Top US firms throw US$140k bonuses

NSW, Victoria tighten algorithm rules

Unlawful dismissal cases up 57%

Here’s another reminder on how underpaid Aussie lawyers are compared to their US counterparts - Cravath is promising its lawyers up to US$140k in combined year-end and special bonuses. Senior associates will take home US$115k plus US$25k in special bonuses, with Paul Hastings immediately matching. With top firms already paying US$225k–US$435k salaries, the race to keep talent happy (at least in the US) is very much alive: Reuters

The Fair Work Commission is rolling out major reforms as unlawful dismissal cases jump 57%, driven by AI-generated applications and paid agents churning claims at scale. Nearly 40% of settlements now top $10k, squeezing the system. President Adam Hatcher says the surge is “unsustainable”: AFR

Ashurst is playing the scale game. Its merger with Perkins Coie is all about size. “It’s a scale game now – $1bn is quite small for a global firm” if you want to invest in top talent and AI. And with the US legal market bigger than every other country combined, building scale in America is now essential for any firm with serious global ambitions: Global Legal Post

Top US firm McDermott Will & Schulte is exploring a restructure that would let private equity buy a stake in the firm, sidestepping rules that ban non-lawyer ownership. The model would give investors a slice of firm revenue without breaching ethics rules. If it goes ahead, it could set a precedent for other top US firms long shut off from outside capital: Financial Times

M&A: The Takeovers Panel has ordered Cosette Pharmaceuticals to accept any conditions reasonably required by Treasurer Jim Chalmers to keep Mayne Pharma’s South Australian factory open, including conditions that restrain its closure. The Panel called Cosette’s threat to shut or sell the plant if forced to complete the acquisition “contrary to an efficient, competitive and informed market”. Cosette has been trying to walk away from the deal for months, but the NSW Supreme Court blocked its termination, with an appeal now looming. The Panel also ordered both sides to hand over all FIRB communications, ahead of FIRB’s decision due Thursday. For Mayne shareholders, the ruling boosts hopes the Treasurer can force completion with factory-protecting conditions: Capital Brief

Procedure: The Law Council of Australia wants the Federal Court’s new practice note for litigants to include clear rules on using AI-generated material, warning that unverified content risks misleading the court. With more Australians self-representing due to cost and access barriers, the Council says the practice note should steer LIPs toward legal assistance, spell out the dangers of proceeding alone, and warn of contempt and costs risks. It also wants guidance on interpreter services, mental-health support, conduct expectations, and clearer case-management steps using plain language, examples and even flowcharts and videos: AustralasianLawyer

IP: Getty Images loses to AI Stability in the UK Courts. Its High Court held that the AI company doesn’t store or reproduce training images, meaning there are no “copies in the model” for secondary copyright infringement. The Court said an “article” can be intangible, but still found that the model doesn’t contain any copyrighted works and hosted access isn’t “importation” into the UK. The ruling puts the UK on a collision course with retained EU law, which limits “articles” and distribution rights to tangible goods. That gap raises appeal risk and fresh uncertainty around digital exhaustion. For now, the practical takeaway is that remote access carries far lower copyright risk than downloads, and the decision leaves key questions — like training and scraping in the UK — for another day: Latham & Watkins

George Orwell’s 1984 won’t become a reality, at least in a few states. NSW has introduced the country’s first AI-specific workplace law, letting unions walk in and lift the hood on rostering and monitoring systems so they can’t secretly track or punish workers via algorithms. Victoria is going further. It plans new surveillance laws that cover WFH, force employers to prove any monitoring is “necessary and proportionate”, ban covert spying without a court order, and require clear notice about what’s being tracked, why, and for how long: AFR

A nine-month investigation says Oxford has repeatedly been slow to act on powerful male academics accused of sexual assault and harassment, keeping outcomes quiet while offenders move on and women leave careers. Staff say colleges protect “the brand” and donors over victims, with fragmented processes and delayed reforms leaving Oxford “massively behind the curve” on safeguarding: Bloomberg

Corrs Chambers Westgarth: said US M&A interest in Australia is set for a rebound in 2026, with energy and resources still driving the action. Corrs says stabilising rates, stronger CEO confidence and a PE comeback will pull US bidders back in. Supply chain shifts and defence-linked opportunities will also shape next year’s deal flow: Law.com

Varsity Brands: is shaping up as a likely IPO candidate, with advisers tipping KKR to explore a float over the next couple of years. After cycling through multiple PE owners and hitting US$4.75bn in its last sale, a public listing is looking increasingly practical: MergerMarket

MinRes has tightened its share-trading rules with a new “front page test,” telling staff to avoid any deal that could look improper if splashed across tomorrow’s paper. It comes as Chris Ellison and the company face ATO and ASIC probes over trading, related-party deals and tax issues: AFR

Liontown Resources has pulled off its first digital auction, selling 10,000 tonnes of Kathleen Valley spodumene at US$1.2k a tonne via Metalshub. More than 50 buyers from nine countries piled in, with CEO Tony Ottaviano calling it “an outstanding result” that shows buyers will bid hard when the platform is open and competitive: Capital Brief

ANZ boss Nuno Matos has issued an unreserved apology in Canberra, admitting the bank “fell short” after failures across its retail and institutional arms triggered a $240m fine. He’s vowed cultural and governance reform. Matos has cut 3500 jobs and overhauled his leadership team as former executives forfeit more than $17m in bonuses: Bloomberg

HSBC is shaking up its local ranks, merging its CEO and banking head roles as Antony Shaw steps back after five years. Corporate banking boss Steve Hughes will take over on Jan 1, as the bank eyes a possible sale of its $33b Australian retail arm. NAB and Macquarie are circling: AFR

HMC Capital is in due diligence to buy ISPT’s 75% stake in Brisbane’s Uptown for about $200m, setting up a $400m overhaul of the former Myer Centre. HMC and Vicinity plan to reposition the Queen Street mall site as a top-tier retail destination ahead of the Olympics: The Australian

Gen Z are splitting the G as sales in Guinness skyrocket. More are embracing the Irish stout despite a global beer slump. Diageo says savvy marketing, combined with social trends like “split the G”, drove two million pints poured in Australia. Guinness taps are exploding nationwide, with sales up more than 20% at Endeavour stores: The Australian

Kiki Club, the Blackbird-backed subletting start-up, has been fined $230k in New York after admitting it breached the city’s short-term rental laws. Regulators say the company acted as a “clandestine conduit” for illegal stays, earning just $50k in fees before being forced out of NY. Now, Kiki Club has moved to London: AFR

The social media ban is taking effect. Meta will start shutting off Facebook, Instagram accounts for teens from 4 December, with all access cut by 10 December. Affected users get 14 days’ notice and can download their content, but must verify age to stay online: The Guardian