👋 G’day

Today’s brief:

  • Lawyers eye tech over partnership

  • Young lawyers blocked from the bar

  • Supers now beat out banks in funding

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WORD ON THE STREET

Lawyers turn legal tech

More lawyers are swapping the partnership track for legal tech. No coding required, just practice experience and tech curiosity is enough to secure roles as “legal engineers”, product leads of AI specialists. With firms like Harvey, Legora and Luminance hiring aggressively, and salaries rivalling Big Law (US$270k+ and no billable hours), lawyers are ditching the firm’s corporate ladder or in-house perks for a move in tech: NB

  • Is the bar closed off for young lawyers? Policy Institute Australia’s Henry Williams says East Coast bar caps are ageing the profession and limiting competition. Victoria allows just 120 new barristers a year, NSW and the ACT 108 combined, despite 100,000 practising lawyers nationwide. In 1980, 90% of Victorian barristers were under 50. By 2017, that had halved. Calls are growing to rethink who controls the gate: AFR

  • Norton Rose Fulbright posted bumper 2025 numbers, with global revenue up 16% to $2.8bn and PEP jumping 27% to $2m. The US led the charge, revenue up 23% and PEP hitting $2.7m. Headcount rose modestly, and margins climbed to 38%: Law.com

  • From self-described USyd law “nerd” and University Medallist to Packer dealmaker, the former lawyer Craig Carracher has gone full property mogul. He’s turned student housing platform Scape, now The Living Company, into a near $20bn rental empire backed by global pension funds. He knows a thing or two about pivots and has proven that setbacks can precede serious scale: AFR

PRACTICE POINTS

Contract timing tested

⚖️ Contract: The NSW Court of Appeal held that money paid before a formal agreement is signed will not automatically fail for “past consideration” if the payment and contract form part of a single commercial transaction. The Court overturned the primary judge’s finding that a binding deal arose from 2021 emails (applying Masters v Cameron principles) - the emails were too uncertain and did not show an intention to be immediately bound. However, it upheld the later loan agreement - the $1.3 million advance (although paid before execution) was made at the borrower’s request and as part of one continuous commercial arrangement. The decision shows that strict chronology is not determinative, but parties should still align payment and execution to avoid disputes over enforceability: HSF Kramer

⚖️ Consumer: Treasury has unveiled draft laws to embed a sweeping unfair trading practices ban into the ACL, with commencement slated for 1 July 2027. The proposed prohibition would capture conduct that unreasonably manipulates consumers or distorts how they make decisions, and causes, or is likely to cause, detriment. Both limbs must be met, but the bar is low: detriment need not be financial or material, and likely harm is enough. The prohibition would apply across consumer-facing advertising, marketing and sales. It’s designed to capture so-called dark patterns - think pre-ticked boxes, countdown timers, buried disclosures and obstructive interfaces. There’s no carve-out for legitimate business interests, and no detailed statutory test for “unreasonable”, leaving scope for regulatory interpretation: Allens

⚖️ SPAM: To fight scams, ACMA has introduced the SMS Sender ID Register under the Telecommunications Act 1997, with mandatory compliance from 1 July 2026. Businesses must register branded SMS Sender IDs with their telco or risk messages being labelled “Unverified”. Telcos must verify Sender IDs, participate in the register to continue handling branded SMS traffic, and apply controls to unregistered IDs. Telcos that do not participate in the register will be prohibited from sending messages using Sender IDs: Addisons

TALKING POINTS

Libs overtaken?

Did you hear…

Could One Nation soon surpass the Libs? After the Liberals dumped Sussan Ley for Angus Taylor, Pauline Hanson’s One Nation is polling above 20%, overtaking the Liberals and Nationals in parts of regional Australia and running not far behind Labor. While a rightward shift on immigration may stem rural losses, it risks further bleeding “teal” seats in the cities. What’s clear is that the Libs’ path forward is on rocky ground: The Economist

Also…

Andrew Mountbatten-Windsor has been released under investigation after being arrested on suspicion of misconduct in public office. He’s the first member of the British royal family to be arrested in almost 400 year… Officers searched properties in Berkshire and Norfolk as part of a probe believed to relate to allegations he passed sensitive government documents to Jeffrey Epstein while serving as a UK trade envoy: ABC News

DEAL ROOM

$1bn AI float

💻 Sharon AI has listed on Nasdaq at about A$1bn, after converting a US$100m note into equity. The listing gives investors more AI exposure, as Sharon helps companies run Nvidia and AMD’s computer chips. A direct rival to $6bn-valued Firmus, it’s also lining up an ASX dual listing by April, with Macquarie and Canaccord on point: AFR

💊 Blackbird-backed Eucalyptus, the weight loss startup, is being snapped up by NYSE-listed Hims & Hers for up to US$1.15bn (A$1.6bn) in a two-part deal with US$240m upfront and deferred plus earnouts to 2029: Business Wire

WITH MADDOCKS

Watchdog Recap

The ACCC is bigger, bolder and better funded.

In 2025, it shifted from regulatory guidance to hard enforcement, doubled down on pricing and subscription “blitzes” in retail, and laid the groundwork for unfair contract terms test cases.

Maddocks’ specialists have dropped a special 10th anniversary wrap-up of the ACCC's high and low enforcement moments as part of their annual 12-article publication.

SECTOR SNAPSHOT

Super beats banks

DIGGERS

🚜 Copper takes the crown. BHP’s copper division has overtaken iron ore as its top earner, delivering 51% of earnings and powering a US$5.6bn half-year profit, up 28%. Revenue rose 11% to US$27.9bn and shareholders scored a US73¢ interim dividend. The shift cements BHP’s pivot toward copper as iron ore prices wobble: AFR

FIN

🏦 Big super overtakes big banks. Australia’s $4.5tn super sector now provides 44 cents of every dollar of corporate funding, eclipsing banks at 36 cents, according to ASFA. Super’s share of total domestic funding has nearly doubled in two decades - from 23% to 39%: Capital Brief

RETAIL + REAL ESTATE

🏠 Goodman Group says global demand for data centres is expected to “materially exceed supply”, with 73% of its $14.4bn development pipeline now devoted to digital infrastructure. The shift reflects AI-driven capex from hyperscalers, even as first-half operating profit dipped 1.5% to $1.2bn. The 10-year bet: data centres over sheds: AFR

TECH + STARTUPS

📱 QR ordering platform Me&u says it has been profitable on a monthly basis since July, posting $1m earnings in December and January as revenue hit $57.5m in 2024. After $105m in lifetime losses and a 10% workforce cut, the startup is now funding AI features and a new app from cash flow: AFR

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