HSF Kramer grads earn $117k

Lawyers bill more with AI

Battery burrito at GYG

Herbert Smith Freehills Kramer now leads the pack, paying Sydney grads $117k – edging out G+T ($116.8k) and Allens ($115k). KWM, Clayton Utz and Corrs trail close behind. With grad intake up 6%, firms are lifting pay to stay competitive in the fight for top talent. Check out our post here.

A new LexisNexis report finds lawyers are using time saved by AI to bill more, not relax. 56% are doing just that, with AI adoption up to 61% across firms. But culture isn’t keeping up — only 17% say AI is embedded in firm strategy. The pressure’s on: 1 in 5 would quit if their firm’s AI investment lagged: Legal Cheek

Daniel Moloney has joined Gilbert + Tobin as a partner in its Melbourne Disputes & Investigations team. A former Jones Day partner, Moloney brings heavyweight experience in class actions, corporate disputes and regulatory enforcement. The hire strengthens G+T’s position as go-to counsel for high-stakes litigation: G+T

The ACCC has launched civil proceedings against four fresh produce suppliers and three executives for allegedly fixing prices of various veggies supplied to ALDI between 2018–24. The watchdog alleges suppliers struck 28 pricing arrangements and then lodged 48 coordinated quotes. ACCC Chair Gina Cass-Gottlieb said protecting competition in food supply chains is vital to stop cartels “driving up prices and harming consumers.” The case seeks penalties, compliance orders and director disqualifications, with potential fines now up to $50m per breach for corporations and $2.5m for individuals: ACCC

Uber is seeking special leave to appeal to the High Court after the NSW Court of Appeal found that payments to drivers were taxable under the Payroll Tax Act. The Court held that the driving service is the “foundation” of Uber’s ridesharing business. Uber says the ruling has several tax implications for marketplace platforms that connect providers with consumers but don’t supply the service themselves. It argues the decision is “attended by substantial doubt”, extending payroll tax beyond contractor arrangements to platforms and business models not previously considered taxable. The High Court will now decide whether to hear the appeal: Lawyerly

ASIC has warned independent experts to lift disclosure standards in independent expert reports, citing recurring gaps around assumptions, valuation methods and ranges. Under RG 111, experts must spell out material assumptions, justify methodology choices and clearly explain valuation ranges. ASIC stressed IERs are a gatekeeper tool for investors making transaction decisions and flagged it won’t hesitate to act, pointing to interventions against PKF Melbourne Corporate and AP Lloyds: ASIC

Cosmetic crackdown kicks in. Under-18s seeking injectables now need to wait 7 days between consult and procedure. Nurses need an extra year’s supervised practice before working solo, while influencer testimonials, glamorised ads and ads targeting minors are outlawed. Botox and fillers just got a whole lot harder to sell: TDA

Russia signs up to a major China pipeline. Gazprom has inked a memorandum with Beijing and Ulaanbaatar to build the Power of Siberia 2 pipeline through Mongolia, capable of carrying 50bcm of gas a year. But the big sticking point remains: pricing. It’s a sign of Beijing’s bargaining power as Moscow leans harder on China after losing Europe: Reuters

Forgot law, it’s time to pick up a trade. Tradies are now cashing in as Perth pay hits $250k. A skills crunch has plumbers, sparkies and brickies in Perth pulling six-figure sums — with some lead tradies pocketing $500k. Developers say soaring wages are fuelling housing costs and stalling supply, despite an influx of workers from the Philippines: AFR

Klarna: is pressing ahead with a New York IPO to raise up to US$1.27bn, pricing shares at US$35–37 for a US$12.5–14bn valuation. It marks the Swedish BNPL giant’s second attempt this year after Trump’s trade war rattled markets. Once valued at US$46bn in 2021, Klarna is now pitching itself as a digital bank, rolling out debit cards and even a US mobile service: Capital Brief

Endura Mining: formerly Federation Mining, has ditched IPO plans for a private raise led by Goldman Sachs to fund its Snowy River gold project in NZ. Backed 90% by AustralianSuper and now chaired by Evolution founder Jake Klein, Endura is chasing capital to deliver 60k ounces annually from 2026: AFR

Kraft Heinz: will split into two listed companies, undoing its US$46bn 2015 mega-merger. One will house Heinz sauces, Kraft Mac & Cheese and Philadelphia cream cheese (US$15.4bn sales), the other its slower-growth grocery staples like Oscar Mayer and Lunchables (US$10.4bn): Bloomberg

South32 boss Graham Kerr says getting mine approvals in Australia is a nightmare compared to the US. It took 7+ years to secure WA bauxite approvals, while its US Hermosa project in Arizona is on track in under 4. Kerr wants clearer timelines and expert-led reviews, warning Australia risks losing capital unless it reinvents approvals: The Australian

Delays in Australia’s renewable rollout and transmission projects may force coal power stations like Energy Australia’s Yallourn and AGL’s Bayswater to stay open longer. Governments may strike new underwriting deals with operators to keep the grid stable if renewables aren’t ready in time: The Australian

Canberra is leaning on Westpac, ANZ and NAB to match CBA’s prefab lending. CBA already funds up to 80% of prefab builds pre-installation, but rivals won’t lend until homes are fixed to land. Housing Minister Clare O’Neil says bank support is “fundamental” to tackling the housing crunch: AFR

You know who’s winning from the Klarna IPO? CBA. The bank could pocket $1bn+ if it sells down its stake in Klarna. CBA first tipped in $300m in 2019, topping up to a 5.5% stake now worth $956m. The holding once peaked near $3bn during the BNPL boom. Sources close to the bank say it’s likely to sell down at least part of the stake: AFR

Guzman y Gomez has apologised after a Queensland customer found a button battery in her burrito bowl, later confirmed to have come from a store thermometer. Button batteries can cause life-threatening injuries if swallowed, prompting Queensland Health to raise safety concerns: ABC

Buckets of relief for KFC. Operator Collins Foods says Aussies are spending more on fried chicken, with same-store sales up 2.3% since April as rate cuts ease the squeeze. The update sent shares up 12.5%. The group is shutting loss-making Taco Bell stores to double down on its KFC empire in Australia and Germany: AFR

Amazon CEO Andy Jassy is running a tight ship. He’s lifted worker-to-manager ratios by 15%, forced staff back to the office five days, and is now tracking how company phones are used. He’s even set up a “bureaucracy mailbox” that’s killed 375 processes. The push to run the “world’s biggest startup” has Amazon stock up 30% and profit per head up 5x: Business Insider

South Australian start-up Airspeeder has won approval to run human test flights of its Alauda Mk4 flying race car. The single-seat electric craft can reach 200km/h and fly about 10m above the ground, with an AI safety system to prevent collisions. Test flights with trained pilots will start soon, as the company works toward a Formula 1-style global race series: AFR