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It maybe useful in Dubai or Singapore. Not in India. Since you are in IT industry - max it can do is that SQE may look good on your cv when an American or European recruiter looks at your cv. MNCs are expanding Indian legal teams.
The key word is 'when'. Yes, when that happens, then it will be useful. Until then, perhaps not as much. But 'when' is so important because it doesn't look like they will come under current circs.
Is it useful for a law firm associate when foreign law firms come to india