Philip Wallace received his undergraduate degree from Princeton University and law degree from the University of Virginia Law School in 1919 and was a Lt. in the Aviation Branch of the Army from December, 1918, until February, 1919, serving his term of duty in Texas.

He practiced law in Memphis and in 1923 was appointed Assistant Attorney General of Shelby County. In 1925 he served one term in the state legislature and in 1930 was elected judge of the First Criminal Court of Shelby County, the youngest to serve in that capacity.

An avid hunter and sportsman he contracted pneumonia while bird hunting the day before Christmas and died two days later.