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👋 G’day

Today’s brief:

  • Mallesons’ new history

  • DLA keeps profits separate

  • IFM lobs a $7bn hostile bid

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

WORD ON THE STREET

Mallesons’ homecoming

Mallesons has come home, dropping the King & Wood name in what amounts to a rare admission from a law firm: the future looks a lot like the past. The oldest thread runs to 1832 Perth, three years into the colony. The Sydney line took on AMP as a client in 1849 — still on the books today. The Melbourne practice helped incorporate NAB in 1858. Read our full history and check out our LinkedIn post here: Point Blank

  • DLA Piper voted to scrap its Swiss verein for a global LLP from 1 May. But don't get too excited: separate profit pools survive for now, with a pay consultation for EMEA and APAC partners pencilled in for later this year. Co-CEO Charles Severs called the vote result "more overwhelming than I could ever hope for": Point Blank

  • KPMG and EY are quietly demoting equity partners to salaried roles in the UK, concentrating profits among top performers. KPMG has a brutal internal term for the targets: "HUNCs", high-units-no-clients. Some were called into "career conversations" with no prior warning. Average KPMG equity partner pay sits at £880k. Law firms have de-equitised for years. Now, the accountants are catching up: AFR

  • Legora has snapped up Stockholm startup Qura, its second acquisition in two months. The move takes aim at legal AI's nastiest unsolved problem: hallucinated research. Qura is a legal research startup with a search engine that scans legal materials, surfaces details buried deep in docs and produces quick summaries or detailed analyses: Point Blank

PRACTICE POINTS

Suppression denied

⚖️ Litigation: The Fed Court has knocked back The King's School Council's bid to suppress court filings in the wrongful dismissal claim brought by former headmaster Anthony George. The Council sought wide-ranging suppression orders post-settlement, arguing disclosure would "subvert the integrity of the settlement." Wigney J wasn't having it, finding the Council hadn't cleared the heavy "necessary" threshold under s 37AF of the Federal Court of Australia Act, because the originating application and concise statement had already been deployed in open court. The Council's reliance on Saw and Patterson was distinguished on the basis that those settlements were contingent on confidentiality orders, and the pleadings were never aired publicly. Docs not used in open court were declared confidential without needing suppression orders. MinterEllison acted for the Council.

⚖️ Consumer: Emma Sleep has been ordered to pay $15m by the Federal Court after admitting to fake strikethrough pricing and self-resetting countdown timers across nearly $134.5m in sales. Justice Hill rejected both Emma Sleep's $2m proposal as inadequate and the ACCC's $36m ask as excessive. Hill found that the conduct, while deliberate and involving senior management awareness, was "far from the worst case" — consumers still received a decent quality mattress and suffered no quantifiable financial loss. Still, the company's lax compliance culture and senior management's awareness of the risk weighed heavily in favour of a substantial penalty. Corrs acted for the ACCC & Allens for Emma Sleep: ACCC

⚖️ IP: A2 Milk has won its trade mark infringement case against Care A2 Plus. Justice Rofe found the Care A2+ word mark deceptively similar to a2 Milk's registered marks, rejecting the argument that "a2/A2" had become a generic descriptor for milk containing only the A2 protein. Rofe J found Care A2 Plus had wrongly conflated a2 Milk's market leadership with genericness, and that there were many ways to describe such milk, "a2/A2" being just one. Additional damages were awarded on the basis the infringement was flagrant — Care A2 Plus had refused to cease use of the mark and instead attempted to invalidate 50 of a2 Milk's marks. Clayton Utz acted for a2 Milk; Colin Biggers & Paisley for Care A2 Plus: Lawyerly

TALKING POINTS

Assassination attempt

Did you hear…

Trump's third alleged assassination attempt in three years, and this one happened at the White House Correspondents' Dinner — hosted at the same Washington Hilton where Reagan was shot 45 years ago. Cole Tomas Allen, a 31-year-old engineer from California stormed the lobby armed with a shotgun, handgun and three knives, and opened fire at a security checkpoint one floor above the ballroom. A Secret Service agent took a bullet to the chest, saved by his vest: ABC, BBC

Also…

Tech banker Storm Duncan is so desperate for Anthropic shares that he's offering his $4.8m San Francisco estate in exchange for stock. “What’s my other option? Not being in it?”, he said. He’s pitching to Anthropic employees who are worth $100m on paper but cash-poor because their stock is locked up pre-IPO. It’s just a 20-minute commute to Anthropic’s offices, and he's already fielding serious offers: Business Insider

DEAL ROOM

$7bn hostile bid

🛣️ IFM Investors has lobbed a hostile $6.9bn takeover bid for Atlas Arteria at $4.75 cash per share, scaling to $5.10 if it clears 45% acceptance. Allens acts for IFM; Mallesons for Atlas. IFM, already sitting at 35% after four years of creep, ambushed the board with an 89-page bidder's statement. It timed its move as the war drove fuel prices up and Atlas shares to decade-lows. Atlas has flagged an independent board committee to consider the offer: AFR, ALX

🔧 MinterEllison (for bidder AIS) and Gilbert + Tobin (for target Matrix Composites & Engineering) are steering an all-cash scheme at $0.40 per share. ASX-listed Advanced Innergy Holdings signed the SID six months after listing on ASX. Implementation is targeted for late July, subject to FIRB, shareholder and court approvals: Point Blank

⛏️ Gilbert + Tobin has acted for Northern Star Resources on its $1.75bn syndicated loan facilities agreement plus $50m and US$99.5m in contingent instrument facilities, backed by a 12-bank syndicate. ANZ, HSBC and Westpac ran the book: Gilbert + Tobin

SECTOR SNAPSHOT

MinRes’ court fight

DIGGERS

🚜 Mineral Resources is taking the Pilbara Ports Authority to the WA Supreme Court over a 90-cent-per-tonne channel charge at Ashburton Port, arguing it's invalid and levied for an improper purpose. The debt's already hit $30m and climbing, with the 30-year mine life tab potentially reaching $800m: AFR

FIN

🏦 Humm Group founder Andrew Abercrombie's December share spree has been neutralised by the Takeovers Panel ahead of this week's EGM, with his 15 million extra votes frozen for six months. He still holds a 26%+ blocking stake against Credit Corp's takeover, but activists only need 47% to unseat him. It's anyone's game: The Australian

RETAIL + REAL ESTATE

🏠 Construction costs are spiralling, with Rawlinsons flagging fuel, transport and materials all rising in overlapping ways. CBRE forecasts an 18% spike in construction cost inflation over 2026-27, with Property Council CEO Mike Zorbas warning a sharp drop in sentiment risks stalling approvals from ever becoming homes: The Australian

TECH + STARTUPS

📱 Atlassian is restructuring its tech team post-1,600 redundancies, appointing chief people officer Avani Prabhakar as AI enablement officer and expanding her team from 700 to 3,500. Individual AI productivity gains aren't translating company-wide, so team-level AI adoption is the new playbook: AFR

JOBS

Lawyer, Sydney

Banking

Senior Associate, Melbourne

Compensation Law

P.S.

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