K&L Gates latest to shut Beijing office

ASIC’s chair Joe Longo to exit

Law grows 13^th fastest

K&L Gates becomes the 9th international law firm to shut down its Beijing office, with staff offered severance or relocation. The move comes as part of a global review, consolidating into Shanghai while keeping its licence in the capital: Law.com

Joe Longo won’t seek another term as ASIC chair, stepping down in May after 4 years at the helm. His tenure saw a major restructure, tougher enforcement and record fines, but also heavy criticism for red tape and slow action on fund collapses. Sarah Court is tipped to replace him, which would make her ASIC’s first female chair: AFR

KWM reappoints Renae Lattey as its chief exec partner for KWM Australia, with her second 4-year term kicking off 31 Dec 2025. Chair David Friedlander says she’s got the board’s full backing, citing her steady hand through a choppy market. Lattey’s new focus? Sustainable performance, legal excellence and staying relevant in an AI-driven world: Australasian Lawyer

Pinsent Masons has hired Nick Li as a corporate partner in Melbourne, bolstering its energy transition credentials. Li jumps from PwC, where he advised on grid-scale renewables, M&A and cap raisings. He’s the firm’s 10th lateral partner hire in Australia in 2 years: Pinsent Masons

The NSW Supreme Court, has ruled employees could claim entitlements from the operating parent entity, despite contracts naming an assetless subsidiary. Black J found operating parent was the ‘true employer’, as it paid wages, held assets and controlled employment decisions. Under s 433(3)(c) and s 561 of the Corps Act, proceeds of circulating assets must first go to employee priority claims before secured creditors. The case reaffirms that courts will look at the substance of the employment relationship, not the contract label. Where a parent pays the costs and exercises control, it can be deemed the true employer: Corrs

The WA Supreme Court has confirmed that exploration licence applications remain valid even if they don’t include a work programme and expenditure estimate for the full five-year term. Overturning recent Warden decisions, the Court said “there is no 5-year requirement” and upheld the longstanding practice of staged work programmes, where later phases depend on earlier results. The ruling removes uncertainty for pending and granted licences that only detailed initial-stage work, giving explorers clarity that shorter work programmes won’t invalidate applications.

ASIC has issued its first stop orders against private credit funds, targeting La Trobe’s 12 Month Term Account, 2 Year Account and US Private Credit Fund. ASIC said the target market determinations suggested inappropriate portfolio allocations and failed to set clear investment timeframes for retail clients. On the US fund, ASIC noted it invests in unrated companies and high-risk loans with above-average volatility and risk of loss. The stop orders pause new investments for 21 days. The move confirms private credit is firmly in ASIC’s sights: Capital Brief

The legal profession is the 13^th fastest-growing high-paying job over the next decade, with 35,900 new roles by 2034 and a median pay of $151k. Topping the list are software developers (+267,700, $133k), financial managers (+128,800, $162k) and Computer managers (+101,600, $171k). Despite AI disruption, the US outlook shows law, tech, finance and health will keep driving white-collar jobs: Business Insider

The leaders of Australia, Britain and Canada have formally recognised Palestinian statehood, with UK PM Keir Starmer saying the move aims to revive hope for a two-state solution. Other Western nations, including France, are tipped to follow at the UN General Assembly next week: Albo’s LinkedIn, The Economist

US companies have told staff on H1-B visas not to leave the country after Donald Trump slapped a $100k fee on visa applications. JPMorgan even asked H1-B holders abroad to return to the US immediately as firms brace for more visa upheaval. The White House later clarified it applies only to new filings, but confusion has spooked workers and employers alike: Financial Times

Santos: is eyeing a sale of its ageing Cooper Basin assets after ADNOC’s $30bn bid collapsed, tipped at $300m–$700m. Beach Energy, backed by Kerry Stokes, looms as the natural buyer. But with hefty abandonment liabilities ahead, pressure is mounting on Santos’ board: The Australian

Canva paid $22.5m for Sydney adtech startup MagicBrief, filings reveal, as it gears up for a likely 2026 IPO. The $65bn design giant has restructured into a Delaware parent, run a secondary share sale, and consolidated overseas arms. With $5.1bn annualised revenue, Canva’s still in hyper-growth mode - IPO prep is well and truly underway: Capital Brief

Sea Forest: the Macquarie-backed methane-busting feedmaker has struck a multi-year deal with Japan’s Marubeni to sell into Europe via its Orffa arm, with first shipments already in Belgium, the Netherlands and Denmark. An ASX float is on the cards as it eyes profitability by 2027: AFR

Santos CEO Kevin Gallagher says he’s staying put after the collapse of ADNOC’s $36bn bid, vowing to lead beyond 2027. Backed by big investors, he’s focused on firing up Barossa and Pikka, which should lift output 30% by 2027. Gallagher insists Santos is “not weak” and won’t be broken up, but hints future suitors may still come knocking: AFR

Global Infrastructure Partners, now owned by BlackRock, has held early talks with BHP about carving out its infrastructure assets, including Hay Point coal terminal, Pilbara’s Mount Newman rail line, and Chilean desal plants. The discussions were paused as GIP closed its $28.8bn Hutchison Ports deal. It’s unclear if negotiations with BHP are still live: AFR

Westpac has kicked off a sale of its $30bn+ RAMS loan book, hiring BofA to run the auction with debt stapled in. The move follows the 2024 closure of the scandal-hit RAMS franchise network after a probe found misconduct. CEO Anthony Miller is pushing cost cuts, with 1,500 jobs already on the chopping block: AFR

BlackRock and Vanguard have slashed boardroom meetings after new SEC rules made engagement a liability. The guidance forces funds to lodge costly disclosures if they even hint at pressuring boards on governance or climate. Meetings plunged 28% at BlackRock and 44% at Vanguard. CEOs are now left guessing how the US$22tn giants will vote: Reuters

Based news for Melbourne’s office market. The Vic gov is looking to chop up to 20% of its Melbourne CBD office footprint, tendering for ~80,000sqm against current leases of ~100,000sqm. Hybrid work and a push to legislate a right to WFH are driving the cutback. With CBD vacancies at 17.9%, developers fear another blow, while insiders say gov demand could still steady the market: The Australian

Everyone’s favourite - GYG will be rolling out 12 new restaurants across VIC, QLD, NSW and the ACT by end-2025, with half of them drive-thrus. Nearly half will be in Melbourne, plus a Bendigo site. The push keeps GYG on track for 32 openings in FY26, as it chases its 1,000-store dream: Real Commercial

Optus CEO Stephen Rue has admitted the telco ignored two customer alerts hours before a 13-hour triple-zero outage that left four people dead, including a baby. The blackout hit SA, NT and WA after a firewall upgrade failure. Minister Anika Wells blasted Optus for not implementing fixes from its 2023 outage review: Lawyerly

ByteDance will keep 1 of 7 board seats in a new TikTok US entity, with Americans holding the rest, under a draft deal to avoid a ban. Trump has paused enforcement of the 2024 shutdown law until April as talks progress. The algorithm will be retrained in the US under Oracle’s cloud, outside ByteDance’s control, with US investors taking majority ownership: Reuters