Michael Avenatti -- the lawyer busted for ripping off clients like Stormy Daniels and others -- is out of the slammer and back in the spotlight ... and we got the pics.

The disgraced attorney was snapped wearing athleisure on a sunny day outside the Hollywood halfway house he'll likely be calling home until his projected release date of September 2028.

As you know ... Avenatti was convicted of various crimes -- including a $20 million extortion scheme against Nike and stealing $300,000 from Stormy -- and sentenced to 11 years and 3 months. He served about 4 years before his release Tuesday.

He's additionally been required to pay restitution to the tune of $5,937,725.58.

On the bright side, Avenatti may have put his time behind bars to good use ... he's looking fit!