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WHAT WE'RE WATCHING

CAPITAL BUILDING – It's fairly obvious that when the Wu-Tang Clan's Method Man rapped that "cash rules everything around me," he was advocating for a more financially sound approach to managing a large law firm. As Dan Packel reports, the traditional operating model, in which a firm divvies up all its profits among the partnership at the end of each fiscal year and starts fresh, can be a dangerous one when the economy takes a tumble. As a result, an increasing number of firms appear to be taking less risky approaches, including setting aside a portion of profits in order to ensure there is cash on hand in case of a crisis or simply to invest in the organization's future without taking on debt.

WHO'S AFRAID OF DONALD TRUMP? – Apparently, former acting U.S. Attorney for the District of Columbia Timothy Shea is⁠—at least according to testimony former prosecutor Aaron Zelinsky is set to give today before Congress at a hearing titled, "Oversight of the Department of Justice: Political Interference and Threats to Prosecutorial Independence." Zelinsky was one of four career prosecutors who resigned from the criminal case against longtime Trump associate Roger Stone after Main Justice overrode the original trial team's sentencing recommendation for Stone. As Jacqueline Thomsen reports, Zelinsky, according to a copy of his opening statement released Tuesday, will testify that he was explicitly told "the motivation for changing the sentencing memo was political, and because the U.S. attorney was 'afraid of the president.'"

CLOSING THE CIRCUIT - The full U.S. Senate is set to vote this morning on the nomination of Cory Wilson, President Trump's pick for the U.S. Court of Appeals for the Fifth Circuit. If he's confirmed, Wilson will fill the last remaining circuit court vacancy in the country. The Senate Judiciary Committee approved Wilson's nomination earlier this month, but he didn't sail so much as white-water raft through that process, as Senate Democrats battered him over his conservative credentials.

EDITOR'S PICKS

The Pandemic Pushed Clerkship Hiring to Zoom⁠—and Law Students Liked It

NY Business and Tourism Groups Pushing for Protection From COVID-19 Lawsuits

Appeals Court Lowers $4.7B Talc Verdict to $2.1B But Cites J&J's 'Evil Motive'

Does Force Majeure Apply? Answering Questions About Contracts in the Time of Coronavirus

Prosecutors Say Judge Failed to Address Presumption of Detention for Lawyers Accused of Firebombing NYPD Vehicle

Jenner & Block Hits Back at Chicago Landlord, Says It's Owed $840,000 in Rent Credit

WHILE YOU WERE SLEEPING

McDERMOTT WON'T – Chicago-based McDermott Will & Emery no longer has a physical presence in Asia after ending a 13-year strategic alliance with its China partner firm. Anna Zhang reports that the firm discontinued its arrangement with a Shanghai-based law firm known as MWE China Law Offices, saying in a statement that it is aiming to provide its clients with a broader sampling of expertise in the region.

WHAT YOU SAID

"QUOTEGOESHERE"