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Today’s brief:

  • Staff tracked on AI use for promos

  • BigLaw dumps all-equity model

  • Vic overtakes NSW for VC hub

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WORD ON THE STREET

AI tied to promos

How do you increase AI adoption? Well, Accenture is reportedly tracking staff use of its AI tools and linking “regular adoption” to promotions. Senior managers are being monitored on log-ins, with AI uptake now part of the leadership criteria. CEO Julie Sweet has already warned laggards may be “exited”: The Guardian

  • All-equity partnerships are fading fast in US BigLaw. From Cravath to Paul Weiss and Sullivan & Cromwell, elite firms have rolled out salaried, non-equity tiers to protect PEP and keep rainmakers happy. Now heavyweight Freshfields has joined the club, adding a non-equity rung and stretching lockstep: Above the Law

  • Lander & Rogers has opened applications for its 2026 LawTech Hub, calling on AI and legal tech startups globally to join its six-month, equity-free incubator. Founders get lawyer collaboration, real-world testing and funding access. Alumni include Josef, Nexl and DraftWise. Applications close 1 April: Lander & Rogers

  • In another big win for Legora, the legal tech has secured a global rollout at Pinsent Masons after a successful pilot, with ~1,000 lawyers set to get access. The Stockholm AI platform has also signed Linklaters, White & Case and CMS in the past year. All this as it chases a reported $400m raise at a $5bn+ valuation: NB

PRACTICE POINTS

Misleading silence

⚖️ Disputes: The NSW Court of Appeal has overturned a $7m misleading conduct finding, confirming that courts will not lightly infer representations in complex commercial contracts. Allegations that a gas supplier promised third-party “price capping insurance” failed where the contract objectively referred only to a contractual price cap. The Court stressed that silence is rarely misleading absent knowledge of a counterparty’s mistaken assumption, and that serious allegations must be squarely put in cross-examination: Bartier Perry

⚖️ Corporate: ASX has published a non-exhaustive list of factors it will weigh when assessing whether a director, CEO or CFO meets the good fame and character conditions for listing. ASX will consider the nature of the conduct (dishonest vs not), whether it was isolated or prolonged, the enforcement outcome (no action vs conviction or civil penalty), how long ago it occurred, and the conduct since. It will also look at age and seniority at the time, admission of fault, genuine contrition, subsequent board roles, regulator assessments, how the issue came to light (self-disclosed vs uncovered), and the quality of character references. But remember that none are determinative, and ASX retains absolute discretion for listings: ASX

⚖️ Consumer/Competition: The ACCC has released its 2026-27 Enforcement Priorities, with Chair Gina Cass-Gottlieb signalling a continued crackdown on misleading pricing, digital dark patterns and conduct undermining competition in concentrated markets. Key focus areas include supermarkets, essential services (telecoms, energy), greenwashing, aviation and unfair contract terms (particularly auto-renewals and exit fees). Chair Gina Cass-Gottlieb has also flagged a push for higher penalties and sharper focus on senior executive accountability where compliance culture is weak: ACCC

TALKING POINTS

Labor’s lead narrows

Did you hear…

One Nation is now just one point behind Labor. New polling has Pauline Hanson on 28%, trailing Labor (29%) and ahead of the Coalition (21%). While Albanese still leads as preferred PM, his net favourability sits at -17 (with just 29% positive and 46% negative) - well behind Hanson’s -1: Capital Brief

Also…

Trump is planting his flag on the Gold Coast. The Trump Organisation is backing its first Australian tower. The 91-storey hotel and luxury apartment skyscraper in Surfers Paradise is tipped to become the country’s tallest. The A$1.5bn project will feature 272 residences, a private beach club and retail precinct, nearly two decades after the idea was first pitched: Bloomberg

DEAL ROOM

G+T, HL win ECM

📈 Gilbert + Tobin topped the FY2025 ECM tables for Australian firms by value, advising on $2.21bn of equity and rights offerings for a 20.1% share, second overall behind Sidley’s $2.62bn. But on volume, Hamilton Locke dominated with 69 deals. Total equity and rights issuance hit $11.03bn across 146 transactions: Point Blank

💰 Perpetual is closing in on a Bain deal for its wealth unit, with an announcement tipped alongside half-year results. Bain, advised by Bank of America, will reportedly keep the 139-year-old Perpetual brand, a key sticking point in talks. Barrenjoey is advising Perpetual, and HSF Kramer advised Perpetual back when it signed a SID with KKR: AFR

WITH MADDOCKS

Watchdog Recap

The ACCC is bigger, bolder and better funded.

In 2025, it shifted from regulatory guidance to hard enforcement, doubled down on pricing and subscription “blitzes” in retail, and laid the groundwork for unfair contract terms test cases.

As part of special 10th anniversary ACCC Year in Review reporting, MaddocksShaun Temby and Christopher Marsh are back on the Watchdog podcast, unpacking the regulator’s enforcement highs and lows from the past decade.

SECTOR SNAPSHOT

NSW loses VC lead

DIGGERS

🚜 Woodside Energy posted a 24% drop in net profit to US$2.72bn on softer prices, though underlying profit beat expectations. Meanwhile, MinRes posted its strongest half on record, swinging to a $573m profit and $1.2bn EBITDA as iron ore and lithium surged: AFR, The Australian

FIN

🏦 PayPal has reportedly held takeover talks with banks as suitors circle, with one rival eyeing the whole company. The chatter follows a recent 46% share-price slump amid intensifying competition from Apple and Google. While Tyro Payments posted a 73% lift in HY net profit before tax to $17.7m, as payment volumes improved and costs tightened: Bloomberg, Capital Brief

RETAIL + REAL ESTATE

🏠 Southern Cross Media chief Jeff Howard has abruptly resigned just a month post-merger with Seven West Media. And no reason was given. Meanwhile, Harvey Norman and Latitude Group are facing a class action in the Queensland Supreme Court over the promotion of interest-free Latitude GO Mastercard offers: ASX, Capital Brief

TECH + STARTUPS

📱 Victoria takes the VC crown over NSW for venture capital raised in 2025, pulling in $2.2bn across 134 deals - a 2.9x jump year-on-year and its second-best result on record. The state now counts 4,400 startups and nearly 64,000 jobs created since 2004, as NSW loses its long-held VC crown: Capital Brief

JOBS

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Litigation

Graduate, Perth

2026 Graduate Program

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