Delaware has now held on to the top corporate legal climate ranking for a decade.
A new survey by the U.S. Chamber of Commerce ranked Delaware first for the fairness and reasonableness of the state’s legal system, rating the state number one for the tenth consecutive time since the periodic surveys began in 2002.
This year’s findings, based on interviews with a national sample of more than 1,200 in-house general counsel and other executives who are knowledgeable about business litigation, put Delaware in the top two in all ten of the report’s categories, including first place in overall treatment of tort and contract litigation and judges’ competence.
The ranking comes as some corporate chiefs complain the state is no longer as business friendly on the legal front. A recent Chancery Court decision went against top officials of Dole on claims that the company was undervalued in a buyout. That led to litigation and a nearly $150 million ruling on behalf of shareholders.
“This report reflects a relentless commitment to predictability and fairness in our laws and our judiciary, and it confirms that Delaware’s standing as a premier place to do business remains as strong as ever,” said Gov. Jack Markell. “But, most of all, the number one ranking recognizes the talented jurists across all of our courts who consistently demonstrate outstanding intellect and legal expertise that produce thoughtful decisions.”
The administration went on to note that the ranking is another factor in a favorable business climate in the state.
“Recovering from the recent recession, the state set an all-time high in employment and Delaware’s job growth continues to lead the region, while the unemployment rate continues to be below the national figure.
Led by private employers, the state has seen 38,000 jobs created since the depths of the recession and has been recognized as one of the states best-prepared for the new economy,” a release stated.
The release also noted that the state set historic highs in the number of new companies formed, the percentage of Fortune 500 companies incorporated in the state, and the percentage of US initial public offerings (IPOs) from Delaware companies.
