For a two-piece leg I was all set to recommend alternatives to typical/usual Dominos1 for reinforcing the joint so as to make them a more viable option, until I realised that the area immediately adjacent to the joint needs to accept the horizontal tenon/dowels/screws that would join the chair rails to those legs.
Any such fixing either A) directly interferes with a Domino (or other floating tenon) regardless of length, ditto dowels, that lies vertically in the wood there or, B) undermines the wood to both sides compromising strength. My gut feeling is there's simply not enough thickness here — even assuming it's strong, straight-grained wood you have bought — to get a guaranteed result2. Sure, joints like this are seen in modern furniture but that's no recommendation; numerous times I've seen furniture repairs where joints featuring just such intersecting or crossing/adjacent joinery have failed, apparently spectacularly judging by the level of splintering around the joint.
With the potential for waste and that you want to use teak I can fully understand the desire not to have to make the rear legs by cutting out of the solid (and that's even without the inflated prices we're seeing today). However, I think the above makes making these legs from two parts really untenable, not if you want to ensure a long and safe working life.
If you can't swallow the cost of teak in the required dimensions to make the legs from the solid I have two suggestions.
Laminate
Obviously there's still a certain amount of waste to live with here, but you start with thinner stock which won't have the same $$$ attached to it.
Choose a different hardwood
I think perhaps the best option here is to choose to make the chairs from another hardwood (and not just because it will be more modestly priced).
There are actually numerous domestic hardwoods you could pick from that have superior exterior durability. That could probably do with being stressed: superior durability to teak3.
Even white oak potentially offers a very viable alternative, and while it might be more expensive currently than one would prefer it won't be in the *gulp* territory of teak.
If oak doesn't take your fancy see table from the FPL in this previous Answer.
1 Which are too short to rely on.
2 Which isn't something you can guarantee you'll be able to get going in to the project. Very often with tropicals unless you're paying a super premium or can carefully select in person from a large standing stock at the supplier (best of luck with that!) you're getting stuff that is not ideal.... and might even have been discounted by a previous generation of woodworkers.
3 Because you won't be buying old-growth teak.