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I'm ready to work even at McD KFC outlet
Getting a job in a magic circle or AM 100 firm feels like a dream. But these days if you are really competent in a decade or less you can make partner at a tier 1 law firm in India.
It's far more difficult to make partner at an US or UK based firm than in India. Indian legal market is about to become even bigger (along with the country's GDP) Western Economies and law firms are already running at full capacity.
If Partner tag is important for you, then yes please stay in India but if excellence, exposure, learning and real time growth is important, then there is no doubt.
2. I think you know that the India part of this argument is not entirely true. The reality of how India works is that a lot of partnership sort of opportunities comes by licking the backsides of the right people and having the right contacts.