A lot of lawyers eventually become commercial real estate owners.  And, while that is always a big decision to make, given the buy-in cost – it is 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 are more likely to get those referrals, if you are all in closer proximity.

Plus, there are 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 a coworking space, renting out offices on a non-traditional basis.  You can also host events in your space, including for and with your tenants.  If you are 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.
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Jared D. Correia, Esq., is the Founder and CEO of Red Cave Law Firm Consulting, which offers subscription-based law firm business management consulting and technology services for solo and small law firms. Red Cave also works with legal institutions and legal-facing corporations to develop programming and content. A former practicing attorney, Jared has been advising lawyers and law firms for over a decade. 
He is a regular presenter at local, regional and national events and regularly contributes to legal publications, including his column, ‘Managing,’ for Attorney at Work, and his ‘Law Practice Confidential’ advice column for Lawyerist. He is the host of the Legal Toolkit podcast on Legal Talk Network. Jared also teaches for Concord Law School, Suffolk University Law School and Solo Practice University.