Can't you find more powerful versions of spells? Can't you make potions that fortify spells?
Not sure about the first, but I know for certain you can do the last.
Apparently our most powerful spells for magic damage are not that effective against high level enemies. I have read the magic list, and there are a lot of powerful spells, but not many top grade ones that do enough damage as seen ingame.
As for the potions, yeah, its possible. But they are only temporary effects. Mages will have to keep making, finding ingredients, it is a bit of a chore for some players. While warriors don't need potions to be over powered, we need potions to keep our damage output from being.... basically.... useless.
It is a slight balance issue here although I am not too bothered what happens either way. If beth does not fix it, mods will.