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The course has 60 seats only, moreover I don't think that a lot of elite DU college folks would be flocking to NLS all of a sudden. Taking the example of the likes of GLC, ILS, Jindal and Symbiosis, the 3 year LL.B does not effect the placements or the reputation of the 5 year course in a significant way even though some elite DU, MU and CU college grads do take up the 3 year course at these colleges. Although the reputation of NLS is greater than any other college offering the 3 year LL.B atleast in the corp. law/law firm scene, also kindly note that the tier-1 NLUs have a great alumni base who are exclusively 5 year grads and hence that would be a significant factor in favour of 5 year guys. So mere speculations would not do any good, let's see how things turn out and in my humble opinion I don't think the brand value of the Tier-I 5 year course decreasing any time soon.
fyi, people who run after branded colleges, more often than not end up working for individuals who are brands themselves. self made billionaires in their late 20s/ early 30s didn't do so out of "campus placements"/ jobs. they made it by being imaginative, creating a disruptive product/ service or by harnessing ideas that didn't exist before. so grow up, think big, step out of the wage mentality and stop this indian middle class obsession about colleges, jobs and working for someone else.