Rheinschild was married in February 1909 to Enid Daniels at the Scottish Rite Cathedral in Los Angeles; following the ceremony, they couple was given a box at the Orpheum Theatre where a spot light was thrown on them between acts as "the orchestra struck up a wedding march" for the embarrassed couple.

After stepping down as the coach at St. Vincent's College in 1910, Rheinschild established a law practice in the Security Building, then the tallest building in Los Angeles, located in the heart of the city's Spring Street Financial District.
 He continued with his legal practice between and after his stints as a football coach.

In April 1919, Rheinschild was tried and found not guilty of complicity in an automobile theft; Rheinschild had been accused of hiding the automobile after it was stolen by another person.
 In September 1919, Rheinschild was suspended from the practice of law for 18 months after being accused of unethical conduct in representing both parties in a loan transaction.
 The Los Angeles Times reported that "tears of mortification" came into his eyes when the suspension was announced, and "his young and attractive wife ran up to him and threw her arms around his neck and tenderly kissed him."
 Two weeks later, the same judge reversed the suspension.
 The following month, a different judge ordered Rheinschild disbarred, stating that the action was needed to set an example for other lawyers to restrain from similar conflicts of interest.

As of 1934, Rheinschild was the president of Corona Oil Company, Ltd., which was then drilling for oil in "the old Rancho LaSierra" in Riverside County, California.

In 1942, Rheinschild was a prosecution witness against Bugsy Siegel on charges of murdering Harry "Big Greenie" Greenberg; Rheinschild testified he had seen Siegel near Greenberg's house on many occasions in the weeks prior to the murder.
Rheinschild was married in February 1909 to Enid Daniels at the Scottish Rite Cathedral in Los Angeles; following the ceremony, they couple was given a box at the Orpheum Theatre where a spot light was thrown on them between acts as "the orchestra struck up a wedding march" for the embarrassed couple.
After stepping down as the coach at St. Vincent's College in 1910, Rheinschild established a law practice in the Security Building, then the tallest building in Los Angeles, located in the heart of the city's Spring Street Financial District.  He continued with his legal practice between and after his stints as a football coach. 
In April 1919, Rheinschild was tried and found not guilty of complicity in an automobile theft; Rheinschild had been accused of hiding the automobile after it was stolen by another person.  In September 1919, Rheinschild was suspended from the practice of law for 18 months after being accused of unethical conduct in representing both parties in a loan transaction.  The Los Angeles Times reported that "tears of mortification" came into his eyes when the suspension was announced, and "his young and attractive wife ran up to him and threw her arms around his neck and tenderly kissed him."  Two weeks later, the same judge reversed the suspension.  The following month, a different judge ordered Rheinschild disbarred, stating that the action was needed to set an example for other lawyers to restrain from similar conflicts of interest.
As of 1934, Rheinschild was the president of Corona Oil Company, Ltd., which was then drilling for oil in "the old Rancho LaSierra" in Riverside County, California.
In 1942, Rheinschild was a prosecution witness against Bugsy Siegel on charges of murdering Harry "Big Greenie" Greenberg; Rheinschild testified he had seen Siegel near Greenberg's house on many occasions in the weeks prior to the murder.
Walter Rheinschild