White-shoe firm

A white-shoe firm is a leading professional services firm in the United States, typically firms in existence for more than a century that represent Fortune 500 companies. With notable exceptions, the term usually refers to financial, law, and management consulting firms, traditionally those based in the Northeastern United States, including New York City and Boston. 
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, about 50 years before the term came into use.
The phrase "white shoe" has a distinctly different meaning and history in Australia than in the rest of the Western World, where the phrase was culled from American usage during the mid-20th century.
United States.
Etymology.
The phrase derives from "white bucks", laced suede or buckskin shoes with a red sole, long popular among the student body of 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: "Phooey, I say, on all white-shoe college boys who edit their campus literary magazines. Give me an honest con man any day."
Usage.
The term originated in the Ivy League colleges and originally reflected a stereotype of old-line firms 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 off-limits to Jews 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". A 2010 column in "The Economist" described the term as synonymous with "big, old, east-coast and fairly traditional." 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.
Examples.
The following U.S. firms are often referred to as being white-shoe firms:
Law firms.
Modern white-shoe law firms.
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:
Australia.
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.