This certainly does happen for court decisions [1], but part of the legitimacy of the court comes from the idea that it is consistently (and therefore fairly) interpereting law.

It's also important to make a distinction between "the implications of the court's interpretation of the law are different in this new world" and "the implications of this law are different in this new world. For the latter, the legislature, not the court, should fix the law. For the former, it is still within the legeslature's power to fix the law in such a way that the previous court decision is invalidated.

[1] http://www.gpo.gov/fdsys/pkg/GPO-CONAN-1992/html/GPO-CONAN-1...