The Anointed

January 25, 2021
The growth of three prominent New York law firms reflects “major developments” in America’s “social and economic life” according to former attorneys Lambert and Stewart in this sharp if niche survey. The first “white shoe” law firms (named for the shoes wealthy men wore in the summer)—Cravath, Swaine & Moore; Davis Polk & Wardwell; and Sullivan & Cromwell—were “a WASP citadel” by mid-century, and functioned as a social club for the firms’ lawyers. The authors trace the firms’ history: the Civil War threatened Sullivan’s practice working with Southern clients, for example, and the firm’s late 19th century growth was fueled by its work in bankrutpcy law. They also outline how Cravath built policies around recruitment that influence law practices today, and describe Cromwell’s questionable dealings around the building of the Panama Canal. The authors turn the evolution of law over the century into a lively history, with accounts of fighting the New Deal and in-house disagreements over working with Nazis. Those looking for a shrewd inside take on elite law firms will find this brings the goods.