White-shoe firm

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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 antisemitic 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.

Video White-shoe firm

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.

Maps White-shoe firm

Examples

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

Banks, investment banks, and merchant banks

• Brown Brothers Harriman & Co.
• First Boston (acquired by Credit Suisse, 1990)
• J.P. Morgan & Co. (acquired by Chase Manhattan, 2000, now JPMorgan Chase)
• Lazard Frères & Co.
• Morgan Stanley
• White Weld & Co. (acquired by Merrill Lynch, 1978)

Accounting firms

• Deloitte
• Ernst & Young
• KPMG
• PricewaterhouseCoopers

Management Consulting firms

• McKinsey & Company
• 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)
• Goodwin Procter
• Hogan & Hartson merged with Lovells LLP into Hogan Lovells.
• Kirkland & Ellis
• King & Spalding
• Latham & Watkins LLP
• Mayer Brown
• McCarter & English
• Milbank, Tweed, Hadley & McCloy
• Mudge Rose Guthrie Alexander & Ferdon (defunct, 1995)
• Paul, Weiss, Rifkind, Wharton & Garrison
• Patterson Belknap Webb & Tyler
• Pillsbury Winthrop
• Ropes & Gray
• Shearman & Sterling
• Sidley Austin
• Simpson, Thacher & Bartlett
• Sullivan & Cromwell
• White & Case
• Willkie Farr & Gallagher
• WilmerHale
• Winston & Strawn

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
• Greenberg Traurig
• Jones Day
• Kramer Levin Naftalis & Frankel
• Norton Rose Fulbright
• 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
• Boies, Schiller & Flexner (BSF)

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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.

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See also

• Big Three law firms, an informal term for leading law firms in New Zealand.
• Big Four law firms, an informal term for leading law firms in Japan.
• Big Five law firms, an informal term for leading law firms in South Africa.
• Big Six law firms, an informal term for leading law firms in Australia. 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.
• Magic Circle, an informal term for the London headquartered law firms with the largest revenues, the most international work and which consistently outperform the rest of the London market on profitability.
• Offshore magic circle, an informal term for leading law firms in offshore financial centers.
• Red Circle law firms, an informal term for leading law firms in the People's Republic of China coined by The Lawyer magazine in 2014. For further information, also see the list of the largest Chinese law firms.
• Seven Sisters law firms, a collection of seven leading Canadian law firms with offices in Toronto.
• Silver Circle is an informal term for perceived elite corporate law firms headquartered in the United Kingdom that are the main competitors for the magic circle. These firms have a lower turnover than the members of the Magic Circle, but consistently have an average profits per equity partner (PEP) and average revenue per lawyer (RPL) far above the UK average (and, in some instances, higher than members of the magic circle). Contrary to what the term Silver Circle may suggest, there is no Golden Circle.

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Notes and references

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External links

• Etymology, de novo Blog, December 18, 2004
• Origin of phrase, Phrase Finder forum, June 25, 2005
• Chambliss, Elizabeth (September-October 2005). "Terms of Art". Legal Affairs. 
• Lin, Anthony (May 16, 2006). "Can the 'Jewish Law Firm' Success Story Be Duplicated?". New York Law Journal. 

Source of the article : Wikipedia