Making partner isn't the only play anymore. Legal-AI start-ups like Harvey ($11bn valuation) and Legora ($5.5bn) are poaching lawyers with equity stakes and salaries north of US$300k, offering the pitch of shaping the future of the whole profession instead of grinding the billable hour. The culture shock is real, but apparently so is the cheque: FT

⚖️ M&A: An unsolicited takeover approach lands and suddenly the board's on the back foot. Herbert Smith Freehills has published practical guidance on how to get ahead of the curve fast. Early warning signs include advisers fishing for the Chair's weekend availability, unusual register changes or a surprise overnight raid. Once an approach arrives: board meeting, advisers appointed, conflicts managed and D&O insurance checked. The thorniest call is whether to announce a confidential, non-binding offer. Announce too early, and you risk destabilising the company, but stay quiet and continuous disclosure rules bite if confidentiality leaks: HSFK

⚖️ Regulatory/Super: Telstra Super (now Tetra Servicing) has become the first super trustee to face ASIC action under the internal dispute resolution regime that kicked in October 2021, and it didn't go well. The Federal Court found the fund failed to respond to a third of complaints within the mandatory 45-day window, with around 30% taking over 100 days. The court held that failing to adequately resource its complaints process meant Telstra Super wasn't providing efficient financial services: ASIC

⚖️ IP: The Federal Court has handed down Australia's first detailed judicial treatment of "principal director" under Part IX of the Copyright Act. Shariff J found that principal directorship is a functional, fact-dependent inquiry, not a contractual label. Practically: "Directed by" versus "Director" in the credit roll isn't just a formatting preference, it can convey legally significant meaning about creative primacy: Mallesons

Trump's 10% "universal" tariff just got knocked back by the US Court of International Trade, two-to-one, on the basis that a 1970s trade law doesn't give him the authority to do it. That's two courts now rejecting two different tariff regimes. The ruling only covers the small businesses that brought the case, so the tariff lives on for everyone else, for now. The White House hasn't commented, but could appeal: ABC News

Gallagher and Chalmers are spruiking $64bn in savings ahead of next week's budget, bringing total savings since Labor came to government to $178bn. The only thing is that it's gross savings, so whatever they've clawed back gets recycled into national security, essential services and "unavoidable pressures." AFR

🥥 Asahi Group, the $21bn Japanese drinks giant, is closing in on Sydney-based coconut water brand H2coco, with Deloitte Corporate Finance running the process and DLA Piper advising Asahi: AFR

💰 Goldman Sachs has been tapped to run a sale of Sydney commercial lender Balmain, with private equity the likely hunting ground for suitors. Founded by executive chairman Michael Holm in 1979, the non-bank lender spans commercial mortgage finance and funds management, with a loan book potentially worth up to $500m: The Australian

🧖 Endota Group, the 110-location national spa network, is up for sale with boutique advisory firm Canterbury Partners running the process. Founder Melanie Gleeson, the largest shareholder, may stay on under new ownership: AFR