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WHAT WE'RE WATCHING

'SUBSTANTIAL UNCERTAINTY' - Law firms are relieved that COVID-19 has not been as financially ruinous for the industry as initially predicted, and there's no question Paycheck Protection Program loans have helped many firms stave off dire austerity measures, but we're still a long way off from a post-pandemic party. As Dylan Jackson reports, with PPP money dwindling and the recession's timeline still blurry as new coronavirus cases flare up, firm leaders are still feeling plenty of pressure. "There's still substantial uncertainty around the 'second wave' and the long-term economic impact," said Sullivan & Worcester managing partner Joel Carpenter. "Supplemental unemployment is up at the end of the month. We're cautiously optimistic, but we still don't know where all this is going to take us."

OPEN SEASON - COVID-19 may not be doing wonders for the economy, but it has given rise to at least one cottage industry: suing state governments over orders shuttering nonessential businesses. As Angela Morris reports, an analysis by Law.com affiliate Texas Lawyer found that at least 15 lawsuits (and probably more) have been filed by business owners in Texas challenging Gov. Greg Abbott's shutdown orders. Meanwhile, a similar lawsuit in Pennsylvania, in which business owners sought an emergency injunction against Gov. Tom Wolf's emergency declarations, was rejected by the state Supreme Court in April. The Pennsylvania justices also shot down an attempt last week by the Republican-controlled legislature to end Wolf's shutdown order. JUSTICE OF THE PEACE - This SCOTUS term was not without its chippy moments between Chief Justice John Roberts Jr. and his colleagues, but yesterday's dual 7-2 rulings on access to President Donald Trump's financial records showcased Roberts' knack for forming cross-ideological majorities in politically fraught cases. As Marcia Coyle writes, Roberts' patented middle-of-the-road approach means there was no clear winner in either of yesterday's cases and the door remains open for further litigation. If you were rooting for one side or another in the case, you likely came away disappointed. But if you were pulling for the court to preserve the appearance of its own independence, congratulations—your team won.

EDITOR'S PICKS

What the Trump Tax Records Rulings Mean for His Other Lawsuits By Jacqueline Thomsen

Judge Emmet Sullivan Contests DC Circuit Decision Ordering Dismissal of Flynn Case By C. Ryan Barber

Georgia Courthouses Close Anew as Staff, Judges Test Positive for COVID-19 By R. Robin McDonald

'Help Do Justice': Big Law Commits to Litigation Fight Against Racist Policing By Jacqueline Thomsen

Merck Taps Veteran Health Care General Counsel for New Spinoff By Dan Clark

WHILE YOU WERE SLEEPING

EQUITY IN THE EQUITY TIER - Meganne Tillay reports that Ropes & Gray, Withers, and Irwin Mitchell are the U.K. firms with the highest proportion of female partners, according to a Law.com International diversity survey. The study shows women make up on average one in four partners at top firms in the U.K. Data from 51 of the largest firms found the trio topped the rankings for U.K. female partners overall, and also took three of the top four spots — along with Boies Schiller Flexner — when looking solely at equity partners. Magic Circle firms, however, did not perform as well. None made it into the top 25 for total partner numbers. Meanwhile, at 11 of the 51 firms surveyed, less than one in five partners were women.

WHAT YOU SAID

"Work has been my life for the past few months. You basically get a few hours off to get some sleep."