Does "Doing it Right" Mean Spending Tons of Time?

I've been trying to get these papers graded for over a week now. Written assessments are important because, unlike multiple choice, they give a more in depth look at how a student is thinking and processing the content. While I think you can get quality information from the output data, writing and talking about the material gives a clearer picture of the students grasp of the information.

The problem is that it takes forever comparatively. Sure, you can make the argument that it gets faster with experience, but that doesn't help me grade this round of papers. When there are a lot of mistakes, it takes time to note and correct all of them. The students also have the chance to rewrite and make corrections.

Part of the issue is self inflicted. This would go faster if I didn't feel compelled to fix all the mistakes. There's also the possibility I'm correcting too much and stifling the growth of my students. Perhaps I could do more peer editing and revision? Maybe, like for the first essay, I could encourage them to discover their own mistakes? They have the rubric, maybe with more time the output would be better. It's a process for me and for them. It looks like we're all going to have to spend some time figuring it all out. 

Does taking a long time mean I'm doing it right or can a quality job grading essays be accomplished quickly? I don't know, but if you do, please let me know.