Aussie firms’ revenue trails global giants

New data exposes struck off crisis

Students sue over fake degrees

Herbert Smith Freehills (pre Kramer merger) leads Australia’s firms with $1.06m revenue per lawyer (RPL) and $2.6bn total revenue, edging Ashurst on $1.04m. But the real race is global — UK giants A&O and Clifford Chance pull $1.4m RPL and $4.5bn each. Meanwhile, Corrs and KWM take 3^rd and 4^th spot at $756k and $667k RPL. Check out our full article here: Point Blank

US law firm Kirkland & Ellis has quietly ditched its annual partner promotion announcement — a big shift for a firm known for promoting over 200 annually. Insiders say the move follows high churn among non-equity partners, with many leaving within two years. With two-thirds of its non-equity, Kirkland may be dodging scrutiny over retention: Law.com

Lawyers Weekly data shows 4 in 10 disciplined lawyers were struck off or recommended for removal. Of 100 recent cases, 83 were solicitors and 16 barristers, with penalties ranging from fines and reprimands to multi-year suspensions. Misconduct ranged from client neglect and theft to abuse, deception and “grossly discourteous” language: Lawyers Weekly

After Deloitte’s $440k AI blunder, EY, KPMG, PwC and BCG are rushing to spruik their AI ethics rules. Each says humans must vet AI output before it reaches clients - you’d think that would go without saying... Senator Barbara Pocock has called Deloitte’s work “wilful negligence” and urged bans for firms that outsource taxpayer work to bots: AFR

In Spotpress v Spotpress Newspapers, the Court found the sellers breached their warranty that the hybrid printing division’s accounts gave a “true and fair view” of its financial position. The so-called accounts weren’t genuine division financials at all - just reconstructed figures from consolidated company data, prepared to market the business and never verified against the underlying records. Justice Richmond said they failed to reflect true profitability, with shared costs misapportioned and revenue not allocated according to accounting principles. The Court found that the financials were “inherently unreliable” and overstated performance and value.

In Synergy Construct v GSA North Terrace, the South Australian Court of Appeal took the unusual step of stopping a principal from calling on a bank guarantee. The Court found there was a serious question to be tried about whether the principal’s right to keep and use the security had already ended once the contract required it to return the guarantees after the final certificate. While bank guarantees usually act as risk allocation tools, the Court said that function stops once the return obligation kicks in: Hall & Wilcox

The Chancery Lane Project (TCLP) has launched a suite of Climate Risk Toolkits to help lawyers weave climate risk into commercial advice. Backed by input from leading KCs and insights from over 55 lawyers at TCLP’s Climate Risk Hackathon, the toolkits cover construction, employment, energy, financial services, M&A, supply chains and tech. Each toolkit helps practitioners spot climate risks, understand their legal and commercial impact, and take practical steps to address them. TCLP says the resources aren’t checklists but conversation frameworks to help lawyers bake climate risk into contracts and client strategy from day one: TCLP

Would you agree to waive overtime rates in exchange for WFH? The Aus Council of Trade Unions is urging the Fair Work Commission to block employer proposals that would let staff waive overtime and penalty rates when working from home. It argues the move would cut take-home pay and breach new Labor laws banning reductions to penalty rates. The test case, covering 1.8 million admin and IT workers, could set a national precedent: AFR

University of Newcastle and Western Sydney University are facing NSW Supreme Court class actions alleging misleading and deceptive conduct for offering unaccredited degrees in medical engineering and advanced imaging. Students claim they were told their courses were accredited, leaving them with HECS debts, lost career prospects and emotional distress. Both universities deny wrongdoing, but lawyers say the cases could test universities’ legal duty to ensure course accreditation under national standards: ABC

Jim Chalmers is under pressure to revive Australia’s flagging productivity with China’s slowdown ending the mining boom. The OECD ranks Australia second-last, wages are stagnating, and housing costs are crippling younger workers. Economists are urging tax reform—including cuts to capital gains discounts and family trust perks—to rebalance the system. But with past reform scars still fresh, Canberra’s challenge is turning talk into action: The Economist

Anglo American: has defended its DD on the $50bn merger with Teck Resources, after the Canadian miner slashed copper output forecasts at its Chilean and Canadian mines. Teck’s downgrade trims Quebrada Blanca’s 2025 production by up to 40,000 tonnes, but Anglo says the outlook is “broadly consistent” with its review: Financial Times

Alinta: is deep in merger talks with Singapore’s Sembcorp, a deal that could funnel fresh Singapore gov-backed capital into Australia’s energy transition. UBS and RBC are advising Alinta’s owner Chow Tai Fook, while Goldman Sachs and DBS are on for Sembcorp. The talks coincide with Singapore PM Lawrence Wong’s visit to Canberra: AFR

Affinda: has bought Pathfindr in a $15m all-scrip deal. Pathfindr founder Dawid Naude will stay on to lead the consultancy, which trains corporates like Coles and the Victorian government in AI adoption. Backed by Paul Little and Ashok Jacob, Affinda’s valuation now hits $195m, with revenue growing 100% year-on-year: AFR

Gina Rinehart has won approval to build a $250m Hancock Prospecting HQ in West Perth, clearing the way to demolish a 120-year-old bungalow. The twin 14-storey “work meets wellness” towers will house offices, a crèche, gym and pool. Critics flagged heritage concerns, but planners said the project will apparently “stand out”: AFR

Glencore has secured a $600m taxpayer-backed rescue to keep its Mount Isa smelter and Townsville refinery running until 2028. The federal and QLD governments will split the cost 50/50, giving the copper assets a short-term lifeline. The funding saves 600 direct jobs and thousands more indirectly: ABC

The ASX has admitted to yet another operational blunder, accidentally lifting a trading halt on TrivarX for 30 minutes before its market-sensitive announcement. Around $30k in trades will be cancelled after the error let the $7m biotech trade early. It’s the exchange’s second slip in two months, following the TPG Telecom mix-up that wiped $400m in value: AFR

ANZ will keep fighting a New Zealand class action over loan disclosure errors, even as CBA’s ASB arm agreed to settle for NZ$135.6m (A$119.5m) without admitting wrongdoing. Both banks were accused of breaching disclosure rules between 2015–2019. ANZ says the penalties are disproportionate, while ASB called its settlement a “pragmatic” move: AFR

Dexus is selling 100 Mount Street, the NBN HQ, in a deal tipped at ~$600m. The 35-storey tower, built in 2019, is hitting the market as NBN prepares to relocate to Lendlease’s nearby tower. With new projects scrapped, investors are circling scarce premium assets: The Australian

Lendlease has seen off a Hostplus-led push to oust it as manager of the $2.8bn APPF Retail Fund, securing a narrow win after super giants tried to hand control to Mirvac. The vote ends a months-long battle over the $10bn APPF empire. Lendlease will now push ahead with plans to recapitalise and redevelop its retail assets into mixed-use town centres: The Australian

Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, has officially launched in Australia, taking on Binance, Coinbase and Crypto.com. The $3bn Nasdaq-listed platform runs a global order book, allowing locals to trade directly with users worldwide — a first for Aussie exchanges. Gemini also brings its US-dollar-backed stablecoin, with plans to add AUD options if demand grows: AFR

Qantas is among 39 companies whose customer data may soon be leaked to the dark web, after hackers from Scattered Lapsus$ Hunters claimed to have stolen 153GB of data from Salesforce. Salesforce has refused to cough up. Cyber experts say Qantas should brace for exposure, warning the breach highlights gaps in employee impersonation defences: AFR