Mike Colodny, Managing Partner & Founder, Colodny Fass
Good leadership in Broward County has been a driving force behind the region’s recent growth, according to Mike Colodny, managing partner and founder at law firm Colodny Fass. “The authorities are clearly aligned under Broward County’s administration, working toward a shared goal: the county’s improvement,” Colodny told Invest:, while also discussing the firm’s growth, strategies, and emerging trends in the sector.
What were some significant milestones for the firm over the last year?
We have always been a diverse firm, but we have now added to this by developing a marine-focused segment to our practice. We’ve brought on a young professional with extensive experience in port and marine operations to lead this initiative. Additionally, we’ve launched a focused effort on corporate governance and transactional work for commercial operations of all sizes, from small businesses to publicly held corporations. These are our two new internal initiatives.
What is the driving force behind the region’s recent growth?
The dynamics of the Fort Lauderdale area are reflected in the airport, port, and convention center, all of which are thriving. We’ve become deeply involved in representing interests in these sectors, which are experiencing significant growth. A key factor in this progress is the uniformity of governance. The authorities are clearly aligned under Broward County’s administration, working toward a shared goal: the county’s improvement. When you speak with the region’s leaders, it’s clear they are cooperative, not competitive, fostering a collaborative environment.
What role does infrastructure and other developments play in influencing your firm’s strategy?
Any service provider must focus on where the demand is. The needs arise from what’s growing, expanding, or becoming more important. In our case, it’s driven by factors like transportation, the impact of tourism, the rise of new office buildings, and the influx of people relocating to South Florida from the Northeast and Midwest. Every service provider must cater to the demand from those who need these services, and that’s where our firm, along with others, must concentrate.
What legislative measures are creating new opportunities or potential headwinds?
We are heavily involved in the insurance industry, and the impact of recent legislation is becoming evident. I saw statistics showing a significant decline in the number of litigants. One key observation is that there hasn’t been a surge in consumer complaints about how claims are being handled. Claims are being processed efficiently, and the frivolous lawsuits that previously drove up insurance rates have decreased. We should see further improvements in premiums moving forward. Overall, this legislation has had a major impact on the regulatory climate of insurance in Florida.
We strive to keep our clients informed about regulatory and legislative changes. Recently, we hosted a webinar discussing the election results and their potential impact, for example, the Republicans’ supermajority in both the state House and Senate. We continuously update our clients on new regulations that emerge during the legislative session or from administrative agencies on a daily, weekly, and monthly basis. Staying updated is crucial as the regulatory environment evolves, and how we address these changes is key to providing effective services. This is important not only for us but for anyone involved in regulatory activities.
What emerging trends or challenges do you foresee over the next few years in the insurance sector?
Insurance carriers and those assuming risk must continue focusing on mitigation factors, such as strong building codes and effective emergency responders. The impact of hurricanes Helene and Milton on Florida’s west coast highlighted this, while the east coast was spared this past season. Though we didn’t experience catastrophic events, community preparedness for such events is crucial. We monitor this closely, as it’s a government responsibility, but we strongly encourage it. Proper preparation allows insurance services to be provided in communities that can effectively respond to disasters.
What does the new federal administration mean for businesses in the region?
There’s a lot of speculation going on. Marco Rubio, a Floridian, has been nominated for Secretary of State. He has deep ties to Florida, having served as speaker of the House in the state legislature. His Hispanic background is significant, especially in terms of U.S. relations with South and Latin America, and his understanding of current issues in those regions. His nomination is crucial. There will also be congressional elections to fill vacant seats. What’s particularly interesting is that the president-elect, a Northeast transplant, is now a resident and citizen of Florida.
Do you think that technology could ease some of the labor constraints that firms are currently experiencing?
There are two viewpoints on technology’s impact: one argues that it reduces the need for human labor, while the other believes it creates more opportunities and capabilities. I live in Hollywood, and just down the street from me on Stirling Road, a former storage lot for cranes and bulldozers is being transformed into a major logistics and construction facility. I’m not sure how many people will work there, but it’s clearly a sign of the future. I believe this trend will continue to grow, expanding the economy, creating jobs, and offering higher-paying positions. People without advanced college degrees will still find better employment opportunities by mastering the technology in these fields.
