👋 G’day
Today’s brief:
Five partners poached in one hit
Judge hears case from his bed
Harvey rolls first-ever TV ads
Here’s your latest, PB #{{join_number}} 👇
WORD ON THE STREET

Hiring spree

Jones Day isn’t mucking around, pinching five partners in one hit from G+T, Clayton Utz, MinterEllison, Baker McKenzie and Norton Rose Fulbright. The big fish: G+T’s energy head Christopher Flynn and Clayton Utz Sydney co-head Ken Saurajen. That’s 10 laterals this year and 18 since mid-2024: Point Blank
Harvey just dropped its first-ever TV ad, splashing a handshake-themed campaign across Netflix, ESPN, HBO Max and Sydney billboards. It opens a new front in the legal AI brand war with Legora, after Gabriel Macht and Jude Law fronted celebrity campaigns. Watch the ad here: Point Blank
UK judge Richard Clayton KC has taken WFH to the next level. He heard a case from his bed a day after Achilles surgery, admitting he couldn’t take notes. The Court of Appeal said bed hearings should be a “last resort” but wouldn’t overturn the decision: Legal Cheek
FOI documents reveal that KPMG’s whistleblower scandal nearly cost it a $3m DFAT contract. DFAT's Suzanne Pitson told staff to “hold fire” on the extension before eventually signing off. She warned the Department of Finance’s displeasure with KPMG would be “far reaching” and told staff to plan a handover within 12 months: Capital Brief
PRACTICE POINTS

AGM lessons
⚖️ Governance: Mallesons has summarised lessons from the 2026 AGM season so far. Most board-backed resolutions have passed, but shareholders are getting more targeted with their dissent. Remuneration votes are still being used to protest broader governance issues, such as executive share sales or the lack of a minimum shareholding requirement. Shareholders are also voting differently on individual directors at the same meeting, with support at one AGM ranging from 78% to 99%. And for the first time, companies must table their sustainability report, and shareholders can question the auditor on it, sparking detailed climate questions: Mallesons
⚖️ IP: Getting a .com.au or .net.au domain may soon require a registered name to back it up. The auDA board has approved in principle a recommendation to scrap the rule letting businesses register domains that match their products, services, events or premises. If adopted, a domain would need to match your company name, business name or Australian trade mark. Businesses with product, campaign or event websites are most exposed, along with lead-gen sites and domain investors. It's still unclear what happens to existing domains. Review your domain portfolio now, and register matching business names where needed: HWLE
⚖️ Privilege: In Commissioner of the NDIS v Irabina Autism Services (No 5), a Commission witness said she’d drafted her own affidavit, then the Commission’s lawyers sent it back with “corrections” she couldn’t recall. Drafts prepared by lawyers are usually privileged, but that may fall away if the changes are the lawyers’ own words rather than the witness’s. The respondents argued that was the case here and asked for the draft. Horan J disagreed, refusing to assume the corrections weren’t based on the witness’s instructions. Relying on earlier authority, his Honour noted that treating ordinary affidavit drafting as a waiver would seriously undermine privilege: Federal Court
TALKING POINTS

Fourth hike

Did you hear…
The RBA has unanimously pushed through its fourth hike of the year, taking the cash rate to 4.6%, the highest since 2011. Cotality says this year’s rises have already wiped almost $90k off the average borrower’s capacity. And BetaShares’ David Bassanese is tipping another on Melbourne Cup Day, taking it to 4.85%: ABC News
Also…
Most prospectuses warn about currency swings and key-person risk. Anthropic’s flags “existential risks to humanity”. Its IPO filing devotes 80 of 261 pages to risk factors, nearly double the 48 on the actual business, warning its models could “resist shutdown”, conceal information and behave in ways “resembling blackmail”: Reuters
💰 What are Aussie lawyers really earning?

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DEAL ROOM

Take two
⛏️ Gold Fields is reportedly weighing a sweetened bid for Northern Star, beefing up the cash component after the WA miner knocked back its $38.7bn cash-and-scrip approach as “opportunistic”. More cash could win over Northern Star holders wary of hefty Gold Fields exposure: Bloomberg
⏰ Firmus has pushed its US$5.05bn (A$7.2bn) IPO bookbuild back two days to 8 October after inking a new Meta deal. Sources say the tie-up boosts forecast EBIT, the metric that’ll decide valuation, by about 15%. Firmus is now set to list on 23 October: AFR
SECTOR SNAPSHOT

$1bn apology


DIGGERS
🚜 Gold Fields’ takeover bid for Northern Star could come with a twist: a move to Perth. The combined miner would source almost 60% of production from WA, and Gold Fields is flagging US$4-5bn in cost savings. Treasurer Jim Chalmers could make redomiciling a condition of approval, following Canada’s lead on Anglo’s Teck takeover: The Australian

FIN
🏦 Aussies have over $300bn sitting in big four bank accounts that pay no interest. That’s cheap money for the banks, but AI agents could soon move it into better accounts for customers. CBA has the most to lose, with $120bn at stake. Macquarie, which pays 3% on its transaction account, is already winning over customers: AFR

RETAIL + REAL ESTATE
🏠 REA Group has bought a 35% stake in Distilled, owner of Ireland’s top property site Daft.ie, for $409m. It’s REA’s first big offshore move under CEO Cameron McIntyre. The deal is funded by debt and cash, with the founders staying on. Like Australia, Ireland’s property market is growing fast and sellers pay for ads: The Australian

TECH + STARTUPS
📱 OpenAI has apologised after its AI agents accessed Medicare data without permission. OpenAI is now financing a US$1bn fund to boost defences for government and business data, and promising an independent taskforce on AI agent risks. It's also scrapped the release of its new GPT-6.1 Astra model after it fell short on safety: AFR, Capital Brief, BBC
P.S.

