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Today’s brief:
What law firms get wrong about AI
Piper takes on top-tiers with new leader
The social network for only AI bots
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WORD ON THE STREET
Building legal AI
August, the legal AI platform, landed a seven-figure client before it even had a product, building the platform overnight from a Columbia dorm room. We sat down with cofounders Thomas Bueler-Faudree and Rutvik Rau to discuss why they are betting on mid-sized firms, competing with Harvey & Legora and the evolution of the billable hour: Point Blank
Piper Alderman has replaced its long-serving head partner with a new leadership trio led by James Macdonald, vowing to take on the top end of the market through quality hires and by winning work from offshore firms: AFR
Networking now consists of running over beers. LegalRunner, the lawyer-led running community founded by Law Society president Mark Evans, has quietly grown to 1,500 members across the UK. It’s replacing coffee over beers and running over the pub, with a wellbeing play that’s resonating with juniors stepping into leadership roles: NB
Sarah Court has been tapped to become ASIC chair, replacing Joe Longo when his term ends in May. A long-time deputy and chief enforcer, Court will be the first woman to lead the corporate watch dog in its 35-year history: AFR
PRACTICE POINTS
Passing off punished
⚖️ Consumer: The Federal Court found the UK retailer Jackson's Art Supplies and its Australian arm Jackson's Art Australia Pty Ltd engaged in misleading conduct and passing off by presenting their Australian-facing website as locally connected, trading on the reputation of long-standing WA business Jacksons Drawing Supplies Pty Ltd. Factors like AU-dollar pricing, an Australia-specific site, Adelaide references and local packaging tipped the balance. But JDS’s long delay in acting (despite spotting warning signs years earlier) capped its remedies: Mondaq
⚖️ Regulatory: The Federal Court fined Indian Ocean International Shipping and director Jing Tian $14m for flouting a Treasurer-ordered divestment of shares in Northern Minerals Limited. After a national security disposal order in June 2024, Indian Ocean transferred the shares to Ms Tian instead of selling to an unrelated party. It’s the first Treasurer-led enforcement since 1975, and a blunt warning that workaround deals won’t fly: The Treasury
⚖️ Employment: The Fair Work Commission found a redundancy unfair where a creative agency cut an Account Manager role but failed to genuinely assess a vacant Senior Brand Designer position as a redeployment option. Despite real financial pressure, the employer prematurely ruled the role out, overlooked the employee’s design qualifications and prior experience, and had effectively pre-decided the outcome. As a result, the dismissal was not a genuine redundancy and $15k compensation was paid: Mondaq
TALKING POINTS
AI bot social network
Credit: Economist
Did you hear…
A new forum called Moltbook bans humans and lets AI bots talk to each other instead. Powered by OpenClaw agents with root access, bots are debating identity, founding religions and even seeking legal advice. It’s mostly weird, but risks are real, from runaway cloud bills to scams coaxing bots to hand over crypto. AI autonomy just got very practical: The Economist
Also…
NSW Labor will move to scrap “good character” references in sentencing. Courts currently treat reputation, awards and clean records as mitigation. The move comes after a NSW Sentencing Councilreview found the practice is deeply re-traumatising for victim-survivors: TDA
DEAL ROOM
First AI IPO
💻 The race is on between Sharon AI and Firmus to be the first AI infrastructure play to hit the ASX. Sharon AI, a “neocloud” GPU compute provider, has lined up up to US$500m in debt after a US$100m convertible note raising. Meanwhile Firmus is eyeing a March listing as the two sprint to market: The Australian
🏠 Aware Super has kicked off a sale of a 50% stake in Victoria’s land titles registry, lining up one of 2026’s biggest core-plus infrastructure auctions. Barrenjoey Capital Partners is running the process — a rare clean run at a digital monopoly that could value the asset near $4bn EV: AFR
SECTOR SNAPSHOT
Funding rebound
DIGGERS
🚜 Northern Star boss Stuart Tonkin is under market scrutiny after production downgrades, cost blowouts and an ASX query wiped 11% off the share price. A Michael Chaney-led board is said to be sounding out externals. With record gold prices and takeover chatter swirling, governance, disclosure timing and succession risk are now front of mind for investors and advisers alike: The Australian
FIN
🏦 A challenger bank just grew its mortgage book 2.45% in a month, triple system growth, while one big four lender actually went backwards. With rate hikes looming, margins under pressure and borrowers refinancing hard, banks are fighting on price, branding and last-minute retention deals. Expect profits vs arrears to be the tension point this year: AFR
RETAIL + REAL ESTATE
🏠 Melbourne has locked in Data Center World and The AI Summit, bringing a heavyweight global tech conference to Australia for the first time this September. More than 1,000 attendees and a $4m visitor economy boost are expected. For lawyers, it’s another sign data centres and AI infrastructure are fast becoming a $25bn pipeline of work in Victoria: Premier of Victoria
TECH + STARTUPS
📱 Australian startups clocked their third-biggest funding year on record, pulling in $5.1bn across 390 deals in 2025. AI-native companies took 61% of capital, while later-stage rounds surged. Fewer mega-raises, but confidence is back. For lawyers, expect more growth equity work, tighter diligence, and AI defensibility under the microscope: Capital Brief
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