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👋 G’day

Today’s brief:

  • Which practice areas are growing fastest

  • Moray & Agnew lost 23 lawyers this year

  • Trump promises $5k cheque per citizen

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

WORD ON THE STREET

M&A left behind

Which practice areas are driving growth at Aussie law firms? Thomson Reuters' new report shows demand growth is up 10.2% in FY26, led by workplace relations (+8.5%) and corporate general (+8.0%). M&A is the outlier, with demand down 5.7%, and a rebound still nowhere in sight: Point Blank

  • A year-long tally of lateral moves shows Moray & Agnew copped the biggest net loss, down 23 people after Mills Oakley poached a 15-person insurance team in one raid. K&L Gates, Clayton Utz and Mallesons also bled talent. Mills Oakley and Sparke Helmore came out on top, each up 24: Lawyers Weekly

  • Legora's alumni aren't mucking around. Michelle Cotter left to launch contract intelligence startup Juritas, while Cem Ucan and Kieran John Keenan teamed up with two Big Law expats to build Athena, an AI native firm. Two years old and already spawning its own founder pipeline: NB

  • Deloitte, EY, KPMG and PwC, the very firms whose governance failures sparked this reform push, are now weighing in on their own punishment. They're happy to hand ASIC more power, but forcing companies to switch auditors every 20 years is where they draw the line: AFR

PRACTICE POINTS

AI court rules

⚖️ Litigation: Across NSW, SA, Victoria, WA, Queensland and the Federal Court, new practice notes now regulate how lawyers use Gen AI in litigation, and the rules differ by jurisdiction. Everywhere, AI output must be independently verified, confidential or privileged material must stay out of public AI tools, and responsibility for what's filed stays with the human lawyer. The main split is disclosure. NSW is strictest: affidavits can't be AI-drafted at all, and experts need the court's leave before using Gen AI. The Federal Court, Victoria, SA and WA only require disclosure if asked. Queensland goes narrowest, regulating Gen AI only insofar as it requires lawyers to verify their citations are accurate: Clayton Utz

⚖️ Insolvency: In Australian Agricultural Opportunities v Agripower Australia, the Federal Court terminated a DOCA under s 445D of the Corporations Act. The administrators' report had failed to disclose that the director, who'd propounded the DOCA himself, had been negotiating significant capital raising for months before the second creditors' meeting. The court found that omission was material and likely influenced how at least some creditors voted, satisfying s 445D(1)(c). The DOCA was also terminated under s 445D(1)(g) — letting the DOCA stand would've shielded the director from a liquidator scrutinising the very insolvent trading and breach of duty claims flagged in the report: Federal Court of Australia, Ashurst Perkins Coie

⚖️ Finance: G+T has put out a deep dive on Australia's leveraged finance market. Lenders competing for mandates, plus pressure from offshore markets, means terms considered aggressive five years ago are now standard. Sponsors are winning bigger EBITDA adjustments, fewer certification requirements, and more cov-lite deals (no financial covenant on the term loan). Borrowers also have more room to raise extra debt, but the intercreditor documents needed to actually use it haven't caught up. Portability, which lets debt survive a change of control, is becoming more common too, though buyers rarely end up using it once it's there: Gilbert + Tobin

TOGETHER WITH ATTO

Remember that really cool and mysterious new legal tech company, Atto?

Find out what they actually do on 22 October.

Atto's launch day for Sydney's legal and legal tech crowd.

BRUNCH & THE BIG SCREEN

A film, brunch and a conversation with the founding team. Open to the legal and legal-tech community.

Pick your session: 10–11am or 12–1pm.

Thursday, 22 October | Sydney

TALKING POINTS

Trump dividend

Did you hear…

Trump's latest vote-buying scheme: a US$5k "Trump dividend" cheque to every US citizen if Republicans hold Congress in November's midterms. It's only going to cost about US$1.2tn, on top of a national debt already over US$40tnThe Guardian

Also…

Victoria's plan to legally guarantee work-from-home rights has stalled. The Coalition and crossbench voted to send Premier Ben Carroll's bill to a committee instead of passing it, even after he'd offered business groups concessions. The committee won't report until October 20: AFR

DEAL ROOM

Dental deals

🦷 National Dental Care and Dental Boutique have both hit the market through Morgan Stanley, each tipped to fetch north of $500m. Blackstone, Carlyle, CVC and Bain are all expected to circle: The Australian

⛏️ St Barbara has sold its remaining 40% stake in PNG's Simberi gold mine to Chinese state-backed Lingbao Gold for $453m, taking total sale proceeds from Lingbao and PNG's Kumul to $942m: AFR

🍽️ First Table, the Kiwi platform that sells diners 50% off their food bill at off-peak restaurant sittings, has banked a $10m raise to chase Australian growth as local restaurants close down at twice the wider economy's rate: Capital Brief

SECTOR SNAPSHOT

Exec exodus

DIGGERS

🚜 Woodside has lost Daniel Kalms, the exec overseeing its $24bn Louisiana LNG plant, after missing out on the CEO role. It's the second departure from the project this year, following president Sarah Bairstow's exit in June, raising investor jitters about delivery on the plant due to start pumping LNG in 2029: AFR

FIN

🏦 Xero, the accounting software company, is copping backlash over a Xero-sponsored ad showing an influencer using Claude to replace an £800-a-month accountant. Accountants, Xero's customers, say the company's now undercutting the very relationships Xero grew on: Capital Brief

RETAIL + REAL ESTATE

🏠 Japanese giant Sekisui Chemical is buying a 51% stake in Queensland builder Ausbuild for $335m, valuing the developer at $670m. It's the third major Japanese play into Australian real estate, following Sumitomo's Metricon buy and Obayashi's $924m Multiplex deal: AFR

TECH + STARTUPS

📱 Nvidia, the world's most valuable company, has signed deals with Firmus, AirTrunk, NextDC and others for 2GW of Australian AI compute capacity by 2027, marking a major local investment. It comes as Firmus eyes a $30bn IPO after landing OpenAI as a customer: The Australian

P.S.

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