Wadia by a mile. Their B&F team is tier 1 equivalent in the Mumbai circuit and you willl be able to shift to bigger firms in a year or two because of the reputation it has in the aforementioned space.
Nobody really respects Saraf or Luthra in the tier 1 market so avoid both, if possible.
There's hardly a point working at a firm which pays barely enough to survive in Mumbai while you're getting offered more than double of that at Saraf. Regardless of your claim of Saraf "not being respected", it pays as much as any other tier-1 and you could switch to a better T1 later without having to slog for peanuts at Wadia.
Depends on whose team you are joining at Wadia, the learning curve is going to be much steeper as you will be expected to independently handle matters at the very start. By A3 level, the salary matches any T1 law firm and in some cases beats it too
What is the salary structure in both the firms? and any work life balance?
(Banking and Finance teams)
Nobody really respects Saraf or Luthra in the tier 1 market so avoid both, if possible.
Saraf pays 16LPA to 18LPA.
Pat difference is huge. Especially in Mumbai, you need that extra money.