Actually, Delaware enjoys several competitive advantages — over and above its “user-friendly” DGCL.

(1) Virtually every lawsuit involving a corporate problem is going to be considered by just one (or more)of the ten judges (in its two-level court system) who, by reason of that fact, have a deep-and-solid working knowledge of the corporate area of the law. In contrast, when playing Wall Street lawyer I counted almost 600 judges (in New York’s three-level court system) who might bump up against a case involving one or more corporate law issues.

(2) As a related strength — and as a consequence — Delaware has an extraordinary body of corporate case law. It would take many years for another state to challenge that competitive advantage with a significant body of case law (disregarding the complications posed by a substantial judiciary headcount having, in their many courtrooms, limited corporate litigation exposure).

(3) As a related strength — and as a consequence — Delaware’s corporate bar is substantial and knowledgeable. That bar engages, in an effective way, in both litigation and advisory guidance. As a consequence, corporate counsel can tap into that resource prior to advising management vis-a-vis pending decisionmaking. Any corporate counsel considering another state’s chartering enticements would presumably give close attention to local-bar relationships and the availability of so-called “one-armed counsel” (i.e., not given to the classic “on the one hand/other hand” advice).