"President Trump’s advisers have concluded that a wide-ranging corruption investigation into his personal lawyer poses a greater and more imminent threat to the president than even the special counsel’s investigation," the N.Y. Times reports on A1.

Why it matters: Trump's lawyers "were caught flat-footed by the New York raids. The lawyers fear that Mr. Cohen will not be forthcoming with them about what was in his files, leaving them girding for the unknown."