A few months ago, during a strategy offsite, a Fortune-500 board member shared an observation that made the entire room pause. “For the first time in twenty years,” she said, “I’m hearing CEOs quietly ask: Should we still be in Delaware? ” It wasn’t a dramatic statement. It wasn’t meant to provoke. But it captured something real—an undercurrent many governance professionals had sensed but hadn’t yet named. A subtle shift in the way companies were thinking about their legal ho