Cover the morels with the boiling water and let soften for 30 minutes. Rub the morels in the liquid to remove grit. Transfer them to a bowl; cut any large ones in half. Reserve the liquid. In a saucepan, melt the butter over moderate heat. Add the shallot and cook until translucent, about 1 minute. Stir in the morels and season with salt and pepper. Pour in the mushroom liquid, stopping when you reach the grit. Boil over high heat to reduce by half, about 6 minutes. Add the cream and thyme, then simmer over moderately high heat until reduced by a third, about 5 minutes. Season with salt, pepper and the lemon juice.
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