New to git, related multi-projects

Here is my setup, please briefly tell me what would be the suggested  
git configuration.

The company currently use cvs, it has a cvs tree where the first  
directory level is per client, the second directory level is the  
project, then inside it we have the many artifacts, like :
cvsserver/Shared/Documentation/PresentationTemplate.doc
cvsserver/Shared/Documentation/AnalysisTemplate.doc
cvsserver/Shared/Devel/CommonLib/*
cvsserver/ClientA/ProjectA/Doc/Presentation.doc
cvsserver/ClientA/ProjectA/Doc/Analysis.doc
cvsserver/ClientA/ProjectA/Dev/ApplicationA/*
cvsserver/ClientA/ProjectA/Dev/ApplicationB/*
cvsserver/ClientA/ProjectA/Dev/ApplicationC/*
cvsserver/ClientA/ProjectA/Dev/LibraryA/*
cvsserver/ClientA/ProjectA/Dev/LibraryB/*

What would be the best way to represent a similar setup in git ?
I was thinking of having a repository at the project level, and add  
atomic  subdirectories (code for applications and libraries for  
example)  as submodules.
If submodule are the right way to go, can a submodule, include a  
submodule, for example, ApplicationA use LibraryA and CommonLib ?

Thanks,

- jfv