The Morning Wrap

Investigating: The Manhattan District Attorney's Office has initiated a criminal investigation of former Dewey & LeBoeuf chairman Steven Davis, The Am Law Daily reports. The firm also has launched an internal probe.

Dreaming: Al-Qaeda still is dreaming of a major attack on American soil a year after U.S. Navy commandos killed Osama bin Laden, The Associated Press reports. Although it is weaker after bin Laden's death, the terrorist group still could act, U.S. officials say.

Backfiring: Some law firms' decisions to take on debt to expand around the world and bring star lawyers on board are backfiring, The Wall Street Journal reports. "If everything goes well, it was a brilliant strategy," said Bill Brennan, a principal with legal consulting firm Altman Weil Inc. "If the partners don't deliver the revenue that they promised, the debt is still there, and there's no money to pay it."

Challenging: Wal-Mart is having difficulties opening new stores in the United States after the disclosure of a bribery scandal involving the company's Mexican subsidiary, The New York Times reports. “Overnight, the environment has shifted in terms of Wal-Mart’s strategy in big cities, in winning over local politicians,” said Dorian Warren, who is writing a book about Wal-Mart’s efforts to expand into Chicago and Los Angeles.

Joking: The White House Correspondents’ Association held its annual dinner on Saturday, drawing more than 2,000 people, including politicians, celebrities, and journalists, The Washington Post reports. The event featured jokes from ABC late night host Jimmy Kimmel and President Barack Obama.