Law firms have a client problem. Most just don't know it yet. The steadiest revenue stream isn't bet-the-company litigation or mega-mergers, it's the everyday churn filling timesheets. Yet only 5% of in-house teams say their firm's rates are fair, and 65% score pricing 7 or 8 out of 10 for "can't justify the cost." Leaning on habit and eye-watering rates is a dangerous game. Full insight on our website: Point Blank

⚖️ Regulatory: ASIC just posted its biggest six-month penalty run ever, securing $349.8m in civil penalties in the second half of 2025. The headline act: ANZ copping a $250m combined penalty for widespread misconduct affecting almost 65,000 retail customers, the largest penalty ASIC has landed against a single entity. Cbus, RAMS and NAB also took hits. $583m is also heading back to consumers through refunds and remediation, with $161m earmarked for low-income Australians trapped in high-fee bank accounts. ASIC Chair Joe Longo wasn't subtle: "We are taking more cases to court, achieving record penalties, and protecting consumers": ASIC

⚖️ Disputes/Defamation: A Perth mayor just pocketed $250k in damages after a ratepayer's social media crusade crossed the line from opinion into defamation. In a recent decision, the WA Supreme Court found that while criticising a mayor's endorsement of council candidates started as legitimate debate, the defendant's posts escalated into specific assertions of unlawful conduct under the Local Government Act 1995 (WA). The Court held that emphatic, unqualified claims about breaches of legislation aren't mere opinion, they're defamatory imputations of fact. The defence of honest opinion also failed, with the Court finding malice rooted in a personal vendetta.

⚖️ M&A/Drafting: Heads up for our M&A friends: the Delaware Supreme Court in Fortis Advisors v Stillfront has ruled that an ADR clause referring earnout "calculation" disputes to an accounting firm amounted to an arbitration, not an expert determination. The distinction matters: the seller argued the buyer had acted in bad faith to suppress the earnout and breached operational covenants, which are legal questions, not maths problems. But the Court held the accounting firm could decide those legal questions as well — not just crunch the numbers. The drafting lesson, as KWM's Mark Vandernaut flags: spell out whether your accountant is acting as arbitrator or expert, and don't assume "calculation" keeps their remit narrow.

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Trump called the strikes on Iran "our last best chance" and reckons it'll wrap up in four to five weeks. Over the weekend, an Iranian missile struck an Air Base near Dubai where Australian military personnel are stationed. Supply shocks followed fast, with European gas prices jumping over 50% after QatarEnergy LNG halted output. RBA Governor Michele Bullock says the board is "very alert" to inflation risks from the conflict, while the US sharemarket mostly closed flat despite havoc engulfing the Middle East: The Economist, Bloomberg, AFR

When Trump was threatening exec orders against BigLaw, turns out that was all talk and no action. The US Department of Justice is dropping its appeals of the executive orders targeting firms WilmerHale, Perkins Coie and Susman Godfrey, after judges struck them down as unconstitutional. Meanwhile, nine other firms that caved early are stuck with $940m in pro bono commitments to conservative causes, all to dodge orders the US gov now won't even defend… Above the Law

🏦 Magellan Financial Group is merging with Barrenjoey Capital in a deal valuing the upstart investment bank at $1.6bn. Magellan will acquire 100% of Barrenjoey's issued capital for $903m, with incoming CEO Brian Benari flagging a joint push into private markets as the key driver. One-third of the merged entity will be staff-owned, with co-founders Fowler and Grounds locked in on nine-year escrows: Capital Brief

⛽️ Ampol's $1.1bn takeover of EG Australia has hit a speed bump, with the ACCC flagging serious concerns over 54 overlapping petrol station sites across Brisbane, Melbourne, Sydney and Canberra. That's well above the 19 sites Ampol originally offered to divest. The regulator warned removing EG as an independent pricer could push up fuel costs. Final decision due 5 June: AFR