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What are the repercussions of not joining a firm after signing the engagement letter keeping the ethical considerations aside?
Law firms have much better things to do than sue lowly associates for breach. If the partner is nasty they will just make sure their network knows what a bad candidate you are. Its a reputational risk more than anything else.
It depends if you're joining another firm or taking up another career option. Chances of anything happening in the latter case are less.
Well, I dont believe being sued is a realistic risk (not a 0% risk), mostly retainer agreements are essentially worded really badly, they have all the ingredients of an employee-employer relationship, but scream its purely a consultancy arrangement! Also, typically they would have arbitration as the dispute resolution mechanism, with the firm retaining the right to select the sole arbitrator (which the SC said something about last year). Firms already are already flooded with work and there is a shortage of people. Therefore unless you have managed to piss the firm or the particular partner off, with something nasty you did, they dont have the time or want to spend the resources in pursuing a legal action against you. If you arent joining because you are going for an LLM or going to hide under a rock somewhere, they wont care much.

Practically, not honoring an commitment you have made is obviously bad and you will have a black mark on you, Partner may spread the information in the close law firm circles and be sarcastic with you if they see you in the future and remember you.
Been there done that.

Unless you’ve told the previous employer to F off, no reason for them to come at you. There are hundreds of students wanting a job. Surely there’s no dearth of talent out there.

Just turn them down politely. That’s basic decency. But also - you never know, they might end up sitting across the table on some transaction.

You don’t want any bad blood.
Please join for a month, take leave on medical grounds for the next month and quit.

Two benefits: (i) you may actually like the job and would reconsider the reasons why didn't want to join in the first place and (ii) two months salary (in case you quit).