White shoe firm

White shoe firm is a phrase used to describe leading professional services firms in the United States, particularly firms that have been in existence for more than a century and represent Fortune 500 companies. It typically—but not always—refers to banking, accounting, law, and management consulting firms, especially those based in New York and Boston.

The term originated in the Ivy League colleges and originally reflected a stereotype of old-line firms populated by WASPs. The term historically had anti-Semitic connotations, as many of the New York firms known as "white shoe" were considered off-limits to Jewish lawyers until the 1960s. The phrase has since lost some of this connotation, but is still defined by Princeton University's WordNet as "denoting a company or law firm owned and run by members of the WASP elite who are generally conservative," which shows that the original connotation has not changed entirely. A 2010 column in The Economist described the term as synonymous with "big, old, east-coast and fairly traditional." Today, the term is sometimes used in a general sense to refer to firms that are perceived as prestigious or high-quality; it is also sometimes used in a derogatory manner to denote stodginess, elitism, or a lack of diversity.

Etymology

The phrase derives from "white bucks," laced suede or buckskin shoes with a red sole, long popular in the Ivy League colleges. A 1953 Esquire article, describing social strata at Yale University, explained that "White Shoe applies primarily to the socially ambitious and the socially smug types who affect a good deal of worldly sophistication, run, ride and drink in rather small cliques, and look in on the second halves of football games when the weather is good." The Oxford English Dictionary cites the phrase "white-shoe college boys" in the J. D. Salinger novel Franny and Zooey (1957) as the first use of the term.

Examples of white-shoe firms

The following firms are often referred to as being white-shoe firms:

Banks, investment banks, and merchant banks

• J.P. Morgan & Co.
• Morgan Stanley
• Brown Brothers Harriman & Co.
• Merrill Lynch

Accounting firms

• Deloitte & Touche
• Ernst & Young
• KPMG
• PricewaterhouseCoopers

Management Consulting firms

• McKinsey & Company
• The Boston Consulting Group
• Bain & Company

Law firms

• Cadwalader, Wickersham & Taft
• Coudert Brothers (defunct, 2006)
• Covington & Burling
• Cravath, Swaine & Moore
• Davis Polk & Wardwell
• Debevoise & Plimpton
• Dewey & LeBoeuf (defunct, 2012)
• Donovan, Leisure, Newton & Irvine (defunct, 1998)
• Hogan & Hartson merged with Lovells LLP into Hogan Lovells.
• Kirkland & Ellis
• Latham & Watkins
• Mayer Brown
• Milbank, Tweed, Hadley & McCloy
• Mudge Rose Guthrie Alexander & Ferdon (defunct, 1995)
• Paul, Weiss, Rifkind, Wharton & Garrison
• Patterson Belknap Webb & Tyler
• Ropes & Gray
• Shearman & Sterling
• Sidley Austin
• Simpson, Thacher & Bartlett
• Sullivan & Cromwell
• White & Case
• Willkie Farr & Gallagher
• WilmerHale

The "new" white-shoe banks

While the term "white-shoe" historically applied only to those law firms populated by WASPs, usage of the term has since been expanded to other top-rated prestigious firms. Many of these firms were founded as a direct result of the exclusionary tendencies of the original white-shoe firms, which provided limited opportunities for Jewish and Catholic lawyers, as well as other non-WASPs.

• Goldman Sachs
• Lazard Frères & Co.
• Deutsche Bank
• Lehman Brothers (defunct, 2008)
• UBS
• William Blair & Company

The "new" white-shoe law firms

• Cahill Gordon & Reindel
• Cleary, Gottlieb, Steen & Hamilton
• Fried, Frank, Harris, Shriver & Jacobson
• Gibson, Dunn & Crutcher
• Jones Day
• Kramer Levin Naftalis & Frankel
• O'Melveny & Myers
• Paul, Weiss, Rifkind, Wharton & Garrison
• Squire Patton Boggs
• Proskauer Rose
• Quinn Emanuel Urquhart & Sullivan
• Reed Smith
• Steptoe & Johnson
• Skadden, Arps, Slate, Meagher & Flom
• Wachtell, Lipton, Rosen & Katz
• Weil, Gotshal & Manges

Other uses of the term

A similar term in Australia, "white shoe brigade", has been used in the past to describe a group of Queensland property developers who backed, and benefitted from, former Queensland State Premier Sir Joh Bjelke-Petersen. The term is a contemptuous allusion to the lower social class antecedents of such men, revealed by their gaudy and tasteless choice of clothing, which included brightly coloured or patterned shirts, slacks with white stripes or in pastel shades, and shoes and belts of white leather, these often having gold or gilt buckles. They became known for shady deals with the government concerning property development, often with dire consequences for heritage buildings.

See also

• Magic Circle (law firms), an informal term for what are generally considered the five leading law firms headquartered in the United Kingdom
• Silver Circle (law firms), an informal term for a group of corporate law firms headquartered in London which are each outside the Magic Circle
• Seven Sisters (law firms), a collection of seven leading Canadian law firms with offices in Toronto
• Big Three (law), an informal term for leading law firms in New Zealand
• Big Six (law firms), an informal term for leading law firms in Australia
• Big Five (law firms) in South Africa, an informal term for leading law firms in South Africa
• Red Circle (law firms), an informal term for leading law firms in China

External links

• Etymology, de novo Blog, December 18, 2004
• Origin of phrase, Phrase Finder forum, June 25, 2005