During the pandemic, many companies shifted from a collaborative office environment to a remote set-up. As a result, many business owners don’t see the need to invest in their own office space. However, the changing times do not mean real estate is no longer an attractive investment. In fact, it’s still one of your safest bets in protecting and building your wealth.
In this episode, Christopher Melcher of Walzer-Melcher LLP shares the humble beginnings of his law firm and what Christopher does to keep his business successful. Christopher also talks about why you should invest in your own office space and how you can be properly prepared for it. Finally, he explains why you can reap more benefits from early planning of your financial goals.
If you’re interested in starting a law firm and wondering how to create wealth investing in real estate, this episode with Christopher is for you!
Three reasons why you should listen to the full episode:
Christopher Melcher started as a criminal lawyer in 1994 and established his practice alone. Christopher met Peter Walzer, who convinced him to switch to family law. Christopher never imagined becoming a divorce lawyer.
By 2005, Christopher became a partner in Walzer Melcher LLP. Christopher had to learn the ropes of running a company.
Moshe: “When you start a law firm, you need to quickly recognize that the lawyer is the technician… And your role as the CEO is the owner of the business.”
Between 2005 to 2010, Christopher’s firm was looking into its potential for growth and hiring more lawyers.
Christopher Melcher shared he’s fortunate his employees chose to stay in the firm.
Most of Christopher’s staff have already resumed working in the office. There were fewer distractions, and cases were discussed in teams.
The pandemic opened an opportunity for experienced litigators in California to work remotely under Christopher’s firm.
Christopher Melcher provides perks for his staff, such as free food, massage therapy, and transportation assistance to make them comfortable in the office.
Christopher Melcher: “If somebody wants a work-life balance...you can make a living off of that. But you're not going to build a law firm. You're not going to build a huge book of business. You're just going to be there in the service capacity.”
Christopher and his business partner dreamed of having a space of their own. Listen to the full episode to learn how Christopher and partners were able to buy two buildings after a few years of saving!
Christopher Melcher : “We are really a product of our time. We don't really own anything other than our time.”
Christopher looks forward to buying more properties.
Christopher Melcher: “[Something] to consider is where are your partners in their life plan compared to yours? I think purchasing doesn't make sense on a short term level. But if you're going to be in this [business] for 5 to15 years, it makes no sense to rent.”
Christopher: “[It’s] an opportunity if you have partners of different age groups. If you're going to own this asset together, it is essentially a way for a retiring partner to continue participating in some income for the firm.”
Christopher Melcher:“I would rather be in the bad area and own than rent in a good area. If you're good, your clients will come to you.”
Christopher shared he was in so much debt during his first 10 years in the practice that he almost became bankrupt. Christopher didn’t want to go through that anymore.
Christopher: “That's the problem with lawyers, and I've suffered it for myself. You get out of law school, you need a nice car, you need the suits, you need the nice house, you need the vacations, you need the golf club, etc. And then great, you have a lifestyle but you have no future.”
Christopher Melcheris a partner in Walzer & Melcher LLP. He is an expert on family law, divorce litigation, matrimonial finance issues, and child custody matters. Christopher makes sure that his clients achieve successful outcomes despite challenging circumstances and keeps sensitive family matters private. As such, it is no surprise that business owners and popular personalities across California turn to Christopher Melcher for help.
Apart from being a lawyer, Christopher is a regular lecturer on family law issues and is known to author notable pieces on the same topic. Christopher earned his law degree at Pepperdine University and was admitted to the California bar in 1994.
Business owners achieve success through a balance of sacrifice, timing, and smart decision-making. If you enjoyed this episode of Profit With Law on how to create wealth investing in real estate, be sure to subscribe and share it with your friends!
Write us a review and share it! If you enjoyed tuning in with Christopher and Moshe, do not hesitate to leave us a review. You can also share this with your friends and colleagues! Help them streamline their operations and alter how they approach law firm marketing.