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Pay differs, depending on your university. They offered us 16.5 LPA packages, which is genuinely good for Kolkata, but I doubt they shell out anywhere as much for non-NLU grads.
Work-life balance may be slightly better than Delhi/Mumbai based law firms (although Saturdays are working), but again, comes at a cost to learning and professionalism.
If you're culturally very much Bengali, have a place to stay in Kolkata, and not very ambitious right away, F&M may be the place for you. If not, then seek opportunities elsewhere.