US partner profits hit new heights

ASIC warns against AI-washing

Gold M&A buzz builds

Think Aussie partners make a killing? It’s no match against US BigLaw. The Global 100 law firms saw profits surge in 2025, with Kirkland & Ellis leading at a record US$9.25m profits per equity partner. Wachtell followed close behind on US$9.04m, despite having just 86 equity partners. Quinn Emanuel rounded out the top three at US$8.64m: Law.com

At least eight US law schools now make AI training mandatory for first-years. At Fordham Law orientation, 375 students were handed two case summaries on Drake’s defamation suit against Kendrick Lamar’s label - one written by a prof, the other by ChatGPT. They had to spot the bot. Firms like Ropes & Gray and Cleary say grads can’t be job-ready without AI fluency: Reuters

With CBA, NAB and ANZ cracking down on remote work, lawyers are asking if BigLaw will follow. Recruiter Emma Leeseberg says most candidates still treat flexibility as a “must-have,” and firms that push too hard risk losing talent to smaller shops where WFH is built into the culture: Lawyers Weekly

With no AI-specific laws in Australia, regulators are leaning on the ACL and existing regimes to target businesses that exaggerate their AI or cyber credentials. Misleading claims, like overstating chatbot capability or downplaying cyber risks, can attract penalties of up to $50m or 30% of turnover. ASIC and the ACCC have warned AI-washing will be treated like greenwashing. In the US, the SEC has charged investment advisors for exaggerating AI use, pursued a restaurant tech company whose “AI” product secretly required human input, and a securities class action is underway against an engineering firm accused of misleading investors about its AI capabilities. These cases signal the types of claims Australia may soon face: Corrs Chambers Westgarth

The Federal Court has hit Optus with $100m penalty. Optus has been ordered to pay a record $100m after admitting it sold phones and contracts to more than 400 vulnerable Australians who didn’t want, need or couldn’t afford them. Customers were left with debts, sometimes chased for years, despite fraud warnings reaching senior management. The Court called the impact “profound”, citing severe financial harm and social shame. Optus will run a 3-year remediation program, overhaul commission-based sales, directly operate some regional stores, and donate $1m to First Nations digital literacy: ACCC

ASIC forced Bell Group to fix FY23 accounts. Bell Group Holdings has restated its 2023 financials after ASIC found it had wrongly failed to consolidate its 45.6% stake in ASX-listed Bell Financial. Despite having a sub-50% stake, with Bell Financial’s shares being widely dispersed, Bell Group was effectively in control under AASB 10 and required to consolidate. The correction lifted FY23 profit by $13.5m, net assets by $129.8m and cut cash outflows by $72.4m. ASIC warns companies to assess control carefully or risk misleading investors: ASIC

Aussies are becoming way less fun - a new survey shows Australians are working longer and seeing fewer friends. The average retirement has jumped from 59/60 in 2003 to 64/65 in 2023. Social life has slumped since COVID, with fewer under-25s saying they have “a lot of friends.” Dr Inga Lass says habits shifted online and “haven’t really recovered”: TDA

The question that’s on everyone’s mind these days - will AI hit my job? New Barrenjoey research says insurance, banks and consumer staples are the most exposed to AI substitution, with call centres, tellers and checkout operators in the firing line. Healthcare tech, software and IT services stand to gain from AI augmentation: AFR

The AUD has rallied to a 10-month high, with ANZ, CBA and Morgan Stanley all tipping it to climb towards US70c. Drivers include the Fed cutting rates faster than the RBA, lifting Australia’s interest rate edge, plus strong iron ore and record gold prices: The Australian

AngloGold: stirs gold deal chatter. At the Denver gold conference, CEO Alberto Calderon hinted the miner could sell its WA operations Tropicana and Sunrise Dam (worth about $2.2bn each), within 2–3 years. Meanwhile, Gold Fields, fresh off its $3.6bn Gold Road buy, talked up Australia as a priority, adding fuel to gold M&A buzz: The Australian

FIRB’s new online portal was meant to cut red tape – lawyers say it’s adding it. At a recent M&A event hosted by Allens, KWM and HSF Kramer, partners warned that the online-only system is slowing approvals, limiting nuanced submissions, and driving up billable hours. With character limits, auto-calculated fees, and no direct access to case officers, they’re saying the portal makes complex deals harder: Capital Brief

I-MED: has shifted focus to expansion after a potential sale to Stonepeak collapsed. The $3b radiology giant runs 250 clinics and leads the sector with 20% market share. CEO Shrey Viranna is chasing acquisitions and organic growth. Revenue hit $1.45b in FY25, with AI partnerships like Annalise.ai touted as key growth drivers: AFR

The resources sector will need 22,000+ extra workers by 2030 to deliver almost $130bn of projects, despite recent coal mine cuts. AREEA says QLD alone will need 4,400 hires, while WA adds 9,000 roles, including 2,400 in gold. With 96 major projects slated to start by 2030, mining remains Australia’s biggest job engine: AFR

Woodside has inked a 9-year LNG supply HoA with Turkey’s BOTAS, covering 5.8bn cubic metres of gas from 2030. Supply will come from Woodside’s Louisiana LNG project, marking the first long-term tie-up between the pair. Turkey’s energy minister says it could spark wider strategic cooperation across the region: Capital Brief

ANZ are getting more emails wrong than right these days. The bank spooked staff after an email wrongly suggested all Teams calls would be recorded and stored. The bank later back-pedalled, saying only customer-facing and markets calls are logged. The FSU says staff are already rattled by 3,500 job cuts and don’t need surveillance fears added in: The Australian

Macquarie’s Shemara Wikramanayake says the rollback of globalisation is fuelling new plays for infra investors, with nations scrambling to be self-reliant in energy and defence. Russia’s Ukraine war has Europe shoring up supply, while Asia’s energy demand keeps climbing: AFR

Lendlease has clung on to control of its $2bn industrial fund, seeing off a Hostplus and UniSuper-backed push to install Mirvac as manager. The coup fizzled when too few investors showed up, leaving Lendlease safe but with a split register. With a $2.8bn retail fund vote looming, the fund wars are far from over: The Australian

CBA is lending $168m to apt.Residential for a Sydney build-to-rent project, its first big bet on a mid-sized developer. The deal delivers 300 apartments and a Coles-anchored retail hub at Meadowbank Corner. With banks circling and costs stabilising, build-to-rent is fast cementing itself as a mainstream asset class: AFR

Zuck says Instagram now boasts 3 billion monthly users, up from 2 billion in 2022. Snapped up for US$1bn in 2012, the app now drives over half of Meta’s US ad revenue, with Reels fuelling growth against TikTok’s 1bn users and YouTube Shorts. Not bad for a photo app once dismissed as a fad: Reuters

UK fintech Revolut is dropping $19.7bn on a global expansion blitz, eyeing 30 new markets and 100m users by 2027. It’s also mulling a US bank buy as it chases licences in both the UK and the US. With a US$75bn valuation on the table, Revolut’s betting big on scale, credit, and global reach: Capital Brief