White-shoe firm

White-shoe firm

Broker-dealer firms that disdain practices such as hostile takeovers.

White-Shoe Firm

Informal; a broker-dealer that does not engage in hostile takeovers on principle. That is, white-shoe firms believe hostile takeovers to be an unfair business practice.
References in periodicals archive ?
Meanwhile, longstanding white-shoe firm Edward Lee Cave was acquired by Terra Holdings' Brown Harris Stevens, though it will continue to operate as a separate division under the larger company's umbrella, and veteran broker Alice Mason closed her Madison Avenue office after 45 years.
Peek, a 1997 graduate of Harvard Law School and a former editor of the Harvard Law Review, left the white-shoe firm in November 1999 to decide whether to go into an academic teaching career or to pursue full-time what had until then been an all-consuming hobby -- the Internet.
He also sloughed off thoughts about a culture clash with Cushman & Wakefield, a white-shoe firm that is 20 percent owned by its operators and soon to be 80 percent owned by Mitsubishi Estates when it completes its purchase from the Rockefeller Family Trust.
At the time, "the chances [for a black person] to work for a white-shoe firm were nil to none," says Goings, an honor graduate of Xavier University in Cincinnati and former pro football player.
Now, though, the white-shoe firm will also list an apartment type that most New Yorkers may associate with worse-for-wear projects: affordable housing.
Posthumous honors go to Paul Cravath, the inventor of the big-firm system and one of Cravath, Swaine & Moore's forefathers; and William Nelson Cromwell, international developer who also founded Sullivan & Cromwell, the archetypal white-shoe firm.
The experienced group is updating the white-shoe firm with top-of-the-line computers and sophisticated software, a new phone system with voice mail and other technology.
Others have closed completely or been absorbed into other firms, like longstanding white-shoe firm Edward Lee Cave, which was recently acquired by Brown Harris Stevens.
lower ranks of the New York bar led the white-shoe firms to stay clear
the WASP firms, within white-shoe firms, "[s]uper-achievers [were]
Sullivan & Cromwell with the other white-shoe firms of the day, and
Jeff Nahley, head of Avondale's investment banking group commented, "Our ability to attract top talent from a number of nationally recognized white-shoe firms confirms the appeal of our business model and Avondale's growing reputation in this industry.