Using a comprehensive sample of Standard & Poor's (S&P) 1500 firms over the period from 1992 to 2013, I find that around 8.5% of the firms in the sample are run by CEOs with a law degree (lawyer CEOs) and that these firms have higher stock market liquidity than firms led by non-lawyer CEOs.

A law firm CEO's job is to make sure the law firm is financially healthy. This requires them to know and fully understand the four financial statements, each of which encapsulates a key aspect of a law firm's financial performance.

In the federal system, the U.S. Attorney General is the top federal prosecutor. The country is divided into districts, and each district has a lead federal prosecutor called the U.S. Attorney who reports to the Attorney General.

This makes sense because having an attorney as a CEO discourages other companies from litigating for obvious reasons. Less litigation means a ton of savings for any hiring company. Furthermore, as a JD CEO, you can save a company the expense of hiring a litigation team if a lawsuit does transpire.