Big Law races for US scale

Kids are reading less, scrolling more

ASX governance failures force overhaul

As US-led mergers reshape Big Law, UK firm Taylor Wessing and Chicago heavyweight Winston & Strawn are in talks on a fully integrated transatlantic tie-up, with a partner vote due next July. Coming hot on Ashurst-Perkins and HSF-Kramer, the move highlights the race for US scale and profits: Law.com

Norton Rose Fulbright has promoted 51 new partners globally, with six based in Australia: Adele Gray, Fridoun Chee, Jiadi Liang, Veronica Seeto, Daniel Posker and Jeremy Moller. The 1 Jan 2026 intake lands right after NRF’s Australia integration with its EMEA/Asia platform: NRF

In a Reddit Ask Me Anything, Harvey co-founder Winston Weinberg said there’s “clearly room” for rival legal AI startups, with no single player set to capture all the value. He also pushed back on usage doubts, saying daily use is up 81%, and framed AI as task automation, not job replacement, with lawyers’ roles set to evolve, not disappear: NB

The stoush between NSW DPP Sally Dowling SC and Judge Penelope Wass has escalated again, with a parliamentary committee calling for prosecutors to be investigated over alleged misuse of privileged material to force her recusal. The ODPP rejects any breach and is taking the fight to the NSW Court of Appeal, setting up a high-stakes clash: The Australian

Class Actions/Regulatory: For the first time, the Federal Court has redirected a corporate penalty straight into the hands of class action victims. The Court ordered a $5 million pecuniary penalty paid by Noumi to be used to compensate shareholders under section 1317QF of the Corporations Act. The decision in ASIC v Noumi confirms courts can prioritise victim compensation over penalties where the same misconduct underpins both ASIC enforcement and a shareholder class action. It sharpens the link between regulatory action and private litigation, giving class action plaintiffs a new pathway to recovery where defendants are cash-constrained: Ashurst

Merger Reform: Treasury and the ACCC have now finalised the waiver form and guidance, positioning waivers as a faster, cheaper option for deals that clearly fall below notification thresholds or raise no plausible competition concerns. From 1 January 2026, Australia’s mandatory merger notification regime will block completion of notifiable deals until ACCC clearance, unless parties secure a notification waiver. Waivers are decided on the papers, with no pre-lodgement engagement, no third-party consultation and a hard 25-business-day decision window, with only granted waivers published. The filing fee is $8.3k (versus $56.8k for a short-form notification), and waivers are best suited to transactions with minimal overlap, low market shares, no future competition issues and no consumer harm risk: G+T

Insolvency: The Federal Court has made voluntary administrators personally liable for costs after finding they unreasonably delayed ending an administration once the company was clearly solvent. In Macpherson v Warringah Bowling Club, the Court held that while personal costs orders are reserved for “exceptional circumstances”, administrators crossed the line by rigidly sticking to the “usual course” of investigations despite clear evidence that a white-knight funder could pay all creditors in full. Once solvency was restored, the Court said creditors’ and the company’s interests demanded a swift exit from administration. Delaying the second creditors’ meeting was unreasonable, stripping the administrators of their indemnity and exposing them to personal liability: Corrs Chambers Westgarth

New university research tracking 14,000 kids shows social media is dumbing down Aussie children. Daily use among 11–14s jumped 200%. Meanwhile, kids who never read for fun surged from 11% to 53%, and those skipping art and music blew out to 70%. It hands fresh ammo to the government’s under-16 ban, framing it as a public health move, not a culture war: The Australian

Here’s another reminder that you can’t trust AI for everything: Google DeepMind has benchmarked how often AI gets facts right, and its top model, Gemini 3 Pro only managed 69% accuracy. That’s across basic tasks like recalling facts, using search, reading long documents and interpreting images: Business Insider

Canva and OpenAI: are front and centre of a booming secondary market as IPOs stall. Global private tech sell-downs hitting a record US$103bn in H1. Wealthy Aussies are buying in via secondaries as VCs hunt liquidity and founders delay listings, turning private share sales into the go-to path for exposure to the AI boom: AFR

Westgold Resources: is demerging its Reedy and Comet assets into new ASX-bound vehicle Valiant Gold, with a March quarter IPO targeting $65m–$75m. Westgold will keep up to 48%, while Valiant takes on 1.2moz of resources to scale smaller underground mines. Thomson Geer acts for Westgold on the spin-out and IPO: ASX

Fortescue doubles down on copper. The miner will buy the remaining 64% of Alta Copper for C$139m ($152m), paying C$1.40 a share in cash — a 14.8% premium. The deal gives Fortescue full control of the Canariaco copper project in Peru as it pivots harder into copper amid record prices and booming demand: ASX

BHP backs Chinese exit from SolGold. The miner will support Jiangxi Copper’s $1.69bn takeover of the Ecuador-focused explorer, ending a decade-long tug-of-war after rivals BHP, Newmont and others agreed to sell. The $0.56 per share bid is five times April levels, handing BHP about $175m as it recycles capital into copper growth elsewhere: AFR

ASX has been forced into a reset after ASIC’s inquiry found deep flaws in governance, risk and culture at Australia’s market operator. Reforms include tougher oversight of clearing and settlement, a reboot of the stalled Accelerate program, stronger leadership, and a $150m capital charge to shore up critical infrastructure while remediation plays out: ASIC

Tyro snaps up AI fintech Thriday to deepen its SME play. The payments group is buying the AI-powered platform to automate invoicing, expenses, accounting and banking, pushing further into integrated cash-flow management for small businesses. Deal closes in January, with most of Thriday’s team set to join Tyro as it moves beyond payments: AFR

Labor has handed the ACCC an extra $30m to police alleged price gouging, with new powers to fine Coles and Woolies up to $10m, three times the benefit, or 10% of turnover. The reforms also force them to notify the ACCC of acquisitions, property deals, and mandate cash acceptance at supermarkets: The Australian

After years in the wilderness, top-tier shopping centres are being snapped up by super funds and institutions, with deals piling up at Westfield Sydney, Chermside and Erina Fair. Scarce new supply, population growth and resilient flagship assets are pulling capital back into Australia’s biggest malls: The Australian

Techstars-backed Briefcase is building a digital case-management platform for courts, tribunals and arbitration bodies, aiming to cut dispute resolution times that can stretch to 12 months. Founded by ex-Canva legal head Kirk Simmons, it uses narrow AI to streamline workflows while keeping humans as final decision-makers: Startupdaily

Microsoft won’t join the AI pay arms race. AI chief Mustafa Suleyman says Microsoft won’t match Meta’s eye-watering $100m sign-on bonuses, arguing culture and team-building matter more than buying star individuals. With AI salaries surging across Silicon Valley, Suleyman says talent “rotation” is inevitable: Business Insider