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White-shoe firm

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This article is about the American term. For the Australian term, see white-shoe brigade.

In the United States, white-shoe firm is a term used to describe prestigious professional services firms that have been traditionally associated with the upper-class elite who graduated from Ivy League colleges. The term comes from white buckskin derby shoes (bucks), once the style among the men from the upper class. The term is most often used to describe leading old-line law firms and Wall Street financial institutions, as well as accounting firms that are over a century old, typically in New York City and Boston.[1] As Ivy League elites, it implied that there was also a cultural homogeneity associated with White Anglo-Saxon Protestant men, but the term is now used more as a matter of long-established, high-end firms, especially those working in complicated business matters.

Former Wall Street attorney John Oller, author of White Shoe, credits Paul Drennan Cravath with creating the distinct model adopted by virtually all white-shoe law firms, the Cravath System, just after the turn of the 20th century, about 50 years before the phrase white-shoe firm came into use.[2]

Etymology

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Senator J. Hamilton Lewis and attorney Joseph P. Tumulty pictured wearing "white bucks", 1917

The phrase derives from "white bucks", laced suede or buckskin (or Nubuck) derby shoes, usually with a red sole, long popular among the student body of Ivy League colleges.[3] 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."[4] 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:[5] "Phooey, I say, on all white-shoe college boys who edit their campus literary magazines. Give me an honest con man any day."[6] It also appears in a 1958 Fortune article by Spencer Klaw, which describes some firms as having "a predilection for young men who are listed in the Social Register. These firms are called 'white-shoe outfits', a term derived from the buckskin shoes that used to be part of the accepted uniform at certain eastern prep schools and colleges."[7]

Usage

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The term originated in Ivy League colleges and originally reflected a stereotype of old-line firms that were populated by White Anglo-Saxon Protestants (WASPs). The term historically had antisemitic connotations, as many of the New York firms known as white-shoe were considered inaccessible to Jewish lawyers until the 1960s.[5][8] 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".[9] Most white-shoe firms also excluded Roman Catholics.[10][11][12][13] A 2010 column in The Economist described the term as synonymous with "big, old, east-coast and fairly traditional."[14] In the 21st century, 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.[5]

Examples

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

Accountancy

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The current Big Four accounting firms and the former Big Eight auditors from which they merged:

The only former Big Eight firm not merged into one of the Big Four was Arthur Andersen, which went out of business in 2002 after the Enron scandal.

Banking

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Traditional
Modern

Management consultancies

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The Big Three (management consultancies), colloquially known as "MBB", consisting of the largest management consulting firms by revenue:

Law

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Further information: History of the American legal profession § White-shoe firms
Traditional
Modern

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, and include:

Equivalent law firms outside the United States

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Australia
Big Six: In 2012, three of these firms merged with overseas firms, and one other began operating in association with an overseas firm. As a consequence, it has proposed that the term is no longer applicable to the Australian legal profession, displaced by the concept of Global Elite law firms or International Business law firms.[59]
Brazil
Grandes Firmas: Pinheiro Neto Advogados: Mattos Filho Advogados : Machado Meyer Advogados: Tozzini Freire Advogados: Veirano Advogados
Canada
Seven Sisters
China (People's Republic)
Red Circle, coined by The Lawyer magazine in 2014.[60]
Japan
Big Four
South Africa
Big Five
Singapore
Big Four
United Kingdom (centered on the City of London)
  • Magic Circle, firms with the largest revenues, the most international work and which generally outperform the rest of the London market on profitability.
  • Silver Circle, the next tier below the Magic Circle (there is no Golden Circle[61]) has firms smaller than those in the Magic Circle, though sometimes with similar level of profits per equity partner (PEP) and average revenue per lawyer.[62][63][64]

References

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  1. ^ Safire, William (Nov 9, 1997). "On Language; Gimme the Ol' White Shoe". Retrieved Sep 2, 2021 – via NYTimes.com.
  2. ^ Levinson, Marc (20 March 2019). "'White Shoe' Review: Lawyering Up the 20th Century (book review)". The Wall Street Journal. Retrieved 22 March 2019.ISBN 9781524743253
  3. ^ Safire, William (November 9, 1997). "On Language; Gimme the Ol' White Shoe". New York Times.
  4. ^ Chensvold, Christian. "Russell Lynes On The Shoe Hierarchy, Esquire 1953". Ivy Style. Retrieved 16 June 2016.
  5. ^ a b c Chambliss, Elizabeth (2005). "THE SHOE STILL FITS". Legal Affairs. Retrieved June 16, 2016.
  6. ^ Chensvold, Christian. "How The White-Shoe Law Firm Got Its Name". Ivy Style. Retrieved 4 August 2020.
  7. ^ "New Jersey State Bar Journal". New Jersey State Bar Association. June 25, 1957 – via Google Books.
  8. ^ Stelzer, Irwin M. (February 8, 2016). "Remembering the 'White-Shoe Firm'". The Weekly Standard. Archived from the original on January 30, 2016. Retrieved June 16, 2016.
  9. ^ "white-shoe". WordNet. Princeton University.
  10. ^ Pulera, Dominic (October 20, 2004). Sharing the Dream: White Males in Multicultural America. A&C Black. ISBN 9780826416438 – via Google Books.
  11. ^ "President Trump's reference to 'paddy wagon' insults Irish Americans like me". The Washington Post. 2017-08-01. Retrieved 2021-09-02.
  12. ^ "Italian Americans: The Progressive Tradition-Reflections on Gerald Meyer's Presentation at the New Haven Public Library". March 20, 2021.
  13. ^ "Raise a St. Patrick's Day glass to 'Wild Bill' Donovan, the greatest Irish American". Washington Examiner. March 17, 2020.
  14. ^ "Frozen-term watch: "white-shoe"". The Economist. September 3, 2010. Retrieved June 16, 2016.
  15. ^ Surowiecki, James (1998-06-15). "White-Shoe Shuffle". New York. New York Media LLC. Retrieved 2008-06-01.
  16. ^ Timmons, Heather; Christopher Palmieri (2002-01-21). "The Perils of J.P. Morgan". Bloomberg Businessweek. McGraw-Hill Education. Archived from the original on February 13, 2002. Retrieved 2008-06-01.
  17. ^ "Morgan Stanley's 'white-shoe' dissidents continue war of attrition". Finfacts Ireland. April 17, 2005.
  18. ^ Creswell, Julie; White, Ben (27 September 2008). "Wall Street, R.I.P.: The End of an Era, Even at Goldman". The New York Times. Retrieved 4 January 2022.
  19. ^ Kenton, Will. "White Shoe Firm". Investopedia. Retrieved 20 July 2021.
  20. ^ Sorkin, Andrew Ross (December 11, 2005). "They're All Paying Customers to Wall Street". The New York Times.
  21. ^ Creswell, Julie; White, Ben (27 September 2008). "Wall Street, R.I.P.: The End of an Era, Even at Goldman". The New York Times. Retrieved 4 January 2022.
  22. ^ "2017 Power 100 Law Firm Rankings". Above the Law. Retrieved 2019-04-25.
  23. ^ Stracher, Cameron (March 24, 2000). "The Law Firm's New Clothes". New York Times.
  24. ^ Rost, Peter (September 12, 2007). "Covington & Burling, a Pfizer law firm, caught cleaning up its reputation on Wikipedia". BrandweekNRX.
  25. ^ Martinez, Jose (March 3, 2006). "Shoes are whiter than most in city". NY Daily News. New York.
  26. ^ Moyer, Elizabeth (October 26, 2005). "Dimon Woos Mergers Lawyer Hersch To JPMorgan". Forbes.com.
  27. ^ Labaton, Stephen (September 24, 1989). "Rainmaker: Mario Baeza of Debevoise". The New York Times.
  28. ^ Weiss, Gary (March 4, 2002). "Commentary: Et Tu, Enron Lawyers?". Businessweek. Archived from the original on April 16, 2002.
  29. ^ Qualters, Sheri (August 29, 2007). "Humor Helps the Firm Go Video". The National Law Journal.
  30. ^ "Top Law Schols". New York. April 2011.
  31. ^ Nelson, Katie (November 2, 2009). "NY Daily News". New York.
  32. ^ "Chicago Tribune". November 11, 2009.
  33. ^ John Oller (2019). White Shoe: How a New Breed of Wall Street Lawyers Changed Big Business and the American Century. p. 565. ISBN 9781524743277.
  34. ^ Schneider-Mayerson, Anna (February 18, 2007). "Associate Gets Crushed Beneath White Shoe". New York Observer. Archived from the original on July 26, 2008.
  35. ^ "History of White & Case LLP – FundingUniverse". Retrieved 20 December 2016.
  36. ^ Morgan, Spencer (April 7, 2009). "Andy Spade Is a Giant in New York". New York Observer. Archived from the original on April 10, 2009.
  37. ^ van der Pool, Lisa (July 1, 2011). "Bill Lee: Still making his case". Boston Business Journal.
  38. ^ Hawkins, Asher (June 28, 2010). "SEC's Revolving Door Often Spins More Than Once". Forbes.
  39. ^ "Caroline Ellison Hires SEC's Former Top Crypto Cop for FTX probe". 10 December 2022 – via www.bloomberg.com.
  40. ^ Tau, Bryon (July 21, 2014). "Akin Gump now largest lobbying firm". POLITICO. Washington.
  41. ^ Gendar, Alison (September 14, 2009). "Straight-shooter judge could break up Junior Gotti's perfect game". NY Daily News. New York.
  42. ^ Rubinstein, Dana (July 24, 2008). "It's Complicated: Insurance Firm Spills Space Gobbled by Former UBS President, Cleary Gottlieb". New York Observer. Archived from the original on August 4, 2008.
  43. ^ Gray, Geoffrey (December 15, 2003). "Charity Busters". City Limits.
  44. ^ Auchterlonie, Tom (February 1, 2023). "King & Spalding alum returns to the firm's private funds practice". Private Funds CFO. Private Equity International. Archived from the original on 23 March 2023. Retrieved 3 April 2024.
  45. ^ "Rod J. Rosenstein". kslaw.com. King & Spalding LLP. Archived from the original on 16 January 2024. Retrieved 3 April 2024.
  46. ^ Hobbs, Meredith (April 7, 2008). "Daily Report Dozen: King & Spalding". Daily Report. ALM Global, LLC. Archived from the original on 3 April 2024. Retrieved 3 April 2024.
  47. ^ Gertner, Jon (January 15, 2006). "What Is a Living Wage?". New York Times.
  48. ^ Stull, Elizabeth (May 23, 2007). "Gay Couple Sues Landlord for Discrimination". Brooklyn Daily Eagle.
  49. ^ "Business - Minding your MANNERS". Lubbock Avalanche-Journal. June 9, 2002.
  50. ^ Lin, Anthony (May 16, 2006). "Can the 'Jewish Law Firm' Success Story Be Duplicated?". New York Law Journal.
  51. ^ Donohue, Pete (December 11, 2005). "MTA Pays Big Shots To Fight A Strike". NY Daily News. New York.
  52. ^ ANN W., ANN W. (September 24, 2000). "He May Have Played a Lawyer on TV, but Nanny Produced the Brief". LA Times.
  53. ^ Mainland, Alexis; Goodman, J. David; Iaboni, Lisa; Vega, Tanzina; Dance, Gabriel; Han, Rebecca (March 10, 2008). "Milestones in an Ambitious Career: 1992". New York Times.
  54. ^ "Girl Trouble". New York Magazine. October 16, 2000.
  55. ^ Weiss, Debra Cassens (August 19, 2009). "Wachtell Nabs Top Spot Again In Prestige Rankings". ABA Journal.
  56. ^ Belkin, Lisa (January 24, 2008). "Who's Cuddly Now? Law Firms". New York Times.
  57. ^ Sargent, Greg (September–October 2005). "The Ricochet". Mother Jones.
  58. ^ Fitzgerald, Patrick (March 13, 2009). "SunCal Lawyer Whacks Weil". Wall Street Journal.
  59. ^ Beaton Research & Consulting (2012). An obituary for the term "Big 6" law firms in Australia Archived 2012-11-07 at the Wayback Machine. Retrieved 14 November 2012.
  60. ^ "Elite 'red circle' firms Zhong Lun and Jun He plot merger as consolidation grips China legal market | The Lawyer | Legal News and Jobs | Advancing the business of law". www.thelawyer.com. 25 March 2014. Retrieved 2016-04-09.
  61. ^ "The silver circle". Chambers Student Guide.
  62. ^ "Ashurst, Herbies ride out tough year; BLP, Macfarlanes, SJ Berwin succumb". The Lawyer. 14 July 2008. Retrieved 25 October 2010.
  63. ^ "Silver Circle". The Lawyer. 3 September 2007. Retrieved 25 October 2010.
  64. ^ Fletcher, Martin (28 August 2005). "'Silver circle' firms upset the legal order". The Times. London. Archived from the original on June 12, 2011. Retrieved 25 October 2010.

Further reading

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