OP's specific scenario was of making partner at the top firm i.e. Wachtell.

In any case, the other firms I mentioned have similarly sky-high starting partner pay. Cravath's is USD2 million (PEP of USD4 million with a spread between highest-paid and lowest-paid partners of 3-to-1). Slaughter's is GBP1.8 million (PEP of GBP2.7 million with a spread of 2-to-1).

Also, you'd be surprised at the number of people in each cohort not looking to make partner at the firm. Once you get your foot in the door, competition is actually not as high as you'd think. The main challenge is whether you can last long enough to reach 7-10PQE.