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👋 G’day

Today’s brief:

  • Corrs tapped to advise ex-KPMG partners

  • Ashurst’s new model allows for PE money

  • Glencore goes local with an ASX listing

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

WORD ON THE STREET

Third firm briefed

KPMG has roped in Corrs Chambers Westgarth as its third law firm on the whistleblower scandal, engaged to advise former partners ahead of next week's parliamentary hearing. Allens and Ashurst are still handling internal investigations and advising current partners. Corrs' litigation partner Anna Ross is reportedly running point on the brief: Capital Brief

  • Ashurst Perkins Coie is now the UK's largest firm with an Alternative Business Structure licence, which opens the door to non-lawyer ownership and taking PE money. The firm says it's purely for financial integration, not a PE raise. DWF remains the only major UK firm to actually take outside investment, backed by Inflexion Partners since 2023: Point Blank

  • NSW DPP Sally Dowling dodges the axe after silk Noel Hutley trashed a parliamentary report that found she'd authorised leaking a hostile story about Judge Penelope Wass to 2GB's Ben Fordham. Attorney-General Michael Daley says the matter's closed, but Labor MP Stephen Lawrence reckons it's just "a bloke's opinion on a client request: AFR

PRACTICE POINTS

DD defence tested

⚖️ Corporate/Disputes: The Shine Lawyers-run class action against Nuix is now testing statutory due diligence defences under ss 728, 729, 731 and 733 of the Corporations Act for the first time in Australian legal history. The class alleges Nuix's 2020 IPO prospectus and later disclosures misleadingly forecast $193.5m in FY21 revenue, with internal emails describing the company as "tragically hopeless" at winning new business. Barrister Kate Burke SC argued a due diligence committee alone isn't enough. Respondents must show they actually brought an "inquiring mind" to the disclosure process. Nuix opens its defence Wednesday: Lawyerly

⚖️ IP: IP Australia has released its annual IP Report, crunching 2025 filing data across patents, trade marks, designs and plant breeder's rights. The headline finding: IP protection pays, with first-time patent holders and trade mark owners consistently out-earning their unprotected peers. Trade mark and design applications hit record highs. Overseas businesses are also filing directly in Australia rather than going through international systems, a sign they're taking the market more seriously. Unsurprisingly, AI and energy are the hot sectors, with patent filings in electrical machinery and energy up 12.8% and tech services trade marks up over 23%: HSF Kramer

⚖️ Construction: The NSW Supreme Court has granted an interim injunction stopping Brisbane Airport Corporation from calling on $10m in bank guarantees held against Alstef Auzstralia. In Alstef v Brisbane Airport Corporation [2026] NSWSC 764, the contract required Alstef to put up a bank guarantee before it could be paid progress claims for unfixed goods and materials. The Court found this arguably void under s 200 of the BIF Act, since it had the practical effect of negating the contractor's statutory entitlement to progress payments. The performance bonds fared differently, with the Court treating those as standard "pay now, argue later" devices and refusing an injunction: Ashurst Perkins Coie

TALKING POINTS

AI upside

Did you hear…

Turns out AI might not gut the workforce after all. New EY-Parthenon modelling reckons AI adoption will create more Aussie jobs than it kills over the next decade, adding up to 44,000 net roles and boosting GDP by as much as $116bn by 2036. Miners and farmers cop losses, but construction, retail and finance all come out ahead: Capital Brief

Also…

Labor's gambling ad crackdown is friendless in parliament, and they'd rather shelve it than cave to major changes. The plan caps TV ads at three an hour during peak time, bans logos on jerseys, and lets adults opt out of ads online. Coalition, Greens and crossbench all reckon it's too weak and want it toughened up. Albo's line is take it or leave it: ABC

DEAL ROOM

Mining boom

🏦 Bank of America is opening a Perth office and installing Calum Crozier alongside Alastair McBride White as co-heads of natural resources, chasing a bigger slice of mining dealmaking. Mining's generated $US15.2bn in M&A this year, dwarfing finance: AFR

🚂 Qube Holdings is reportedly circling rival Pacific National, the $6bn freight giant that's been quietly shopped around for the past year via JPMorgan and Barrenjoey. A tie-up would reunite Australia's two biggest rail freight players, so expect ACCC eyebrows: The Australian

🏡 The Agency, ASX-listed real estate agent, has fielded a scrip-based buyout approach from Aura Group, itself eyeing a $150m float. Talks have been running weeks, with no formal proposal confirmed yet: AFR

SECTOR SNAPSHOT

Glencore goes local

DIGGERS

🚜 Glencore is eyeing a secondary ASX listing by October, chasing super funds it says have been under-invested thanks to some funds having offshore mandate restrictions. The $123bn London giant won't issue new shares or raise capital, it's just chasing a better valuation via CDIs. CEO Gary Nagle's betting on ASX 200 inclusion within 12 months: AFR

FIN

🏦 Westpac is deploying a swarm of AI agents to assess mortgage and credit card applications, saving 12,500 banker hours in the first month alone. The agents crunch payslips, verify income and flag fraud, as Westpac races up the AI adoption rankings to catch CBA, still the industry’s clear frontrunner: AFR

RETAIL + REAL ESTATE

🏠 Qantas’ international pilots have voted overwhelmingly in favour of potential strike action, with up to 88% backing measures ranging from refusing to use Qantas iPads when off-duty to unlimited 24-hour walkouts. It caps off two years of pay talks, though union boss Andrew Marshall reckons a deal could still land within days: Bloomberg

TECH + STARTUPS

📱 Meta’s legal bills have ballooned to US$2.4bn, wiping out what would’ve been a 9% profit rise, as it battles Andrew Forrest’s scam ad case, a youth addiction ruling and publisher claims it torrented pirated books to train Llama. Meanwhile, Meta has also released its first AI coding agent, Muse Code, as Zuck steps up the fight against OpenAI and Anthropic: The Australian, Bloomberg

P.S.

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