
👋 G’day
Today’s brief:
Aussie bonus pay lags hard
US firms sprout mid-level gold rush
Ampol caught in merger reform’s Phase 2
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WORD ON THE STREET

Australia’s bonus gap

Aussie bonuses still hover around 10–15%, with the average corporate lawyer pocketing just ~$20k. In the US, it’s a whole other story. Cravath pays senior associates $115k+, while outliers like Paul Weiss and Pallas Partners push $200k+. Catch is brutal hours. What do you think — is the bonus worth the grind? Point Blank
US firms are now focusing on 3–8PQE associates, as earlier partner hires drive demand down the ladder. In London, recruiter Ria Karnik of Major, Lindsey & Africa says teams are starting to look Magic Circle-style, not “up or out”: NB
Ivo has surged to a $530m valuation after Blackbird led a fresh raise, backing 500%+ ARR growth. Founded by ex-lawyer Min-Kyu Jung, Ivo powers contract reviews for Uber, Netflix and Atlassian, using tightly scoped AI tasks to avoid hallucinations. Legal AI money keeps flooding in: AFR
A Queensland lawyer has been fined $1k and publicly reprimanded after firing off a letter that the tribunal said “grossly exceeded” his client’s rights. The Tribunal found allegations in the letter against a husband’s new partner weren’t reasonably justified and crossed into intimidation: Lawyerly
Deloitte’s local CFO Jody Burton is retiring after 30+ years at the Big Four. In an interview, she reflects on one career-defining moment that stands out — asking for six months’ leave after having her first child. Deloitte countered with 12 months. From there, she went on to make partner, run offices, become CRO and CFO: AFR

PRACTICE POINTS

Nuisance test locked
⚖️ Torts: The High Court has locked in the modern test for private nuisance in Hunt Leather v Transport for NSW, drawing a clear line between nuisance and negligence. The starting point is whether there’s been a substantial and unreasonable interference with the ordinary enjoyment of land. If that’s established, the onus shifts to the defendant to justify it. Liability follows if the land use wasn’t “common and ordinary” for the locality, or even if it was, that it wasn’t “conveniently done”, meaning the defendant failed to reasonably minimise the extent, duration or impact of the interference. Crucially, the Court confirmed that reasonable care and skill do not matter - even if a defendant exercised care, they will still be liable if neighbours are left bearing more disruption than they should reasonably be expected to tolerate: H&W
⚖️ Corporate: Takeovers Panel is signalling far less patience for bad behaviour, with draft changes to Guidance Note 4 — it spells out exactly what can land parties with costs orders. The hit list now expressly includes running unarguable cases, making misleading or unsubstantiated assertions, delaying or obstructing proceedings, failing to answer questions directly, slow-rolling document production, and more. The Panel has also dropped the idea that costs are “the exception”, flagged indemnity costs, and left the door open to orders against directors or advisers in serious cases. Submissions close 2 March 2026: Clayton Utz
⚖️ IP: Trade marks only work if they’re actively managed. Registration is only step one, ongoing protection depends on correct classification, genuine use and timely renewals. Unregistered marks leave businesses stuck with narrow, costly common law rights, while registered marks deliver nationwide exclusivity and real enforcement power. Picking descriptive or generic names, registering in the wrong classes, failing to use the mark consistently, or forgetting the 10-year renewal cycle with IP Australia are the most common pitfalls with trade marks. Growth adds another layer, expanding into new goods, services or offshore markets without extending registrations can quietly hollow out protection. The practical takeaway is to treat trade marks like a living asset, audit use, and update classes as the business evolves: Legal Vision

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TALKING POINTS

Hate laws watered

Did you hear…
Labor’s hate speech laws scraped through the Senate after a late deal with the Liberals, watering down the bill to secure support. Sussan Ley won tighter definitions and extra oversight, but the Nationals voted no, warning of free speech creep. Anthony Albanese admits it’s weaker than planned. What is clear: a very public Coalition fracture, and fresh pressure on Ley’s grip on the leadership: TDA, AFR
Also…
Donald Trump doubled down on needing Greenland for “security”, telling reporters in a nearly 2-hour press conference, “you’ll find out” when pressed on how far he’d go. The rhetoric spooked markets, with the S&P 500 down 2% and Europe sliding as he floated 10% tariffs on dissenting countries. At Davos, Emmanuel Macron warned Europe won’t accept “the law of the strongest”. Traders are taking the threat seriously: The Economist

DEAL ROOM

First Phase 2 deal
⛽️ Ampol has been sent to Phase 2 by the ACCC over its bid for EG Australia, with the regulator flagging competition concerns across 115 sites and major metros. The watchdog says Ampol’s offer to divest 19 sites doesn’t cut it. It’s the first deal to face an in-depth review under the new mandatory merger regime: ACCC
🔋 NYSE-listed Energy Fuels is buying Australian Strategic Materials for $450m via scheme, building a Western rare earths mine-to-metal play. Moelis is advising ASM, with A&O Shearman on legal, while Energy Fuels is backed by Goldman Sachs and Herbert Smith Freehills Kramer. The NYSE-listed buyer’s US$5.6bn heft dwarfs ASM’s $194m ASX cap: AFR, ASX

SECTOR SNAPSHOT

Trump eyes Australia


DIGGERS
🚜 BHP has taken the “same job, same pay” fight to the High Court, challenging orders that force it to pay labour hire workers at its Queensland coal mines the same as permanent staff. BHP argues its in-house labour hire arm provides broader mining services, not just labour, and says the Fair Work Commission applied the wrong legal test. The ruling could cost BHP up to $28m in backpay and has major implications for labour hire models across the sector: Lawyerly

FIN
🏦 NAB has poached Mahya Knox from CBA as chief AI officer, tasking her with embedding responsible AI across operations. The hire follows Andrew McMullan’s move from CBA to Westpac last year, underscoring the escalating Big Four war for senior tech talent: Capital Brief

RETAIL + REAL ESTATE
🏠 Trump Organisation is in advanced talks to develop Australia’s first Trump tower on the Gold Coast, eyeing a long-vacant Surfers Paradise site. A deal could land within weeks, with plans tipped to include a luxury hotel, residences and retail, reviving a block dormant since 2013: AFR

TECH + STARTUPS
📱 OpenAI is rolling out age prediction on ChatGPT globally, using AI to flag accounts likely owned by under-18s and automatically restrict sensitive content. Users wrongly tagged as minors can verify via selfie ID. The move comes ahead of an “adult mode” launch, allowing adult content on the platform: Reuters

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