Big Law can’t get its senior partners to leave. About a third of US lawyers are 55 or older, and some are still billing in their 90s. Latham & Watkins is coaxing partners out with cash and retirement retreats. Meanwhile, six lawyers reportedly walked from US firm Wachtell to Gibson Dunn partly over blocked leadership paths: WSJ

⚖️ Trusts: The NSW Court of Appeal has ordered the ATO to repay about $15m it received in a tax settlement, because the money came from a breach of fiduciary duty. In Commonwealth v Kupang Resources, de facto director Mr Grimaldi made about $36m selling shares he’d obtained in breach of his duties to Chameleon Mining. He then used that money to settle his tax debts with the ATO. The Court held the profits were held on trust for Chameleon from the moment of breach, and the ATO knew the money traced back to that breach. Its statutory role was no excuse, so anyone paid from tainted funds risks claw back: Corrs Chambers Westgarth

⚖️ Disputes: The Full Federal Court has unanimously held that an arbitration clause in Plus500AU’s trading terms was an unfair contract term under ss 12BF and 12BG of the ASIC Act. In Plus500AU v AghaeiRad, the customer ticked a box saying he’d read the 50-page User Agreement, but never opened it. It sent disputes through escalation and mediation, then mandatory arbitration. After losing about $112k trading CFDs, he launched a class action. Arbitration isn’t void just because it blocks class actions, but where claims are small, businesses must clearly flag that consumers are giving up access to courts and class actions: Mallesons

⚖️ Regulatory: ASIC is suing lead generation business Clark Family Pty Ltd in the Federal Court, alleging its websites falsely claimed to compare rates and tailor recommendations. Between September 2020 and September 2026, Clark Family allegedly ran up to 70 sites offering free online assessments for loans and insurance. ASIC says it didn’t compare any products. Instead, consumer enquiries were sold to the highest bidding broker, who then contacted the consumer directly. ASIC alleges breaches of ss 12DB and 12DF of the ASIC Act and is seeking declarations, pecuniary penalties, an adverse publicity order and injunctive relief: ASIC

Anthony Albanese wants an international coalition to regulate AI. France and Spain already launched an 18-country group in July, and Australia isn’t in it. Meanwhile Donald Trump says he won’t “hinder or stifle” the industry. Back home, Albo plans AI laws early next year: Capital Brief

Our average real income is $14.5k below what Peter Costello forecast in the first Intergenerational Report in 2002. Today, Jim Chalmers releases the 2026 report, which expects 39.3 million people by 2066, 1.8 million fewer than the 2023 report expected. With less population growth to lean on, it all rests on productivity growth, where Treasury still assumes 1.2% a year: AFR, ABC

🏠 Ingenia has rejected a sweetened $5.05-a-share (about $3bn) offer from Warburg Pincus, its second knockback after the $4.75 opener. Shareholders, still unhappy about the $1bn Peet deal, want the board to engage: AFR

🎯 EQT has put a fourth proposal to Perpetual in three months, with the new price expected to be disclosed on Monday. Its earlier bids, topping out at $22.50 a share, were all rejected: AFR

🤖 Anthropic has pushed its IPO to November, a month later than expected, so it can show off third-quarter financials first. Timing could still shift, with investors set to quiz it on how Dario Amodei’s call for an AI slowdown might affect its valuation: WSJ