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👋 G’day

Today’s brief:

  • Harvey launches its in-house model, Tenet

  • Solicitor struck off for lying to his insurer

  • KPMG axes 450 jobs in "Project Vector"

Here’s your latest, PB #{{join_number}} 👇

WORD ON THE STREET

Harvey’s own model

Harvey just announced Tenet, its first in-house AI model, cutting reliance on suppliers like Anthropic and OpenAI. Convenient timing, given both are now circling the legal market themselves. Thomson Reuters beat it to the punch though, quietly rolling out its own model, Thomson, a few weeks earlier: Point Blank

  • An Ashurst Perkins Coie finance solicitor got struck off after lying to his insurer about a stolen bike — he claimed for one his policy didn't cover, then quietly adding the bike ten minutes later. The tribunal wasn't buying the "genuine mistake" defence. A bit harsh, or fair play? Legal Cheek

  • KPMG's board signs off on "Project Vector" next week: two dozen partners and 450 staff gone. More to follow once EOFY bonuses clear. Over 75 of its 700 partners have already bolted since the scandal broke. Renamed from "Project Vancouver" after a Canadian partner objected. Naturally: AFR

  • Computer scientist Greg Baker used AI agents to run rings around Macquarie University's actual lawyers at the FWC, and won. His verdict on the profession's future? "Carnage." Fewer jobs, worse pay, grim times for grads, though he reckons judges will survive: AFR

PRACTICE POINTS

Bye-bye big brother

⚖️ Employment: The Victorian Government has flagged what it's calling the toughest workplace surveillance laws in the country, if Labor wins November's election. The proposal would force employers to notify and consult staff before rolling out monitoring, ban covert surveillance except where unlawful conduct is suspected, and stop AI tracking things like bathroom breaks without genuine justification. Employers would also need human review of significant automated decisions affecting workers' rights, and staff would get a right to access their own surveillance data. It follows a parliamentary inquiry that found Victorian employers generally aren't required to disclose surveillance at all: Lander & Rogers

⚖️ M&A: Grant Thornton shareholders were set to receive different amounts of cash and scrip for their shares under a buyout by Turbo Fast Track Buyer, yet the NSW Supreme Court let them all vote at a single meeting. No independent expert report, no shareholder info line either. Black J reasoned the payout differences simply mirrored Grant Thornton's existing dividend structure, and its 99% partner shareholder base was financially savvy enough not to need the usual protections. A $31m incentive pool for 83 partners didn't change that. Bear in mind that this flexibility is for unlisted, sophisticated shareholder bases only, not your standard listed scheme: Clayton Utz

⚖️ Class Actions: Mallesons' latest Class Actions Review found new filings dropped from a record 80 to 46, the lowest since 2016/17. But $1.65bn in settlements were approved, Mallesons' second-highest annual total on record, including five over $100m each. Brambles and Worley delivered the first plaintiff wins on causation and loss in shareholder claims, and the High Court's pending Zonia decision could reshape how shareholder loss is calculated and proven going forward. Victoria stayed the busiest court and the only jurisdiction with group costs orders, while 15 of the 46 new actions overlapped with a regulatory probe: Mallesons

TALKING POINTS

Cancer breakthrough

Did you hear…

Australian scientist Georgina Long helped lead a 1,100+ patient trial of Moderna’s personalised mRNA cancer vaccine, which has shown promising late-stage results in preventing melanoma from returning or spreading. Long says it's the first time a cancer vaccine has actually worked, after 50 years of trying: AFR

Also…

OpenAI just gave ChatGPT the ability to read, write and send iMessages on Mac, plus summarise your conversations. It runs locally and needs your consent first, but it's still an OpenAI tool poking around inside Apple's privacy-obsessed ecosystem. The timing is interesting — Apple sued OpenAI last month for trade secret theft: Bloomberg

💰 What are Aussie lawyers really earning?

Ever wondered if you're being paid what you're worth?

Private practice lawyers, help us find out.

Anonymously share your salary, PQE, targets and firm.

(Two minutes. Fully anonymous.)

DEAL ROOM

IPO record

🚀 Anthropic is gunning to match or beat SpaceX's record IPO as it preps a public filing as soon as this month. The Claude maker raised US$65bn in May at a US$965bn valuation, but posted a ~$42bn net loss in 2025: Bloomberg

🙅 Morrison is reportedly set to walk away from a stake in Optus, deeming the $3bn telco too hard a deal to pursue. It follows Macquarie's tilt falling through and Brookfield's 20% play collapsing in 2024 over profitability concerns: The Australian

SECTOR SNAPSHOT

Climate challenge

DIGGERS

🚜 Chevron is facing a fresh Federal Court challenge over its $80bn Gorgon project. Mardathoonera woman Raelene Cooper alleges the company never properly assessed the climate impacts of its Jansz-lo compression project. It's the latest front in WA's gas wars, with Woodside still fighting a similar Indigenous heritage claim over North West Shelf: AFR

FIN

🏦 MA Financial's home loan arm, MA Money, posted a 127% lift in loans to $7.5bn, defying the slowdown hitting the big banks. Co-CEO Chris Wyke says non-banks aren't actually stealing market share, they're just chasing self-employed and SMSF borrowers the majors won't touch: Capital Brief

RETAIL + REAL ESTATE

🏠 Stockland posted record settlements and a 20% jump in profit to $994m, even as CEO Tarun Gupta admits inquiries for new homes have slumped and a real recovery won't hit until rates fall or prices drop. Mirvac told a similar story, with settlements in range but investor buying still below its long run average. Shares in both jumped anyway: AFR

TECH + STARTUPS

📱 Canva slowed its AI rollout after copping sky-high costs from third-party models, forcing a growth downgrade from 30% to 20% for the year. Co-founder Cliff Obrecht says it's since slashed those costs by 90% by insourcing model development, all while chasing a mooted 2027 IPO: The Australian

P.S.

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