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Today’s brief:
Freeze of barrister pay finally ends
McKinsey says HDs are overrated
Albo rushes hate speech laws
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WORD ON THE STREET

Barrister pay jumps

Good news for barristers - government pay is finally moving. The move comes after a 14-year freeze that left agencies paying silks $3.5k a day while private clients shelled out $25k. From March 2, senior rates jump to $5k, juniors to $3.3k, with biennial indexation. ASIC and ACCC say it’ll help lure top talent and lift female briefing targets to 40%. Turns out, talent like being paid what they’re worth: AFR
McKinsey has confirmed that when it comes to graduate hiring, resilience matters over HDs. CEO Bob Sternfels says AI analysis of 20 years of hires shows candidates who bounced back from setbacks are more likely to make partner than those with perfect CVs. The firm now screens harder for resilience: Business Insider
Gilbert + Tobin has pinched long-time KWM dealmaker Brian Murphy, adding serious weight to its corporate advisory bench. Murphy brings 30+ years of M&A experience, spanning real estate, infrastructure and agri, plus a CV stacked with Aussie firsts: Point Blank
Harvey has quietly hit $190m ARR just 3 years in, eye-watering growth by legal tech standards. Next up is “Memory”, a personalisation layer that remembers lawyer preferences, matter context and firm playbooks. CEO Winston Weinberg says it’s being co-built with firms, and can be switched off: Artificial Lawyer

PRACTICE POINTS

Branding risks exposed
⚖️ IP / Consumer: The High Court has overturned the Full Federal Court and reinstated the primary judge’s findings in the Bed Bath ‘N’ Table dispute, confirming that conduct can be misleading or deceptive under the ACL even where there is no trade mark infringement. Global Retail Brands Australia’s use of “HOUSE BED & BATH” was not substantially identical or deceptively similar to “BED BATH N’ TABLE” for the purposes of trade mark law. But the Court held that the broader context mattered: decades of exclusive use of “bed” and “bath” together by BBNT, the overlap in retail offering, store presentation and branding, and evidence that GRBA’s senior executives were wilfully blind to the real risk of consumer confusion: Piper Alderman
⚖️ M&A / Competition: The ACCC has forced WiseTech Global to divest Expedient after finding the deal wiped out a key competitor to WiseTech’s flagship offering CargoWise. WiseTech picked up Expedient via its August 2025 acquisition of e2open, but completed before ACCC clearance, prompting an enforcement investigation. The ACCC accepted a court-enforceable undertaking requiring Expedient to be sold to an ACCC-approved buyer to restore competition. Chair Gina Cass-Gottlieb warned the case highlights exactly why Australia’s new mandatory merger regime is designed to stop deals closing before competition risks are cleared: ACCC
⚖️ Construction Disputes: In Downer v John Holland Queensland, the Queensland Supreme Court held that an expert’s jurisdiction in an expert determination is confined strictly to the disputes identified in the notice of dispute and cannot be expanded to include new cross-claims. The Court rejected Downer EDI Rail Pty Ltd’s attempt to introduce additional claims during expert determination, finding this would undermine the staged dispute resolution process agreed in the D&C contract. Cooper J also confirmed it was appropriate for the Court—not the expert—to determine the scope of the expert’s jurisdiction, particularly where allowing the expert to later rule on their own authority would risk wasted time and cost: HWLE

TALKING POINTS

Hate speech loophole

Did you hear…
Draft legislation behind Labor’s hate speech crackdown reveal a built-in defence: directly quoting religious texts for “teaching or discussion” may be exempt. The bill, rushed through Parliament after the Bondi attack, creates new hate offences, tougher penalties and wider banning powers. Critics say the carve-out risks muddying enforcement just as Albo promises Australia’s toughest hate laws yet: The Guardian
Also…
Trump is back on the tariff train. Donald Trump has slapped a 25% tariff on goods from any country “doing business” with Iran. The move is aimed at squeezing Tehran as protests spread, but it risks blowing up US trade ties with heavyweights like China, India and Turkey. Trump said the new duty is “effective immediately” without providing any detail on the scope of the changes: Bloomberg

DEAL ROOM

Strava jogs IPO
🏃♂️ Strava has quietly filed for an IPO, roping in Goldman Sachs after posting 50% revenue growth and turning profitable last year. Last valued at US$2.2bn, the fitness app boasts 150 million users across 185 countries and has been bulking up via acquisitions. With no numbers yet on price or size, this one looks like a sentiment test for consumer tech floats: Capital Brief
🍿 Paramount is cranking up the pressure on Warner Bros Discovery, threatening a proxy fight and suing to pry open board papers as it tries to derail Netflix’s $82.7bn studio deal. After its $108bn all-cash bid was rebuffed, Paramount has gone straight to shareholders, vowing to nominate directors and force a vote on whether Netflix’s offer really stacks up: Financial Times

SECTOR SNAPSHOT

UK bans deepfakes


DIGGERS
🚜 BHP risks being sidelined in the copper M&A boom it helped spark. Its failed 2024 bid for Anglo American paved the way for rival tie-ups, with Rio Tinto now in revived talks with Glencore that could leapfrog BHP in copper scale. Meanwhile, gold rose to a fresh record above US$4.6k amid US political risk and Middle East unrest: AFR

FIN
🏦 JPMorgan has cut ties with all external proxy advisers, switching instead to an in-house AI platform called Proxy IQ. The tool will analyse data from 3,000+ AGMs and recommend how to vote, marking the first time a major fund manager has fully abandoned proxy firms.

RETAIL + REAL ESTATE
🏠 The gaming war between the country’s largest poker machine manufacturers has settled. Light & Wonder will pay Aristocrat Leisure US$127.5m (A$190m) to settle a two-year trade secrets war over Dragon Link, after a Nevada court found it was “extremely likely” Aristocrat’s maths had been misappropriated. LNW will pull Dragon Train and Jewel of the Dragon globally and destroy disputed material, ending litigation in the US and Australia: The Australian

TECH + STARTUPS
📱 UK cracks down on deepfake abuse, with the government outlawing non-consensual AI-generated nude images and launching a formal probe into X over Grok-made sexualised content. Regulator Ofcom can fine or ultimately block the platform, as Elon Musk accuses ministers of censorship and Australia’s eSafety Commissioner opens its own inquiry: AFR, Capital Brief

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