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" LSE, KCL, UCL, Warwick, Manchester etc." and "SOAS, Sussex, Essex " and lower tiered universities in the UK. Look at the world rankings and you will see that they are faaar ahead of NLSIU (which is pretty much the only law school from India that makes some global presence) (not counting Jindal in here for a variety of other reasons). Its important to understand the quality of training (not students, but training) at these institutions are far ahead of the training that you get at NLS. There is much more of reflection, critical thinking and wider world view that comes as a result of studying in these places. This is in addition to the opportunities that you get to intern with these firms (and a host of other international or multinational institutions) when you are physically located in England. The same goes for the top tiered universities in Australia, Singapore, Canada, Honk Kong and New Zealand - they are truly some of the finest learning institutions in the world.
It might be true that statistically its harder to get into NLSIU - thats because we live in a country of one million. But if you think through it a bit carefully, to get into Oxbridge, you are competing with people from different parts of the world (and most often you are competing with some of the best students from different parts of the world).
Yes, we feel that the Indian law schools are something special and we like to call ourselves things like Harvard of the East. As much as NLSIU is a remarkable place (for achieving so much in a short time with so little resources), the simple fact is that we have a much longer way to go to come anywhere close to Harvard or any of the top tired western universities in terms of how we view education and the process involved in it. Let me repeat this, its not that our students are not talented - its simply that our education system comes nowhere up close yet.