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It's rather odd that they did not consider this consequence.
Do you imagine that the wimpy law firms will eventually need to rebrand? And, if so, I wonder if that thought has dawned on them yet.
Moreover, a similar consequence might await firms that caved-in and dropped support for DEI, I think.
I honestly think they might be at such a competitive disadvantage that they just fail as businesses. More diversity in the ways that fall under DEI also leads to diversity of perspectives, aka inventiveness, which leads to diversity of tactics, aka adaptability.
Markets are centralised enough that adaptability, inventiveness and other things like this don't really matter any more. In a free market, sure. On Wall Street?
If market dynamics mattered at all, Tesla would be bankrupt, and so would be Oracle, Microsoft and many others.
All they see is "high profile client = $$$" and nothing else, completely ignoring that trump famously never pays.
Treat this as untrustworthy anecdote since I can’t find the reference but I recall seeing an article recently where a few of the key partners have already split off and formed a new firm. I’d expect more like that based on my zero amount of expertise.
People who are okay with doing bad things, are usually okay with it because they think most people are okay with, or even do, the same things.
Rebrand is tough. They're named after the top equity partners lol - these folks gonna lie in whichever bed they choose to make