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I'm 4PQE and almost done with the rat race. I've climbed quite smoothly in a boutique and hold decent knowledge in my area of law.

If I pursue a European Masters in this domain itself, how easy/hard will it be to get roles as Guest Lecturer in law colleges based in and around Delhi.

I wish to run a small solo practice doing a mix of commercial and pro-bono matters, while the wheels stay moving with the guest lecturer stint.

It it viable?
You could try becoming a seminar course teacher at NLUD. You will have to take only 1-2 classes in a week and can teach your niche. I don't know how much it pays though.
With a European Masters + NET (Very easy for a person who can work at a firm)

You can easily get a permanent lecturer or assistant professor job in an NLU or Law College's or even Jindal type Universities.

Good pay + 1/3rd of the work - You will be free by 5 (unless you behave like a law firm rat - which won't make any difference in your career)

Actually there are ex-associates in Jindal and NLU's - who is having peaceful lives of thier own.
UGC requires even Assistant Professors to have a PhD now from July 2021 onward. JGU can arguably make their own rules being an IoE, NLUs cannot. So with only an LLM and NET, a permanent position at the NLUs may no longer be available.
Just to clarify, I am not a fan of this new rule. Only providing the info since it's been notified already.
If you want to be an assistant professor, you'll obviously have to multiple other things.

But you are already a step ahead - since you have already figured out that you want to work as a contractual faculty with a side practice - which is kind of the best of both worlds.

A foreign LLM with 4 years PQE can make you a guest lecturer at almost any college. I have seniors with credentials less than that (1 year PQE + foreign LLM) who are working as guest lecturers at NALSAR, NUJS and JGLS. So, even good law colleges will hire you.

The only problem will be career growth. As a guest lecturer, you will mostly be paid on a per class basis and your per month salary would be between 30k-60k in government colleges. I know people in JGLS who work as RA-cum-guest faculty in Jindal and make about a lakh but that's about it.

You will not be able to aspire to top professor level salaries between 1.5 lakh to 2 lakhs even after 10 years of experience unless you get the UGC requirements (NET, PhD, fixed number of research papers etc.).

But since your focus is having a side practice, I'd advise you not to go down the formal route. Once you take up a permanent position, you give up your license to practice (as advocates cannot be employees). Then you can only teach. So, if money with a little bit of academia is your focus (instead of just becoming known as a great academic), then the path you have decided is the right one.

Just have faith in yourself and follow your dreams! I'm sure you will succeed.
It's risky. It'll work for the next few years but will get difficult as the pool of people doing this expands. The question is what you have that can give you a toehold as long term guest faculty. With some people it is friends in high places - they are able to keep their guest lecturing gigs as long as senior faculty support them. With others, it is credentials - being senior and well known for the particular area of law, and a fairly fancy masters degree. Frankly, the former works better than the latter more often than it should. If you want this to be a consistent stream of income, be strategic about the masters degree and networking.
Unless you are getting Erasmus or equivalent, even a European LLM will set you back by at least 15-20 lakh. Also, a year of lost opportunity in making wages. Why not save that money, live frugally, and just kickstart the practice? For Guest Lectures, JGLS at least is an IoE now and can take you on board for courses in your area of expertise even without the LLM.