On Thursday, Trump said he had reached a deal with Brad Karp, the chair of Paul Weiss, to drop the executive order he issued against the firm. The order would have restricted the firm’s security clearance — something that is often needed to review government contracts for corporate clients — and barred its lawyers from federal buildings.

Paul Weiss Chairman Brad Karp said in an internal email to its lawyers, viewed by Reuters, that the agreement with Trump was in line with the firm's principles, including a commitment to remaining politically independent.

The capitulation by one of the top U.S. firms reflects deep worries that being threatened by the president could lead to financial ruin.