To be independent or not to be? That is the big question faced by Aussie top-tiers. Corrs is betting on independence. The firm thinks that’s the right strat to win bigger, more complex M&A mandates. Led by Sandy Mak and PE gun Tim Gordon, Corrs is also relying on PE depth, FIRB muscle and cross-border work. With King & Wood Mallesons going solo soon, the independence race is on: Point Blank

⚖️ Disputes / Settlements: The Supreme Court of Victoria has made clear that prior settlements still matter, even in historical claims. A former student who had already taken $107k net under a release deed saw that amount offset against a later jury award, with the Court warning that anything else would amount to double compensation. Then, after rejecting two defence offers of compromise that beat the jury verdict, the plaintiff was hit with indemnity costs, despite arguing the sensitive nature of the case. Bourke J was unmoved, noting this was simply a gamble that didn’t pay off. The practical takeaway is blunt: earlier settlements will be credited, and plaintiffs who roll the dice past reasonable offers risk losing badly on costs: Barry Nilsson

⚖️ Privacy / IP: The Productivity Commission has dropped a reform-heavy blueprint that could rewire privacy, AI and data regulation in Australia. The headline is bold: scrap the Australian Privacy Principles and replace them with a single “fair and reasonable” outcomes-based duty, shifting responsibility squarely onto organisations, not individuals. On AI, the Commission warns against rushing into bespoke laws, backing regulation through existing frameworks first, with AI-specific rules a last resort. Copyright reform is kicked down the road, with a 3-year watching brief before any review. Basically, sweeping change is on the table, and advisers should be stress-testing privacy, AI governance and reporting systems now: KWM

⚖️ Regulatory: ASIC is consulting on a tidy-up of Regulatory Guide 43, sharpening how it grants relief from financial record-keeping, reporting and audit obligations under the Corporations Act. The update folds in legislative changes since 2011, absorbs overlapping guidance from RG 29, and aims to simplify the path for entities seeking relief. Notably, RG 29 will be withdrawn once the new RG 43 lands, but ASIC says this is not a policy reset, just clearer, more current guidance. The practical angle for advisers is timing: entities relying on existing relief or dual-listed structures should sanity-check positions now and consider whether submissions are needed. Feedback closes 5pm (Sydney time), 9 February 2026

‘The Big Short’ investor Michael Burry says the AI boom ends badly, likening Big Tech’s chip and data-centre splurge to a pointless arms race. He argues trillions are being sunk into infrastructure with no durable edge, calling Nvidia and Palantir the “poster children” of excess and saying even Alphabet fumbled its lead. His warning: costs will surface, jobs will thin, and markets won’t reward more buildout: Business Insider

Markets are only pricing a 22% chance of an RBA hike in early February, but the data’s getting awkward. Household spending just hit a two-year high, inflation’s still sticky, and NAB and CBA are now calling a move. With Michele Bullock warning about overheating, the next call comes down to January’s inflation and jobs prints. A hold feels safer, but a hike is no longer left field: The Australian

🪨 Fund managers reckon a Rio-Glencore coal spin-off could clean up the $300bn mega-merger, stripping out Glencore’s coal to leave a copper-and-iron ore pure play. Coal only makes up ~8% of combined EBITDA but could be worth tens of billions on its own. The hard call is whether Rio buys the lot or forces a South32-style carve-out first: AFR

🚢 Macquarie Asset Management is shopping its $11.6bn Qube take-private to GIC after usual infrastructure mates passed on funding the equity cheque. ART, Aware, PSP and IFM have all walked. With exclusivity running to Feb 1, MAM needs fresh capital fast to lock in its $5.20-a-share tilt: AFR