Wall Street hasn't had a lot to celebrate lately, but Eliot Spitzer's departure from public office was enough to make even those with the tiniest bonuses pony up for another round.

Still, there's one man that isn't likely to let the party go on for long: the ambitious New York attorney general Andrew Cuomo. Just as one powerful Democratic legal powerhouse falls, another may use the opportunity to emerge.

"It's a net plus for Cuomo," says securities attorney Bill Singer. "Now he doesn't have to worry about being compared to Mr. Perfect."

Cuomo became the state's top lawyer in November of 2006 after Spitzer left to become governor. Spitzer had left some big shoes to fill—during his eight-year reign in office, the former attorney general never let his sights off of the corruption on Wall Street, and he left more than a few executives unemployed and irate in his wake.

Cuomo came into the position with every intention of continuing Spitzer's legacy as the tough cop on the corporate America beat. He picked up where Spitzer left off on cases like the one against former N.Y.S.E. chief Richard Grasso. His first major investigation into the student-loan industry erupted into a front-page scandal and, in the spirit of Spitzer, resulted in fat settlements and reformed lending practices.  

But Cuomo has been unable to escape the comparisons to his legendary predecessor, by his own fault at times. After Cuomo was criticized by federal regulators for overstepping his bounds in the investigation into mortgage-lending practices last fall, he invited Spitzer to stand beside him at a press conference to strengthen support.  

Meanwhile, the relationship between Cuomo and Spitzer created its own headlines, as the two watchdogs have a contentious history. Cuomo planned to run for governor himself in 2006 but dropped out when he learned that Spitzer would go for the Democratic ticket. Then, not long after Spitzer took the governorship, a scandal in his own office erupted, prompting an investigation by Cuomo's office, followed by a scathing report. Since then, their relationship looks more like one between "frenemies" than friends.

Now, Spitzer is gone. Cuomo issued this statement yesterday: "My thoughts and prayers are with the entire Spitzer family as they cope with this personal tragedy. Obviously, this is an extraordinarily difficult time for the family and for the entire state of New York. David Paterson, who has years of experience in state government, is a talented leader, a wonderful man, and a great friend. I look forward to working closely with Governor Paterson as he leads us forward. New York State faces many challenges and we have much work to do. Let us all work together, with a shared purpose, to make New York better for all its citizens."

Perhaps Spitzer's legacy on Wall Street won't be remembered as one that Cuomo failed to follow, but instead as one that was followed by a prostitution scandal. The older-sibling burden has been lifted from Cuomo's shoulders.

But Cuomo still has great political aspirations. And, like Spitzer, he will continue to use his attorney general platform to get to the office that Spitzer failed to hold onto. And that means more headline-grabbing investigations.

And Cuomo's not alone, of course. Connecticut attorney general Richard Blumenthal, Massachusetts secretary William Galvin, and Ohio attorney general Marc Dann are other democrats following Eliot Spitzer's legacy in financial law enforcement. They won't likely lose momentum because of his downfall either.

So enjoy the party, Wall Street. Enjoy it while it lasts.

See Portfolio.com's full coverage of the Spitzer scandal.