I am a Post graduate in law from a recognized university in India.

Can anyone clearly explain me the various opportunities I can have on my h4 visa status.   

Jamesbond,

H-4 visa is a dependent visa and you cannot work on the same. You would have to first find an employer, who would be willing to give you a job offer and also sponsor you for an H-1B work visa. If you could find such an employer AND H-1B visa is approved, then the earliest you could start working for that employer would be October 01 of that filing fiscal year. New H-1Bs cannot start working before that.

These days even with LL.M. from top schools and bar admission it is dificult to find a job, let alone an H-1B sponsor (which could cost employer $2000 to $5000 just to file your paperwork). Secondly who would want to wait for you to start on October 01, why not pick someone who can start right away.

Its difficult, but not impossible.

However, keep in mind that you are competing against a pool of very large LL.M. graduates. Probably convincing a local law firm in your US city of residence would be an easier bet.