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.