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.

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

The 150-year-old firm has employed many Democrats, including Manhattan’s former U.S. attorney. Its revenue was more than $2.6 billion last year.