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M&A - Everyone wants to do M&A, but it's too crowded. Most of your initial years will be spent doing pointless DDs. But yes, it's the closest thing to industry experience in corporate law.
IBC - Similar to M&A in terms of work, but instead of acquisition of great companies, you're doing resolution of insolvent companies. But less crowded, easier to make your mark here. Also, it is recession proof - you in fact, make more money during a down-market.
Downside: very very very niche. A handful of people in the country practice competition law.
It won't come to you easy. You will need to read and familiarise yourself with the FEMA framework, insider trading regime, takeover code and yes - companies act. But if you do that - you will really shine. And sorry to say - it's not that every M&A associate does ground breaking work.
This may sound like a biased rant but yes - this is my vie at least.