The bestest firm ever

Many of my friends are smart, competent, hard-working associates with excellent resumes who have sufficient years of practice and experience to run deals and advise clients, but are slaving away at firms that don't give a crap about them and where there is no long-term future.

In my current job and at my last job, I basically do all the work while the partners barely supervise, go home early, and rarely read documents, yet take home fat paychecks while per hour, I get paid only 20% of the rate I get billed out at (the remaining 80% goes into their pockets, after a small amount goes to pay overhead).

So...I was thinking: how awesome would it be if my friends and I opened our own law firm? Sure there would be hard work and headaches involved, but at least at the end of the day, we would share in the profits of all the hard work and headaches, instead of toiling away just to put more money in someone else's pocket.