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What is considered “dressy casual” for a firm holiday party?

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Depends type of office/venue etc. General ideas: For men, a fitted pair of trousers with a button up and nice sweater plus brogues or other dress shoes typically fits. For women, a nice festive-ish mid-length dress that isn’t too done up always works. Booties/flat boots or nice loafers rather than heels. Not so mini skirt + tights + flat knee high boots and a nice sweater or blouse. Never hurts to be a bit overdressed - it is the holidays! But as always, you’ll look best in something you’re confident/comfortable wearing (no leisurewear though).

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