A&O Shearman is splashing US$1.1bn on AI over five years, and its lawyers are doing the building. Every practice must sink at least 3% of billable time into bespoke AI tools, and AI use now counts toward bonuses. Meanwhile, its ContractMatrix tool, built with Harvey and sold to clients, is already pulling in tens of millions in revenue: Point Blank

⚖️ Arbitration: The Victorian Supreme Court won’t run a mini-trial before appointing an arbitrator. In Zoo Property Wealth Builder v Australia Red Hill Real Estate Group, the respondent resisted arbitration, claiming its sole director’s signature on the contract was forged. Every expert, including its own, said the signature was genuine, so it fell back on non est factum (ie she didn’t know what she was signing). Croft J appointed the arbitrator anyway. Under s 11 of the Commercial Arbitration Act 2011 (Vic), the court only needs to see that an arbitration agreement prima facie exists; it’s “a gateway, not a trial”: Supreme Court of Victoria, Clayton Utz

⚖️ M&A: The Takeovers Panel has rejected two claims that bidders had unfairly locked up their targets. In Cue Energy, Horizon Oil bought a 19.99% stake from Cue’s biggest shareholder, which also promised to accept the bid for the rest of its shares. In Cygnus Metals, Central Asia Metals had support from shareholders holding 29%, promises not to sell and an option to buy 9.9%. The Panel said these deal protections were standard and not anti-competitive, because shareholders and the target could still back a better offer if one came along. ASIC also didn’t raise concerns about support statements covering more than 20% of shares: HSF Kramer, Takeovers Panel

⚖️ Mining: A big emissions footprint won’t automatically sink a coal mine. In Whitehaven WS v Australian Conservation Foundation (No 4), the Queensland Land Court recommended approving Whitehaven’s Winchester South coal mine near Moranbah, despite objections from the Australian Conservation Foundation and others. The mine will produce around 557 million tonnes of emissions over its life, mostly from burning the coal overseas, and would add 0.0003°C to global temperatures. The Court said climate harm is one factor to weigh against a project’s benefits, not a trump card, and that the ICJ’s climate advisory opinion isn’t binding: Queensland Land Court, Allens

A London jury has found British comedian and actor Russell Brand guilty of one count of rape and three counts of sexual assault against four women between 2004 and 2009. He was acquitted on three other charges. Judge Joel Bennathan revoked his bail, saying a “significant” prison sentence is inevitable, and he’ll be sentenced on Monday: ABC

NSW is the first state to roll out the National Gun Buyback Scheme, almost a year after the Bondi terror attack. Owners holding banned guns, or more than the new four-gun limit, can now hand them in for up to $1k each, plus $150 for 1kg of ammo. SA, Victoria, Queensland and the NT have refused to join: TDA

👀 Goodman Group and Digital Realty took just over a week to go from registering a JV company with ASIC to snapping up just under 8% of NextDC at $9.50 a share. A full bid is tipped next, but truth in takeovers rules could lock them out for four months after their “no intention” statement. Mallesons is advising NextDC: Capital Brief

🕵️ Humm is investigating whether an executive leaked its plan to exit Canada to its largest shareholder, Andrew Abercrombie, before the ASX announcement. Meanwhile, a board member has sounded out Macquarie about buying Humm’s commercial unit, and two PE firms have also been approached: AFR

🛍️ MA Financial’s real estate arm IP Generation is exposed to the David Jones collapse, owning the retailer’s flagship Bourke Street store it bought for $223.5m in January 2025. There’s no bank guarantee backing the lease: AFR

Woodside is cutting 500+ jobs and using more AI to save US$400m a year from 2028. CEO Liz Westcott is shifting focus from growth to shareholder returns, promising up to 40% of operating cash flow back to investors. New projects must now deliver a 12% return: The Australian

NAB’s cash profit fell 13.4% to $6.14bn, with CEO Andrew Irvine warning the odds of a recession are rising. The bank booked $1.5bn in bad debt charges, and home borrowers in negative equity jumped sixfold. Analysts say its big business lending book leaves it exposed as the economy cools: Capital Brief, AFR

Funds house Ashe Morgan is set to buy 130 Pitt Street for about $200m. It’s one of the first big Sydney CBD office sales in a market where values are falling despite rising rents. Seller MEC Global paid $229m in 2018. It comes after Hines walked away from a $220m Castlereagh Street deal over pricing: The Australian

Microsoft has passed on a deal worth tens of billions to rent more computing power from UK AI start-up Nscale at its Texas data centre. It’s a blow ahead of Nscale’s planned US$35bn float, with investors already wary of debt-fuelled AI infrastructure: AFR