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Today’s brief:
Perkins partners revolt over merger
Allens, G+T act on $11.7bn Qube deal
Harvey won’t replace lawyers, says founder
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WORD ON THE STREET

Merger mutiny

Ashurst’s merger with Perkins Coie might seem all fun & games, but it’s causing quite the stir in the States. More than 20 Perkins partners have jumped ship, with recruiters tipping there’s more to come. One partner called the merger a “monumental f*** up”, slamming Perkins management for not consulting the partnership. Instead, Perkins partners were told to “get on board”. On the Ashurst side, reports say there isn’t as much vocal opposition: Law.com
Meanwhile, Ashurst continues its talent raid on HSF Kramer, nabbing partner Amelia Morgan to bolster its Sydney corporate bench. Morgan has led major deals, including RACWA’s $1.35bn tie-up with IAG and CBA’s Commonwealth Private sale. Another bold lateral play as the firm doubles down on big-ticket transactions: Ashurst
Legal AI player Legora is in talks to raise fresh funds that would triple its valuation to US$6bn, just four months after its last round, according to reports. The raise is set to be led by an existing investor. The move comes days after Anthropic’s legal plugin rattled the sector: Bloomberg
KPMG Australia has caught 28 staff, including a partner, for using AI to cheat on internal exams since July. The firm will now separately disclose AI-related misconduct in its annual results and check self-reporting to professional bodies. Awkward optics for a firm selling AI advice, while also negotiating a 14% fee cut for Grant Thornton’s audit: AFR
PRACTICE POINTS

Director change taxed
⚖️ Corporate/Tax: The Victorian Supreme Court has confirmed that changing a director can trigger landholder duty, even if the land and units stay put. In Tao v Commissioner of State Revenue, the Court upheld the SRO’s use of s 82 of the Duties Act as a stand-alone head of duty, not merely an anti-avoidance tool. Mr Tao became the sole shareholder and sole director of a trustee company holding Victorian land, without acquiring additional units, yet that was enough to amount to an acquisition of control. The Court accepted that “control” captures practical influence, and while VCAT reduced the deemed acquisition from 100% to 85% to reflect pre-existing economic interests, the duty still applied.
⚖️ Employment: The Fair Work Commission has upheld an employer’s refusal of a flexible work request, finding it was backed by reasonable business grounds. A utility trade worker sought to work remotely one week per month to spend more time with his school-aged children. The employer refused. The FWC found the request was effectively about family time, not carer’s responsibilities, and therefore not sufficiently linked to a recognised circumstance under the Fair Work Act. The Commission also recognised the employer’s operational concerns - around 80% of the role required on-site attendance, and granting the request would have forced other staff to cover inspections, triggering operational disruption and added cost: Allens
⚖️ Consumer: The ACCC has made it clear that businesses deploying AI chatbots remain bound by the ACL, particularly in high-risk areas like refunds, returns and consumer guarantees. AI-generated responses that misstate statutory rights may amount to misleading or deceptive conduct, exposing businesses to enforcement action. Businesses using chatbots must put in place safeguards to prevent misleading or incomplete responses, the capability limits of the chatbot should be clearly disclosed to consumers, and customer interactions should be actively monitored: Lander & Rogers
TALKING POINTS

Protestors sue

Did you hear…
Sydney protesters are preparing to sue police over alleged brutality at the anti-Herzog rally, but any path to compensation is bumpier than usual. A section of the 2009 Major Events Act lets the government grant police extra powers and suggests “compensation is not payable” for actions during declared events – but that may very well be tested as the right to protest and police response is under close scrutiny: The Guardian, ABC News
Also…
It’s official - AI is taking over. StackBlitz CEO Eric Simons says he wants more AI agents than human employees this year. Simons is “going all in on agents”, deploying internally built AI systems across coding, product, sales and support. e predicts your AI agent will negotiate prices, book restaurants and even argue politics on your behalf. “Agents are an extension of yourself”: Business Insider
DEAL ROOM

$11.7bn Qube deal
🚛 Macquarie-led consortium locks in A$11.7bn Qube deal, with Allens acting for Qube and Gilbert + Tobin for the bidder. Qube, Australia’s largest logistics service, has inked a scheme deed with a consortium led by Macquarie Asset Management, offering $5.20 per share (ex-UniSuper). That’s a 27.8% premium to the pre-announcement price. UniSuper will roll its 15.07% stake. Vote expected June 2026: ASX
🏦 Brookfield & GIC line up A$2.77bn loan for National Storage take-private. The consortium is tapping a club of banks, including DBS Group, National Australia Bank and United Overseas Bank, to underwrite multi-tranche debt across three- and five-year tenors, backing the ~$4bn acquisition of National Storage REIT: Bloomberg
SECTOR SNAPSHOT

Harvey’s AI bets


DIGGERS
🚜 Export volumes of BHP’s flagship iron ore product, Jimblebar Fines, plunged 80% in January as Chinese stockpiles neared capacity. While Rio Tinto and Fortescue have moved some sales to a new pricing benchmark, Fastmarkets, BHP is holding firm: AFR

FIN
🏦 Westpac posted a $1.9bn first-quarter profit, up 5% and ahead of expectations, as deposits and lending grew and institutional lending rose 7%. Revenue lifted 1%, net interest income improved, and customer stress eased. The bank played down concerns over senior tech exits, insisting its multi-billion dollar digital overhaul is on track: The Australian

RETAIL + REAL ESTATE
🏠 Wesfarmers has inked multi-year AI deals with Google and Microsoft, rolling out AI “personal shopper” tools across Bunnings, Kmart and Priceline. Google will power customer-facing, agentic AI commerce, while Microsoft boosts back-end productivity and supply chains: The Australian

TECH + STARTUPS
📱 Harvey co-founder Gabe Pereyra says AI adoption will move faster than people expect, but won’t replace lawyers as quickly as headlines suggest. “The world’s too complicated” Inside Harvey, no one codes without AI, yet enterprise-grade execution remains the real battleground: Capital Brief
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