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66 66 I N D U S T R Y I N S I G H T / T H O M A S G A S P A R O L I Hard winds of change create turbulent waters. For law firms in the mortgage lending and servicing industry, the recent past has been a demanding era of intensive, costly regulation and auditing requirements—and an ongoing series of high-velocity legal battles from borrowers and their advocates. Law practices have faced a painstaking array of new challenges to stay on course, assume the financial burdens of reconfiguration, and to staff up, train, and integrate a new way of doing business—and of being measured and evaluated on the job. To thrive in the aftermath of the near- meltdown in the U.S. financial and mortgage universe, firms needed to be both sure footed yet nimble, too. ey needed their eyes wide open to the new realities. One law firm that navigated these rough waters—and found itself expanding instead of contracting—is headquartered just outside Chicago, the Windy City. FROM SURVIVING TO THRIVING Twenty miles from the hustle, bustle, and high-octane firms based in the kinetic center of Chicago is a default mortgage services firm long known for its quiet, high-IQ excellence. Codilis & Associates, P.C. weathered the regulatory onslaught and then thrived after it. "We were light on our feet, receptive to change, and not fearful of more scrutiny," said Ernie Codilis, Founder and Head of the law firm. "e wave of more regulations led to many firms downsizing or even getting out of the business altogether." But while the increasing regulatory burden has been difficult, it's not one his firm shied away from, according to Codilis. "It certainly was a giant challenge," Codilis said, "but we embraced the transition, and it has paid off." Codilis is by no means alone in its accomplishments, but it is a valuable case study in consistency, cohesion, and spending money to stay on top of the curves. "First and foremost, a lot of firms just couldn't handle the increased costs of compliance," said Berton "B.J." Maley, VP and Managing Bankruptcy Attorney at Codilis. "ey were just prohibitive." Maley has been with Codilis for 24 years. "Yes, some of our success at evolving was because we are a big and experienced firm on very sound footing," he said. But an equal contributor was the firm's tight internal auditing systems already in place. "We were ready," Codilis said. "We've always been open to industry changes. In fact, we've embraced them." Greg Moody is the Managing Attorney at Codilis. He's been with the firm since 1991. "I think some other firms made mistakes, either by moving too fast or not recognizing it was a changing landscape," Moody said. Codilis echoed his sentiment. "We've worked very hard to build a strong BUCKING STEREOTYPES In an industry where lawyers are often seen as cold and heartless, one Chicago-area firm is taking a more humane approach.

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