She has received such honors as the Edward R. Murrow National Award in 2002 for her coverage of the September 11 attacks; the Gracie Award for investigative reporting in 2000, and the Clarion Award from the Association for Women in Communications. She was also named Television Week's "Rising News Star To Watch". Aside from her journalism career, Colby, an attorney, served in private practice for 10 years. Her law practice began with a Hollywood entertainment firm that assigned her to The Tonight Show. At 22, she worked for Johnny Carson during his contract renewal with NBC and also his divorce.