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The average pay of some NLUs maybe higher than that of IITs but still the reverence which IIT and their alumni get is unmatchable.
Compare in-hands salaries and you'll realise how exaggerated these 20-30lpa CTCs really are.
To say that 'client acquisition isn't a skill one can just "learn."' is a very wrong & pessimistic view of looking at things. It absolutely is a skill and you can absolutely learn it.
Completely contrary to the OP, my opinion is that law is the most freeing profession. You can do whatever you want after getting a law degree. You can go in whichever kind of job you feel like.
It is difficult, yes. But to confuse difficulty with limitations is incorrect. All good things, and all things worth pursuing, are difficult. All professions are difficult. I have had to go meet clients on weekends & at midnight because someone got arrested, etc. Though I hate it, I remind myself that doctors have it worse. Even consultants are called in on weekends to work endless hours. It's all fair. The principle is you have to keep moving forward, irrespective of what profession you are in.
This is not to say there aren't genuine problems in the profession — toxic seniors, low pay in litigation, lack of work-life balance, etc. But what OP seems to be suggesting, is not it.
Your point about mid-performing individuals isn’t exactly true. The mushrooming of law colleges has attracted objectively mediocre people to law schools, undoubtedly yes, but I see most people from good institutions doing quite well in the profession.
The notion of a “jurisdiction bound career” is also a subjective opinion. I’m assuming you’re contending that you can only practice in India, but there are several ways you can leave and practice in other countries, same as any other profession.
About the client acquisition skill, it is the same as any soft skill which is crucial in other professions. A doctor cannot be rude to their patients, a banker cannot dismiss their big-ticket clients, an artist cannot disrespect their patron. All have to be a certain way to retain their client equivalents.
I see law as fruitful (and risky) as any other profession in this day and age.