M.Phil

Well, an M.Phil in law or a Ph.D in law is an equivalent course in India, which is offered by many NLUs and other law colleges.
You need to have a Master in law or rather a doctorate in any field of law.
Well there are lots of job opportunities. You also have an option for government job, as you are eligible to take up any exam, such as judiciary and civil services and, also you get preferences in other placements by law firms and corporate houses, as well as by the PSUs owing to your qualifications.
Also, UGC NET is considered equivalent to your M.Phil in law sometimes. You get to be directly appointed as a professor of law at any law school.
Also, you are eligible for every government entrance exam including judiciary and UPSC.
Moreover, you may apply for jobs at RBI as grade 2 officers.
Also, you get options to be an expert and may get nominated for any committe for legal disposals.
Also, you have an option for independent practice in law, wherein you may get nominated as a government counsel after few years.

There are many reasons why some students do not register for a PhD and favour an MPhil. Firstly, an MPhil is sometimes the name for a one-year Masters as is the case at the University of Cambridge. In some education systems like that of Pakistan, the MPhil is a research degree which includes a strong coursework component, which is often a requirement for a PhD applicant. For some disciplines, notably in the humanities, the MPhil is regarded as the most advanced Master's degree.
Other students, unfortunately, do not at the time have the financial means to undertake a PhD but still want to pursue a research degree. Some choose a one-year Masters by Research, and some choose an MPhil which will normally take two years. Sometimes, and although rare, a research degree can be for one's own interest and an MPhil fulfils that personal ambition without the need for PhD.

You can go for an MPhil (regular) after completing Masters from IGNOU. Every institution has its own criteria but since IGNOU being the recognized Open University, its degree is acceptable by almost all other regular institutions.
Recently, UGC has announced that candidates who score 55% in their Masters are eligible for MPhil from UGC recognized universities. So you need to focus on getting at-least 60% in Masters to be in the safe zone (Only if you are a general candidate).
I would like to give you an advice that please go for Central Universities for M.Phil as the faculty in such universities is mind blowing. JNU, DU, BHU, etc. are there in this list.