Is 'Suits' Based On A True Story?

The characters on “Suits” always seem larger than life, the kind of people who can only exist on a dramatic, high-stakes TV show. However, it turns out there’s a bit of of real-life truth to Mike Ross’ story which is at the heart of the series. 
Is 'Suits' based on a true story? There are real-life events that helped inspire the show and what happened on it.

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Index of Suits Seasons 1, 2, 3, 4, 5, 6, 7, 8 & 9 [All Episodes]