I'm doing an LLM this year but believe it or not, I'm still slightly confused by what it actually is. I read that it is a Postgraduate law degree...but does this mean that by doing an LLM, you then have 2 law degrees, 1 undergraduate and 1 postgraduate? Or is it just a top-up, so it converts your undergrad degree to a postgrad one? But if that's the case, why do you graduate with the gowns and hats etc again? I'm confused! Can somebody help?

It's a postgraduate course... a master degree, just like an MBA. It ain't got nothing to do with upgrading your undergraduate law degree. It may enable you to practice law under a certain jurisdiction though (an NY LLM will enable you to take the NY Bar exam, for instance). In the UK, it may help you to get into a coversion course in England, but in Scotland it's just an academic degree and won't enable you to practice under scots law.
Hope this helps ya!

Thanks. So does it mean that I would effectively have 2 degrees then? One at undergraduate level and the other at postgraduate level?