Building Blocks: Buying a Building Is Almost Never a Bad Idea for Attorneys

A lot of lawyers eventually become commercial real estate owners.  And, while that’s always a big decision to make, given the buy-in cost – it’s almost always the right move. 

 

There are a number of things that recommend the maneuver.  For one, especially if you can buy a property with existing tenants, and assuming you can scrape up a down payment, your mortgage will likely be covered substantially, or in full – as will, perhaps your maintenance and property tax (if applicable) costs.  But, perhaps the best thing about the arrangement is that, as a landlord, you can select your tenants, which means that you can align your business interests with your real estate interests.  Find people and businesses who are excellent referral sources for you, and bring them in close.  You’re more likely to get those referrals, if you’re all in closer proximity. 

 

Plus, there’s lots of unique ways that you can build out your space.  A friend of mine converted an old post office, housed his law firm there, and built his own version of WeWork, renting out offices on a non-traditional basis.  You can also host events in your space, including for and with your tenants.  If you’re an estate planning lawyer, you can have a workshop.  You can invite everyone in your space and in your network to a grand opening party. 

 

Buying commercial property for your law firm, where you can also rent space to others, is not just an additional revenue stream – it can be a cash cow. 

. . . 

If you want to talk over business strategy, give us a call! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.