Bring the broth and water to a simmer in a medium saucepan over medium-high heat. Once simmering, reduce the heat to low to keep the liquid warm while you prepare the rice.

Melt 2 tablespoons of butter in a large Dutch oven over medium heat. Add the shallots and a pinch of salt and cook until softened and translucent, about 3 minutes.

Stir in the rice and garlic. Cook for 2 to 3 minutes, stirring frequently, until the edges of the rice grains are translucent—this toasting step helps the grains maintain their structure.

Pour in the wine and stir constantly until the liquid has been fully absorbed by the rice.

Add 5 cups of the warm broth mixture and increase the heat to medium-high to bring to a boil. Reduce the heat to medium-low, cover, and simmer for 18 minutes, stirring just twice during cooking, until the liquid is mostly absorbed and rice is tender.

Add the remaining broth mixture and stir until the risotto becomes creamy. Stir in the Parmesan, then remove the pot from the heat, cover, and let sit for 5 minutes.

Stir in the remaining butter and lemon juice. Season with salt and pepper to taste and serve immediately while the risotto is still loose and silky.