Abstract
From a regional economic growth perspective, the supply of attorneys in a region can be seen as a factor of production. The initial supply of attorneys who know how to help a company issue securities is like the initial factor endowment of a region. Regions that possess more of a factor endowment have an economic competitive advantage over regions that have less of that factor endowment.For example, the firms in Silicon Valley have a competitive advantage over the firms in the Research Triangle because the firms in California have lower legal costs to issue securities because there are more securities attorneys in California.In other words, the cost of capital is lower in California, and consequently, the rate of economic growth in California is higher than North Carolina.
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