Here is an interesting comment on a New York Times article on compliance lawyers' newfound cachet on Wall Street. (I'm linking to the blog comment since the article requires a log-in) This mirrors the sudden popularity of internal auditors in the accounting world, which used to be a backwater slot that now no company seems to be able to get enough of.

Aside from the eye-popping salaries quoted ($300K for a mid-level associate), the most interesting thing here is what Brad Wendel zooms in on: that companies might actually be paying attention to what these people are telling them. SOX has been catching alot of flak for jacking up the costs of compliance for companies, which many CEO's don't see as being value-added. Like any legislative fix, there are alot of requirements that don't really have any benefit - but these can be refined over time. It looks like the goal of the law - to have more than lip-service paid to internal controls and integrity in reporting - is being met.

In the end, that is of the utmost value to shareholders. Sure, all the companies care about is shielding themselves from potential losses and lawsuits, but the result is more credible information being provided in their financial reporting. And that is really all any investor has to rely on, other than gut-level instinct.