Brad Karp, the managing partner of the elite New York law firm, sent an email to its lawyers defending a highly criticized arrangement reached with the Trump administration last week.

Firm leaders are currently undergoing macro-level risk assessments, looking at different hypotheticals, such as what would happen if the firm faced an executive order, or tariffs broadly affected a whole set of clients, noted Ed Estrada, a former Big Law leader who is now managing partner of Gradient Legal Consulting.