Aside from his signature blue suit, Wright boasts a series of alternate colors as is the style of the Capcom vs. games with each set paying tribute to certain games and characters from Capcom's library.
The first set being the original look that Phoenix Wright is known for. The blazing blue suit and pants and with Maya donning her original Priestess wear.
For every great defense attorney there is also a great prosecutor. The 2nd color scheme for Wright pays tribute to his childhood friend and rival, Miles Edgeworth. The character is very well represented with this color scheme, even down to that silver highlights on Wright's hair. Maya gets a color change too. Her colors now represent that of her deceased sister who is also Phoenix's mentor, Mia Fey. Missile's color for this set is style after Amaterasu's 2P color design.
In the 3rd set, Wright gives a nod to everyone's favorite bumbling detective, Dick Gumshoe. Strangely enough, Wright's color seems to match Gumshoe's pants more than his signature green trenchcoat but hey, Gumshoes' coat was originally brown so I guess green isn't really his real color. Maya's color reflects another strong prosecutor, Franziska Von Karma who is another thorn and sometimes ally in Wright's serch for Justice. *Wah-kish!*. Missile gets Ammy's 3P color.
If something smells it's usually the Butz. Wright steals another color scheme from one of his childhood friends. The bright orange top and black pants of Larry Butz is present and accounted for in UMvC3. Maya, bringing sexy back with the colors of the maid costume from when she helped out in Tres Bien in Phoenix Wright: Trials and Tribulations. Missile gets Ammy's 4P "Strawberry" color design. Noticing a pattern with Missile's colors.
Ah, the fragrance of dark coffee. Wright dons on Godot's colors pretty well if you ask me. The green sleeves, the silver hair, black pants, and even a white tie. Very nice. Maya whips out the colors of Edgeworth's new female assistant from the Ace Attorney Investigations series. The colors of the little thief, Kay Faraday. Missile gets a unique alternate color this time by being meant to look like a stone statue.
And finally, the last color sets that made me go "kyaaa!~" with excitement. From Shu Takumi's latest creation. Wright takes on the colors of Sissel, mister "Ghost Trick" himself. The bright red suit, the blonde "Johnny Bravo"-esque hair, right down to the white tie and shoes. I am loving it. Maya takes the colors of my favourite video game ginger. Sissel's female assistant from Ghost Trick too, Lynne. Missile gets a very nice color design in this set. This time it's of Amaterasu's original design, complete with those orange swirls.
The only thing missing is a color scheme for Apollo Justice and Trucy Wright. DLC perhaps?
Thanks to @estimater to the tip.