Assume that as of May 1 2014 you have practiced law for 5 years. You and two oth

Assume that as of May 1 2014 you have practiced law for 5 years. You and two other like-minded colleagues have decided to form an entity for the purpose of delivery of legal services to potential clients. You have decided to do so in a creative way other than just joining another firm. And you have selected a legal niche that is not completely traditional. You have the ability to borrow enough operating capital to finance the entity for 12 months. Each of you has sufficient personal clients to bill about 100 hours on client matters. One of your objectives is to focus on fee structures other than solely billing by the hour. Another is to compensate each of you fairly.