Does a law school's anti-discrimination policy trump a student organization's freedom of speech and religion?

The Supreme Court granted cert in Christian Legal Society v. Martinez:

The Christian Legal Society at the University of California's Hastings College of the Law requires officers and voting members to share their religious beliefs, including that "Christians should not engage in sexual conduct outside of a marriage between a man and a woman."

The group filed a federal law suit after the San Francisco law school refused to accord it official status. The school said all official campus groups, which are eligible for funding and other benefits, may not exclude people because of religious belief, sexual orientation and other reasons.