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If teaching is what you have always wanted to do, then you should definitely switch. It definitely has good work life balance. Though you can hit a plateau in Teaching - there is no growth after certain years unless you plan to open a Coaching (Online/Offline).
As far as subject is concerned, Constitutional / Criminal Law is evergreen, but I will suggest you to do Masters/Specialization in emerging domain like Corporate Law, International Taxation , IPR Laws , Taxation Laws , Media Laws etc. Because demand for professors in these areas are and will be MUCH more in NLUs. Everybody is doing phD in Constitutional or criminal law.
If luck favors you, you will be teaching a gorgeous course like International Taxation Laws in one of the Top NLUs. Who knows you may provide classes to international students too, online.
By the way, I am curious to know more about Delhi-Litigation scene , I am considering to shift to better forums and cities. If you would like to talk , I will drop a link in next response.
3. I did apply for a guest lecturer position a few years ago, but didn't get the job since the selected candidate was literally a retired district judge who had 2 decades of experience.
4. Since school & college I've always taught others, since I needed the money. In school I taught 10th grade kids for board. In college I taught 1st year juniors. At that time it was a necessity, I needed the money. However I started to enjoy explaining concepts, actually the reason why I even got a paid litigation job in the first place was because my concepts were crisp and clear, which in turn impressed my senior. All thanks to teaching others. I enjoy it.
5. I would have to pursue my master's first. I'm leaning more towards practical subjects like criminal or constitutional law. Will help with my experience.
Rest, after your response.
(1) Why not litigate ? What is stopping you to litigate if you are financially secure ? DNCR has almost every major Tribunal and Forum.
(2) How long has it been since you have been litigating ?
(3) Have you tried to teach before ?
(4) What attracts you about teaching?
(5) Which subject do you plan to teach ? In other words, which subject do you want to pursue your phD in ?
Rest, after your responses
Take Care