western countries, so if that was the aim it seems to have failed.
