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There is no job in the world worth sacrificing your personal life over, IMO.
Nothing in life is a pure meritocracy in the sense that it is 100% based on a pure evaluation of your innate abilities. There will always be other factors in the mix, some within your control and some outside of it. I may be the best buggy whip company in the world, but if buggy whips aren't needed any more, then I lose anyway. If the pie shrinks, people suffer regardless of merit. As for "sacrificing" your personal life for your job, it's not nearly as binary. Everyone makes trade offs about work and life. What you're really saying is that the Partner prize is diminished such that the current sacrifices no longer seem as justified. And that's what I would challenge -- what element of the Partner prize has been tarnished and why?
Um, promotion to partner is based on a whole series of things...performance, business case, sustainable revenue generation, networking (they gotta like you and you have to get a ton of soundings)...it is more than just a meritocracy at the partner level.
If you have doubts, you're not cut out for partnership.