One of the main things I'd like to see out of the magic system is more variety of ways to do damage as a low level caster outside of fire magic. Currently if you're not melee focused and not taking fire magic, your sovereign tends to seriously lack any bite in the early game.
It would be fine to make some of these spells more situational, short range, prone to resists, or ineffective on certain types of monsters, but some basic damage spells are really lacking in the early game.
Things such as Air - Sparks, Water - Ice Shards, Earth - Rock Blast, Life - Searing Light.
It would also be great to see researchable spells in the magic tree that were populated based on the schools of magic selected by the player. I am really frustrated by the fact that all spells are essentially laid out to the player every game. A melee focused sovereign may get a different weapon or a different set of perks upon leveling to choose from, but a spellcasting sovereign plays exactly the same way every single time they choose a certain school of magic. It'd add a bit of excitement, and a bit of interest in the magic tree to include a random selection of spells to the tree.