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The benefits might not be direct, but many of the people I know who did it grew an appreciation for the law and their own abilities.
Law schools here can really ravage with your sense of self and it is nice to go to places where these things are done well.
Foreign LLMs serve many purposes, other than learning about law.
First, it's about personal satisfaction. You get a chance to spend a year or two in a Western country, absorb the culture, and experience a completely different lifestyle. It "broadens your horizons" in the sense that it exposes you to systems and institutions that are not Indian, and this can change the way you think.
Next, if it is a top institute, it is about signaling. "I am good enough to go to Yale" or Harvard or Oxford. Those are powerful brands, and getting them next to your name makes people look at you differently.
Third, these help build contacts and networks that can prove very valuable to you over the years. Alumni contacts, especially. The kind of people you can meet through alumni connects is something you don't realize until you're an actual alum.
If the financial side is manageable, by all means go for it. It may or may not give you a head start in a corporate career (it mostly won't), but it enriches your life in many ways.
For international arbitration, international trade etc fields, which are slightly niche in India, an LLM, especially a foreign LLM can massively help you jump the queue. And it doesn't necessarily have to be an LLM from oxford/Cambridge, even Singapore would do.
Very rare to find top good arbitrators or trade lawyers in India without a foreign LLM.
2. Some very talented people have done LLM from Ivy/oxbridge and have shifted laterally to foreign firms, but they are extreme outliers rather than the norm.
3. Do LLM if you want to leverage that qualification to a non-corporate, non-practising career like research organisation, policy, academia etc.
Something I had been thinking about for a while, why does an LLM even matter? From my limited experience in the field of law, and from what I've read and heard from many (not just LI), I feel an LLM is really redundant from a career perspective. While I've heard that a Uk LLM "opens your horizons", I'm really not sure what that would exactly mean.
My only question is, is it relevant to pursue an LLM, unless I really want to learn the specifics of a particular kind of Law (which is the real purpose), and will it add anything to my career progression, like knowing the game better, thinking more vividly etc.
(I have specifically omitted to hint at which career I would like to pursue, or which institution I belong to for a reason)