Costly collision model
From Valve Developer Community
A costly collision model is one with over 20 convex parts. You will receive this error when going over it:
WARNING: COSTLY COLLISION MODEL!!!! (30 parts - 20 allowed) WARNING: Error with convex elements of myfirstmodel-phys.smd, building single convex!!!! Model has 31 convex sub-parts Collision model completed.
The appearance of "error with convex elements" is itself an error, so ignore it. Your meshes are (probably) fine.
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Solution
Either try to decrease the number of convex meshes, or if you really do need that many of them (usually only excusable on very large models), to use the $maxconvexpieces command to override the limit to one of your own preference. For instance:
$collisionmodel "myfirstmodel-phys.smd" { $concave $maxconvexpieces 30 }
Note: Episode One engine users must run studiomdl with the -fullcollide parameter when compiling instead.