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In my view, foreign law firms will not recruit like Indian law firms, who blindly select CVs by only looking at the CGPA, or nepo kid hires, or lifelong interns from GLC. I think foreign law firms will use the following methods:

1. Adopt a vacation scheme system

- NLUs would generally stand at an advantage here.

2. Collaborate with law schools on teaching/research and select talent through these channels

- This depends entirely on admin. Law schools with VCs who are dynamic have the greatest advantage. Jindal and NLSIU lead, but remember that new VCs take office at several NLUs this year. Another alum VC like Sudhir could give stiff competition. Also, new schools like BITS and Jio will be coming up.

3. Give more emphasis to communications skills and extra-curriculars over mere grades

- Kids from elite schools will probably benefit, whether at NLUs or Jindal or Symbi or GLC.

4. A little bit of virtue signalling (e.g preference to students who write papers on caste discrimination or intern with Greenpeace)

- "NALSAR Joe" and Co 😎
NLUS ka advantage toh hein but the law schools which lag behind , they are also benefitted
Lower NLUs would atleast see sight of some very good law firms arriving in their campus soon
Jindal and NLS Bangalore will benefit the most.

Nalsar and NUJS because of their alumni.
Prediction: Jindal will get the most benefit and corner the foreign law firm placement market.
I don't even know how Jindal is featuring in this conversation. Top tier NLUS like NLS, NALSAR, NUJS and maybe even NLUD & GNLU will gain because of reputation and alumni. Jindal will have to battle it out with the lower ones and outside NLUS, it may lose to the likes of Symbi and ILS because of the legacy and alumni.
Tell me which NLU except NLS Bangalore or may be NALSAR and NLU Delhi, can come anywhere close to JGLS, be it Faculty, research, 8nternational collaborations, infrastructure or even student achievements?
Recruiters aren’t hiring faculty international collabs, infra etc. they’re only interested in the person the why’re hiring. What exactly have jgls students achieved ?
Foreign Law firms are not stupid. There is a reason why Indian law firms don't recruit too many students from Jindal, it's because only the top 10 or 15% of the batch is worth having a look, the others are mostly party kids.
They can't even get the domestic placement market going for them even after a decade.
Haha why should anyone care about your extra curriculars? What amazing communication skills do you have that other people don’t ? This is such wishful thinking. If foreign law firms come and set up offices here and if they hire Indian lawyers they are gonna do what they have done all these years to hire Indians to work in their country- they are gonna go with people who have the best grades, and the best internships and references. Don’t stop studying stupid.
You only the sensible guy here it seems. Baaki ke chu ko clg se fursat hi nhi hai
Recruitment at B schools can provide an indication. Generally, the top MNCs recruit from the top 25 B-Schools, so a lot more democratic than law school recruitment in India. However, the number of offers is much higher at the top IIMs and ISB.
Today's TOI quotes Sudhir Krishnaswamy as saying that we welcomes liberalisation and NLSIU has an edge. Sudhir will definitely use his connections, as a good VC should. High time alumni VCs are appointed to other NLUs.

https://timesofindia.indiatimes.com/education/news/law-schools-allowing-foreign-law-firms-to-practice-in-india-a-step-in-right-direction/articleshow/98681510.cms
Sudhir does not have any 'connection' in foreign firms. He is not even liked that much by most of the alumni working abroad.
Why hasn't Sudhir used this so called edge of his to get more vacation schemes and training contracts for NLSIU grads then in the last 4 years? Stop setting him up as a master of everything, he cannot get a single job for any student on his own.
Is that what you think about jobs ? That a VC can snap his fingers and get them for people in his college like they’re toys ? Oh the foolishness the utter foolishness. Do you go to jgls ?