White-shoe firm: Difference between revisions
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* [[Kirkland & Ellis]] |
* [[Kirkland & Ellis]] |
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* [[King & Spalding]]<ref>{{cite web|url=http://www.dailyreportonline.com/id=1202552351184/Daily-Report-Dozen-King-amp-Spalding|title=Daily Report Dozen: King & Spalding|first=Meredith|last=Hobbs|date=7 April 2008|publisher=|accessdate=9 August 2017}}</ref> |
* [[King & Spalding]]<ref>{{cite web|url=http://www.dailyreportonline.com/id=1202552351184/Daily-Report-Dozen-King-amp-Spalding|title=Daily Report Dozen: King & Spalding|first=Meredith|last=Hobbs|date=7 April 2008|publisher=|accessdate=9 August 2017}}</ref> |
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* Latham& Watkins LLP |
* Latham & Watkins LLP |
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*[[Mayer Brown]]<ref>{{cite web|url=https://newrepublic.com/article/113941/big-law-firms-trouble-when-money-dries|title=The Last Days of Big Law|first=Noam|last=Scheiber|date=21 July 2013|publisher=|accessdate=20 December 2016}}</ref><ref>{{cite web|url=https://psmag.com/are-you-getting-paid-what-you-re-worth-fa0a12ea720f#.an6hetxcm|title=Are You Getting Paid What You’re Worth?|first=Pacific|last=Standard|date=19 May 2015|publisher=|accessdate=20 December 2016}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/SB114462578745821336|title=Refco Suits Spotlight White-Shoe Law Firm's Role|first1=Peter A.|last1=McKay|first2=Carrick|last2=Mollenkamp|date=10 April 2006|publisher=|accessdate=20 December 2016|via=Wall Street Journal}}</ref> |
*[[Mayer Brown]]<ref>{{cite web|url=https://newrepublic.com/article/113941/big-law-firms-trouble-when-money-dries|title=The Last Days of Big Law|first=Noam|last=Scheiber|date=21 July 2013|publisher=|accessdate=20 December 2016}}</ref><ref>{{cite web|url=https://psmag.com/are-you-getting-paid-what-you-re-worth-fa0a12ea720f#.an6hetxcm|title=Are You Getting Paid What You’re Worth?|first=Pacific|last=Standard|date=19 May 2015|publisher=|accessdate=20 December 2016}}</ref><ref>{{cite web|url=https://www.wsj.com/articles/SB114462578745821336|title=Refco Suits Spotlight White-Shoe Law Firm's Role|first1=Peter A.|last1=McKay|first2=Carrick|last2=Mollenkamp|date=10 April 2006|publisher=|accessdate=20 December 2016|via=Wall Street Journal}}</ref> |
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*[[Milbank, Tweed, Hadley & McCloy]]<ref>{{cite news|first=Gary|last=Weiss|date=March 4, 2002|url=http://www.businessweek.com/magazine/content/02_09/b3772098.htm |work=Businessweek|title= Commentary: Et Tu, Enron Lawyers?}}</ref> |
*[[Milbank, Tweed, Hadley & McCloy]]<ref>{{cite news|first=Gary|last=Weiss|date=March 4, 2002|url=http://www.businessweek.com/magazine/content/02_09/b3772098.htm |work=Businessweek|title= Commentary: Et Tu, Enron Lawyers?}}</ref> |
Revision as of 22:41, 7 November 2017
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.[1][2] 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.[3] A 2010 column in The Economist described the term as synonymous with "big, old, east-coast and fairly traditional."[4] 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.[1]
Etymology
The phrase derives from "white bucks", laced suede or buckskin shoes with a red sole, long popular in the Ivy League colleges.[5] 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."[6] 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.[1]
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)
- Goldman Sachs
- J.P. Morgan & Co.[7][8] (acquired by Chase Manhattan, 2000, now JPMorgan Chase)
- Morgan Stanley[9]
- White Weld & Co. (acquired by Merrill Lynch, 1978)
Accounting firms
Management Consulting firms
Law firms
- Cadwalader, Wickersham & Taft[10][11]
- Coudert Brothers
- Covington & Burling[12]
- Cravath, Swaine & Moore[13]
- Davis Polk & Wardwell[14]
- Debevoise & Plimpton[15]
- Dewey & LeBoeuf[16] (defunct, 2012)
- Donovan, Leisure, Newton & Irvine (defunct, 1998)
- Hogan & Hartson[17] merged with Lovells LLP into Hogan Lovells.
- Kirkland & Ellis
- King & Spalding[18]
- Latham & Watkins LLP
- Mayer Brown[19][20][21]
- Milbank, Tweed, Hadley & McCloy[22]
- Mudge Rose Guthrie Alexander & Ferdon (defunct, 1995)
- Paul, Weiss, Rifkind, Wharton & Garrison[23][24]
- Patterson Belknap Webb & Tyler[25]
- Ropes & Gray[26]
- Shearman & Sterling
- Sidley Austin[27][28]
- Simpson, Thacher & Bartlett
- Sullivan & Cromwell[29]
- White & Case[30]
- Willkie Farr & Gallagher[31]
- WilmerHale[32][33]
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.[34]
- Deutsche Bank
- Lehman Brothers[35] (defunct, 2008)
- UBS
- William Blair & Company
The "new" white-shoe law firms
- Cahill Gordon & Reindel[36]
- Cleary, Gottlieb, Steen & Hamilton[37]
- Fried, Frank, Harris, Shriver & Jacobson[38]
- Gibson, Dunn & Crutcher
- Jones Day[39]
- Kramer Levin Naftalis & Frankel[40]
- O'Melveny & Myers[41]
- Paul, Weiss, Rifkind, Wharton & Garrison[42][43]
- Squire Patton Boggs[44][45][46]
- Proskauer Rose[47][48][49]
- Quinn Emanuel Urquhart & Sullivan[50]
- Reed Smith[51][52][53]
- Steptoe & Johnson[54]
- Skadden, Arps, Slate, Meagher & Flom[55][56]
- Wachtell, Lipton, Rosen & Katz[57]
- Weil, Gotshal & Manges[58][59][60]
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.[61] 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.[62]
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
Notes and references
- ^ a b c Chambliss, Elizabeth (2005). "THE SHOE STILL FITS". Legal Affairs. Retrieved June 16, 2016.
- ^ Seltzer, Irwin M. (February 8, 2016). "Remembering the 'White-Shoe Firm'". The Weekly Standard. Retrieved June 16, 2016.
- ^ "white-shoe". WordNet. Princeton University.
- ^ "Frozen-term watch: "white-shoe"". The Economist. September 3, 2010. Retrieved June 16, 2016.
- ^ Safire, William (November 9, 1997). "On Language; Gimme the Ol' White Shoe". New York Times.
- ^ Chensvold, Christian. "Russell Lynes On The Shoe Hierarchy, Esquire 1953". Ivy Style. Retrieved 16 June 2016.
- ^ Surowiecki, James (1998-06-15). "White-Shoe Shuffle". New York. New York Media LLC. Retrieved 2008-06-01.
- ^ Timmons, Heather; Christopher Palmieri (2002-01-21). "The Perils of J.P. Morgan". Bloomberg Businessweek. McGraw-Hill Education. Retrieved 2008-06-01.
- ^ "Morgan Stanley's 'white-shoe' dissidents continue war of attrition". Finfacts Ireland. April 17, 2005.
- ^ Stracher, Cameron (March 24, 2000). "The Law Firm's New Clothes". New York Times.
- ^ Lin, Anthony (February 6, 2007). "Does the Future Belong to Cadwalader?". New York Law Journal.
- ^ Rost, Peter (September 12, 2007). "Covington & Burling, a Pfizer law firm, caught cleaning up its reputation on Wikipedia". BrandweekNRX.
- ^ Martinez, Jose (March 3, 2006). "Shoes are whiter than most in city". NY Daily News. New York.
- ^ Moyer, Elizabeth (October 26, 2005). "Dimon Woos Mergers Lawyer Hersch To JPMorgan". Forbes.com.
- ^ Labaton, Stephen (September 24, 1989). "Rainmaker: Mario Baeza of Debevoise". The New York Times.
- ^ van der Pool, Lisa (July 18, 2008). "Dewey & LeBoeuf's local head count drops post-merger". Boston Business Journal.
- ^ Dougherty, Carter. "The Israeli Connection". VirtualCXO.
- ^ Hobbs, Meredith (7 April 2008). "Daily Report Dozen: King & Spalding". Retrieved 9 August 2017.
- ^ Scheiber, Noam (21 July 2013). "The Last Days of Big Law". Retrieved 20 December 2016.
- ^ Standard, Pacific (19 May 2015). "Are You Getting Paid What You're Worth?". Retrieved 20 December 2016.
- ^ McKay, Peter A.; Mollenkamp, Carrick (10 April 2006). "Refco Suits Spotlight White-Shoe Law Firm's Role". Retrieved 20 December 2016 – via Wall Street Journal.
- ^ Weiss, Gary (March 4, 2002). "Commentary: Et Tu, Enron Lawyers?". Businessweek.
- ^ "The Elite Face-Off: NY vs. London - Adam Smith, Esq". Retrieved 20 December 2016.
- ^ "Cuomo Picks Maria Vullo as State's Top Financial Watchdog". The New York Times. 22 January 2016. Retrieved 20 December 2016.
- ^ CBS News http://www.cbsnews.com/htdocs/pdf/062807_off_the_record.pdf.
{{cite news}}
: Missing or empty|title=
(help) - ^ Qualters, Sheri (August 29, 2007). "Humor Helps the Firm Go Video". The National Law Journal.
- ^ Nelson, Katie (November 2, 2009). "NY Daily News". New York.
- ^ "Chicago Tribune". November 11, 2009.
- ^ Schneider-Mayerson, Anna (February 18, 2007). "Associate Gets Crushed Beneath White Shoe". New York Observer.
- ^ "History of White & Case LLP – FundingUniverse". Retrieved 20 December 2016.
- ^ Morgan, Spencer (April 7, 2009). "Andy Spade Is a Giant in New York". New York Observer.
- ^ van der Pool, Lisa (July 1, 2011). "Bill Lee: Still making his case". Boston Business Journal.
- ^ Hawkins, Asher (June 28, 2010). "SEC's Revolving Door Often Spins More Than Once". Forbes.
- ^ Sorkin, Andrew Ross (December 11, 2005). "They're All Paying Customers to Wall Street". The New York Times.
- ^ Gomez, Edward M. (September 16, 2008). "With Wall Street crisis, now it's official: The sky is falling in". SFGate World Views.
- ^ Gendar, Alison (September 14, 2009). "Straight-shooter judge could break up Junior Gotti's perfect game". NY Daily News. New York.
- ^ Rubinstein, Dana (July 24, 2008). "It's Complicated: Insurance Firm Spills Space Gobbled by Former UBS President, Cleary Gottlieb". New York Observer.
- ^ Gray, Geoffrey (December 15, 2003). "Charity Busters". City Limits.
- ^ http://www.courthousenews.com/2012/09/12/50215.htm
- ^ . Commercial Observer http://commercialobserver.com/2014/12/silverstein-recaps-1177-avenue-of-the-americas/.
{{cite web}}
: Missing or empty|title=
(help) - ^ Selvin, Molly (May 19, 2006). "Who Wins This Case? Lawyers". LA Times.
- ^ Gertner, Jon (January 15, 2006). "What Is a Living Wage?". New York Times.
- ^ Stull, Elizabeth (May 23, 2007). "Gay Couple Sues Landlord for Discrimination". Brooklyn Daily Eagle.
- ^ Buford, Talia (May 7, 2006). "Patton Boggs to pay Chevron $15M". Politico.
- ^ Leiby, Richard (December 2005). "The Liberal on Karl Rove's Case". Banderas News.
- ^ Zaitchik, Alexander (August 28, 2014). "Sludge Match: Inside Chevron's $9 Billion Legal Battle With Ecuadorean Villagers". Rolling Stone.
- ^ "Business - Minding your MANNERS". Lubbock Avalanche-Journal. June 9, 2002.
- ^ Lin, Anthony (May 16, 2006). "Can the 'Jewish Law Firm' Success Story Be Duplicated?". New York Law Journal.
- ^ Donohue, Pete (December 11, 2005). "MTA Pays Big Shots To Fight A Strike". NY Daily News. New York.
- ^ ANN W., ANN W. (September 24, 2000). "He May Have Played a Lawyer on TV, but Nanny Produced the Brief". LA Times.
- ^ Simpson, Jake (January 24, 2013). "Reed Smith Adds Goodwin Procter PE, M&A Partner In NY". Law 360.
- ^ Rosen-Molina, Mike (August 7, 2008). "Overbilling lawsuit prompts debate over ethical duties to smaller clients". Law 360.
- ^ Passerella, Gina (January 24, 2013). "Law Firms". Law 360.
- ^ "IRS punts on secret $6 billion bailout for Puerto Rico: 2011". The Daily Caller. April 4, 2011.
- ^ 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.
- ^ "Girl Trouble". New York Magazine. October 16, 2000.
- ^ Weiss, Debra Cassens (August 19, 2009). "Wachtell Nabs Top Spot Again In Prestige Rankings". ABA Journal.
- ^ Belkin, Lisa (January 24, 2008). "Who's Cuddly Now? Law Firms". New York Times.
- ^ Sargent, Greg (September–October 2005). "The Ricochet". Mother Jones.
- ^ Fitzgerald, Patrick (March 13, 2009). "SunCal Lawyer Whacks Weil". Wall Street Journal.
- ^ Dempster, Quentin (April 23, 2005). "Sir Johannes Bjelke-Petersen: Corrupt populist". Australian Broadcasting Corporation. Archived from the original on July 25, 2008.
{{cite news}}
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suggested) (help) - ^ Gard, Stephen (1994). Fantastic Australians. Kangaroo Press. ISBN 0-86417-588-4.
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.