Senate launches new Big Four inquiry

PE piles into global law firms

Qantas lounge’s glow-up

Private equity is flooding into law. Former A&O boss David Morley says private equity interest in law firms has gone from niche to mainstream, with investors “of all shapes and sizes” circling the sector. Morley and Wim Dejonghe have launched a consultancy to advise on the boom, fielding 350+ meeting requests as firms eye capital to scale, consolidate and invest in AI: NB

Big Four back in the hot seat. The Senate has launched another inquiry into PwC, KPMG, Deloitte and EY, this time over Greens senator Barbara Pocock’s bill to ban unethical contractors from Government work for up to five years. The move follows the government’s decision to lift PwC’s ban, a move Pocock called “gutless” and a “betrayal of public trust.” AFR

A minimum wage hike in the UK could see students ditching law degrees as small firms struggle to offer salaries above McDonald’s pay. The Law Society’s Brett Dixon warned that “when a newly qualified solicitor earns barely more than minimum wage, graduates will lose interest.” While top City firms fork out staggering figures, smaller practices risk being priced out: Legal Cheek

A new IBA report says independent law firms are playing a growing role in cross-border work, with 91% reporting repeat international clients and 62% winning business from global firm conflicts. The study finds independence is now seen as an advantage, not a limit — driven by trust, agility and deep local expertise: Global Legal Post

Legal fees/Disputes: The High Court has dismissed a $1.4m restitution claim by a law firm client, Dr Bruce Gray, who argued his former lawyers, Lavan Legal, owed him interest on $900k repaid after a decade-long legal fees dispute. The Court held that the Legal Practice Act provides a complete regime for recovering overpaid legal costs, including interest only from the date of a taxation certificate, not before. Gray claimed Lavan was unjustly enriched by retaining the money between 2008 and 2018, but the Court said the Act gave firms a statutory right to retain fees until a certificate was issued. Any attempt to contract around that regime was invalid: Lawyerly

Corporate: ASIC has unveiled a major blueprint to modernise Australia’s public and private markets, promising to back investment, not block it. ASIC’s report outlines reforms to streamline IPOs, simplify disclosure, and lift standards in private credit and wholesale funds. On the public side, ASIC’s fast-track IPO pilot stays, while guidance on prospectus disclosure and publicity rules will be overhauled. The regulator is also pushing the ASX to revisit free float and foreign-listing thresholds to make listings more accessible for smaller and growth companies. In private markets, ASIC is tightening the screws on private credit, citing weak transparency, valuation, and fee practices across 28 funds. Expect refreshed conflicts guidance (RG 181), enhanced fund-level reporting, and tougher scrutiny of super fund governance and liquidity. Chair Joe Longo says ASIC wants to be a “backer, not a blocker” of investment: Ashurst

Discovery/Disputes: The Federal Court has refused Fortescue’s bid to inspect material seized under search orders in its ongoing IP and confidentiality dispute with Element Zero, ruling the company failed to show any undisclosed documents existed. The Court confirmed it could order access under s 23 of the Federal Court Act, but only where there are “reasonable grounds for being fairly certain” that relevant documents remain undiscovered. Fortescue couldn’t meet that test despite alleging eight categories of discovery failings. The Court also rejected Fortescue’s late expert affidavit as speculative, costly and prejudicial. With discovery already extensive, the Court said there was no basis to reopen inspection.

Qantas is revamping its Sydney International business lounge with a sun-soaked outdoor terrace, 30% more seating, and a new show kitchen. The long-overdue facelift — originally slated for 2018 — adopts a “Bondi-meets-Blue-Mountains” design. The lounge shuts December 8 and reopens in 2027, just in time for non-stop flights to London and New York: The Australian

Convicted mushroom poisoner Erin Patterson has filed an appeal against her guilty verdict, after being sentenced to life in prison with a 33-year non-parole period for killing three relatives and attempting to murder a fourth. No details of her appeal grounds have been released. Prosecutors have also lodged a counter-appeal, calling her sentence “manifestly inadequate.” TDA

Chalmers: prepares to make a final call on Cosette’s $672m takeover of Mayne Pharma, after his preliminary move to block the deal. Chalmers said the bid was “contrary to national interest”, citing Cosette’s threat to close Mayne’s Adelaide manufacturing plant. Lawyers warn the decision could reshape M&A dealmaking — if suitors are now able to wriggle out of deals in the future, it will force targets to make bidders lock in their intentions upfront. KWM’s Mark Vanderneut says the deal is “effectively dead”: Capital Brief

Qatar Airways: is exiting Cathay Pacific by selling its entire 9.57% stake back to Cathay for HK$6.97bn (A$1.38bn), at a 4% discount to the last close. The move marks a retreat from Asia’s flagship airline, but Cathay chair Patrick Healy said the buyback shows confidence in its investment plan, while both carriers will maintain their oneworld partnership: Reuters

Woodside is doubling down on fossil fuels — no surprises there. Woodside Energy CEO Meg O’Neill says soaring energy demand from AI and data centres will fuel profits for years to come. The company expects operating cash flow to jump 80% by 2032, driven by oil and gas — not renewables — with fossil fuels to make up 90% of its portfolio through the 2030s: AFR

Gold price nears $4k an ounce after global equities slumped, with traders seeking shelter amid shifting expectations for Fed rate hikes. Analysts expect prices to consolidate between $3,800 and $4,050, though central bank demand and rate-cut hopes could soon reignite momentum despite a recent slump in the safe-haven’s value: Mining.com

The Finance Sector Union has warned major banks that they could be breaking the law by rejecting flexible work requests after Westpac lost a landmark Fair Work case. The Commission found Westpac unlawfully denied long-time employee Karlene Chandler’s request to work from home for childcare reasons. The FSU says the decision “puts every bank on notice” to ensure future refusals are lawful: The Australian, Point Blank

CBA has slashed returns for its wealthiest CommSec traders, halving interest on linked Direct Investment Accounts from 2.6% to as low as 1.15% for balances over $500k, and 1.75% for those above $1m — while most smaller investors will see modest rate increases: AFR

Investors are turning cold on Victoria’s property market. Sentiment is shifting sharply toward Sydney and Brisbane, with global investors increasingly steering clear of Melbourne as surcharges and policy flip-flops dent confidence. Institutional investment into Victorian property is now 40% lower per capita than NSW: Property Council

There’s a boardroom battle at Victoria’s Secret. Australian billionaire Brett Blundy is demanding the removal of Victoria’s Secret chair Donna James and a seat on the board after his firm BBRC International. His firm now holds a 13% stake in VS. The US lingerie giant claims Blundy even “demanded” the chair role as tensions escalate over his activist push: The Australian

Microsoft has apologised and offered refunds to 2.7 million Australians after the ACCC accused it of misleading customers into staying on higher-priced AI-enabled Microsoft 365 plans. The watchdog alleges Microsoft “deliberately hid” cheaper, non-AI options, with the tech giant admitting it “could have been clearer” when changing pricing in October 2024: ABC

WiseTech’s billionaire founder Richard White defied board requests not to offload stock, triggering an ASIC investigation into hundreds of millions of dollars in trades made during a blackout period. White sold 1.87 million shares worth $229m, despite assurances he wouldn’t: AFR