White-shoe firm

[2] 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.

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] The American term white-shoe first originated in Ivy League colleges, then reflecting a stereotype of East Coast old-line firms that were populated by White Anglo-Saxon Protestants (WASPs).

[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".

"[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.