Merge or go it alone? That’s the big question facing Aussie law firms today. Law firm mergers hit a record 59 in the US last year, with transatlantic tie-ups like HSF Kramer and Ashurst-Perkins Coie reshaping the global market. Meanwhile, Mallesons bet the other way, splitting from King & Wood to pitch itself as the premium independent. G+T, Corrs and Clayton Utz have held that line for years, and for US majors hunting a conflict-free Aussie firm, it’s a compelling sell. Read our insight here: Point Blank

⚖️ Data Centres/Regulatory: The Aussie Government has released its first nationally consistent Expectations for Data Centres and AI Infrastructure Developers, a non-binding but practically significant policy framework that will shape how governments assess and prioritise future projects. Covering new or expanded hyperscale data centres and large-scale AI compute infrastructure, the Expectations span five pillars: national interest, clean energy transition, sustainable water use, workforce investment, and local innovation. States and Territories will implement the Expectations in parallel. While they don't create or vary legal obligations, proponents who align closely are more likely to receive priority consideration through Commonwealth regulatory processes: Bird & Bird

⚖️ Construction/Insurance: The Victorian Court of Appeal has handed a significant win to domestic building insurers, clarifying that under a DBI policy, it's the loss and damage that must occur within the coverage period, not the underlying defect. The case arose from water ingress discovered in 2018 at a Caulfield South property, where the builder had completed works in 2014 and the two-year non-structural defect period expired in 2016. The Court also confirmed that successors in title can't piggyback on a previous owner's loss, they must prove their own damage and establish a causal link to any statutory warranty breach: Barry Nilsson

⚖️ Capital Markets/Listings: ASX has reminded prospective listers that its fast-track admission process, which can get securities into official quotation roughly two weeks after lodging a final prospectus or PDS, only works if applicants do their homework first. The fast track lets ASX front-end its review using a pathfinder prospectus or PDS before the final version is lodged with ASIC, but the whole process hinges on obtaining any required in-principle advice before commencing. Applicants have been undermining the process by requesting in-principle advice too late. Applications for in-principle advice must be lodged four weeks prior to submitting a draft listing application: ASX

Trump ordered a naval blockade of the Strait of Hormuz after 21 hours of US-Iran peace talks in Islamabad collapsed without a deal, with VP Vance flying home empty-handed. Three issues killed it: who controls the strait, the fate of 900 pounds of enriched uranium, and Iran's demand for ~$27bn in frozen funds. The ceasefire expires on 22 April, oil prices are heading north, and nobody's blinking: Capital Brief

Deloitte's modelling puts Australia on the doorstep of recession if the Iran conflict drags on, with unemployment potentially cracking 6% and GDP contracting 2.8% by December in a worst-case scenario. The good news for Chalmers: war is apparently a budget moneymaker, with Chris Richardson tipping the bottom line to be $30bn better off over three years. The bad news: rate rises are still coming: AFR

🏠 Mable, General Atlantic's aged and disability care marketplace, is weighing an ASX float targeting north of $1bn, with UBS, Morgan Stanley, JPMorgan and Morgans assembled as the ECM syndicate. A H2 listing isn't locked in yet, with a strategic sale still on the table after months of courting bidders: AFR

⚡ Zen Energy, Ross Garnaut's renewable energy retailer, is in exclusive talks with Gunvor Group, one of the world's largest commodity traders, after a lengthy auction run by boutique Rennie Advisory. A deal is expected to close by end of June: AFR

🤝 Magellan's merger with Barrenjoey cleared its EGM hurdle, with 91.16% of proxy votes in favour. Proxy adviser Ownership Matters had urged shareholders to vote against overbalance-sheet disclosure concerns, but Magellan released the information before proxy voting closed. ACCC and Hong Kong regulatory sign-off are still needed before the $1.6bn deal can close: Capital Brief