This is the news that you do not want to hear (but knew that you would). The Boston Herald reported Wednesday that the cost of complying with new SEC governance rules is outstripping the revenues as some small fund firms. For executive recruiters and lawyers, the new requirements are a gold mine.

"Regulatory red tape designed to crack down on corporate scandals is creating a cottage industry of high-paying compliance jobs for lawyers, accountants, recruiters, tech personnel and others," is the paper's lede.

While the paper fails to get any fund firms on the record, it has no problem in tracking down those being finely paid to find compliance help.

J. Nicholas Hurd, a Russell Reynolds Associates recruiter, tells the paper that recruiting compliance pros for fund firms is a "very active area" for the firm, but not as active as assignments finding independent directors. Pay for the directors jobs starts at $150,000, Hurd said.

Another source, attorney Willis Riccio, telss that paper that he recently provided a recommendation for a $500,000 "chief compliance officer" job. He also reports that he is strying busy writing new codes of ethics for clients.

"It's a gold mine for us lawyers," he tells the paper.  

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