KPMG cuts overtime pay, partners cash in

AI training counts toward billables

Bosses push AI or lose your job

KPMG UK has axed ‘busy season’ overtime pay for junior auditors, ending a system that let staff claim extra for weeks topping 50+ hours. The firm says it’s cut workloads through better planning and tech, but juniors say morale’s hit hard. Partners, meanwhile, pocketed £816k on average, up 9% despite slowing revenue growth: Financial Times

US firm Ropes & Gray has launched a first-of-its-kind program letting first-year lawyers spend 20% of billable hours on AI training instead of client work. Dubbed “TrAIlblazers,” the initiative gives juniors nearly 400 hours to experiment with AI tools and workflows. The firm calls it a “deliberate investment” in future skills as AI becomes mandatory across BigLaw: Reuters

Clyde & Co has hired Malcolm Wood as partner to boost its corporate, commercial and insurance offering. Wood brings deep experience across M&A, governance and complex insurance disputes, including cases of major public interest: Lawyers Weekly

Privacy/Disputes: Individuals can sue directly for serious invasions of privacy without proving loss or waiting for OAIC action. And damages up to $478,550 or the defamation cap, whichever is higher. The recent tort, set out in Schedule 2 of the Privacy Act, goes well beyond the Australian Privacy Principles, covering both intrusions into seclusion and misuse of personal information, even by entities outside the APP regime. To succeed, plaintiffs must show a reasonable expectation of privacy, that the conduct was intentional or reckless, and that the invasion was serious, balancing against public interest factors like media freedom or security: Spruson & Ferguson

Governance: Prime Super has paid a settlement for an ASIC infringement notice after claiming its super fund “excluded entirely” manufacturers of tobacco products, while still investing indirectly in major players like Philip Morris, British American Tobacco and Altria. ASIC said the statements in Prime Super’s 2023 annual report were misleading, warning fund managers must ensure their green and ethical claims align with actual investments, including indirect holdings. Deputy Chair Sarah Court said ASIC’s greenwashing enforcement is about applying existing laws against misleading conduct, not new rules. Prime Super self-reported the issue and has since stopped claiming full exclusion of tobacco stocks: ASIC

Employment: The Fair Work Commission has ruled that a worker who quit after her employer botched a sexual harassment investigation was constructively dismissed. The part-time airport employee resigned after delays, mixed messages and a lack of support following her complaint about a male colleague’s behaviour. In finding for the employee, the FWC said the employer’s conduct was “sufficiently egregious” to leave her no real choice but to resign, making it a forced resignation under the Fair Work Act: Allens

From AI to “woke-ism,” CEOs are laying down the law. Palantir’s Alex Karp calls his firm “the first completely anti-woke company,” AT&T’s John Stankey says the “loyalty deal is dead,” and Shopify’s Tobi Lütke told staff: use AI or lose your job. With layoffs rising and workers clinging to roles, leaders have the upper hand — for now. But as one expert warns, “the pendulum always swings back.” Business Insider

US lawmakers are demanding former Prince Andrew testify about his friendship with Jeffrey Epstein, as Congress ramps up its probe into the financier’s sex-trafficking network. The call came hours after King Charles formally stripped Andrew of his royal titles, ending his status as “His Royal Highness.” AFR

Mayne Pharma: has asked the Takeovers Panel to order Cosette Pharmaceuticals to meet with Treasurer Jim Chalmers and FIRB to discuss what undertakings may secure approval for their $672m takeover. The move follows Chalmers’ preliminary decision to block the deal on sovereign capability grounds after Cosette threatened to close the plant. Mayne argues Cosette is using FIRB’s discomfort over job losses to derail the buyout and has requested to extend the scheme deadline to 19 December: Capital Brief

KWM: advised Carma on its $370m debut. The firm guided online used car retailer Carma Limited through its $100m oversubscribed IPO, one of the first to use ASIC’s fast-track listing process. Founded in 2021 by ex-bankers Lachlan Macgregor and Yosuke Hall, Carma raised $70m in new capital and $30m via a selldown: Point Blank

Traditional owners have dismissed claims that a 7.5% royalty deal is blocking BHP’s sale of its West Musgrave copper-nickel project. When asked if the royalty was 7.5%, Ngaanyatjarra Council Group said, “we wish” and noted the royalty is in line with industry norms: The Australian

In a win for WA miners, a new decision means exploration licence applicants are not required to include a 5-year work program and budget in their section 58 statements. The Court found the application focuses on the nature of work and expenditure, not its duration. That moves us away from the years of authority, suggesting a 5-year program was required: HopgoodGanim

NAB senior manager Timotius ‘Donny’ Sungkar has been charged with 19 offences, accused of helping a $150m money-laundering syndicate secure $10m in fake business loans. Police seized $60,000 in luxury items during his arrest. NAB says his employment has been terminated and no customer funds were affected: The Australian

Macquarie Group’s half-year profit rose 3% to $1.7b, boosted by asset management fees but below forecasts of $1.86b as commodities earnings fell 15%. The board declared a $2.80 dividend, up from $2.60. CEO Shemara Wikramanayake said the bank remains well-positioned for medium-term growth despite compliance headwinds and market softness: AFR

Aware Super is in talks to buy a 75% stake in Lendlease’s $1.2b Victoria Cross Tower in North Sydney, as super funds ramp up activity and confidence in offices returns. The metro-linked tower is 70% leased or under negotiation, with tenants including NBN, Novartis, and Ventia: The Australian

Breville will have moved almost all US-bound production out of China by Christmas, as it scrambles to dodge Trump’s new tariffs. The Melbourne appliance maker — which now gets 40% of sales from the US — has spent three years diversifying its manufacturing. CEO Jim Clayton says US still demand remains strong: AFR

Google is planning a major AI data centre on Christmas Island after signing a cloud deal with Australia’s Defence Department. Experts say it could strengthen regional defence and surveillance. The island’s strategic location near key Indo-Pacific straits makes it ideal for monitoring activity and supporting AI-enabled command and control systems in potential regional conflicts: AFR

Tesla investors have approved Elon Musk’s US$1tn pay plan, granting him up to 25% voting control if he hits targets including 1 million robotaxis, 1 million humanoid robots and an $8.5t market cap. The vote also cleared Tesla’s option to invest in Musk’s AI startup xAI: Capital Brief