While HSF Kramer and Ashurst cash in on US mergers, the rest of the top tier isn't budging. Gilbert + Tobin, Allens, Mallesons, Corrs, MinterEllison and Clayton Utz are all staying solo, and the reasoning stacks up: partners keep autonomy and speed without global bureaucracy, juniors get a cleaner shot at the top, and no one's inheriting Wall Street cost structures. Still, some experts still think more mergers are on the cards: Point Blank

⚖️ Employment: Contrary to popular belief, being too tired is not a good enough excuse to WFH. The Fair Work Commission has sided with Macedon Ranges Shire Council in knocking back a planning officer's bid to work from home four days a week. In Polak v Macedon Ranges Shire Council, Deputy President Farouque found the Council had reasonable business grounds to refuse, even though the applicant, aged over 55 and citing fatigue, could do much of his job remotely. The Council's flexible work policy set a minimum of two office days. And with Polak being one of the most senior members of the team, the Commission backed the employer's push for onsite presence and knowledge sharing over a near-total remote arrangement: FWC

⚖️ Takeovers: The Takeovers Panel's updated Guidance Note 4 spells out exactly when parties can get stung on costs, and it's a long list. Presenting an unarguable case, making misleading assertions, stonewalling document requests, refusing reasonable settlement offers or submitting materially inaccurate material can all trigger a costs order. The Panel notes that in appropriate cases, such orders may cover a party's entire legal costs, extending to directors and external advisers. Parties chasing an undertaking instead of a declaration may now be required to cover the other side's costs as a condition of acceptance. Parties are also expressly warned to verify the accuracy of submissions particularly if generated by AI: Takeovers Panel

⚖️ Privilege: CMC Markets has fended off a bid to unmask unredacted Baker McKenzie invoices in the Zulic v CMC Markets class action, with Justice Jackman finding CMC's privilege claim over 17 invoices was properly substantiated. CMC is chasing $8.6m in security to cover legal fees from pleading amendments, on top of $4.6m already paid, taking the total to $13.2m. The applicant wanted invoices which were less redacted to test whether the costs were reasonable or duplicative, pointing to a costs assessor's finding the legal team was "top-heavy". Jackman wasn't persuaded, and ordered the applicant to cover CMC's costs of the fight: Lawyerly

Labor members want a new law forcing AI-generated music and art to be labelled as such. The draft national policy platform, headed to national conference this month, also targets fake "Indigenous" artworks after Adobe Stock was found hosting AI images falsely tagged as Aboriginal art: AFR

Trump is already over it. After Iran hit US bases in Bahrain and Kuwait, he told reporters in Ankara the ceasefire is over: "they're scum... it's just a waste of time dealing with them." Hours later, the US struck Iran for a second straight day, degrading “their ability to threaten freedom of navigation in the Strait of Hormuz.” Trump's verdict: "we hit back much harder": ABC, Bloomberg

🥊 Frasers has taken its Accent Group takeover battle to the Takeovers Panel, accusing the HypeDC and Platypus owner of misleading shareholders by claiming, without proper justification, that Frasers' nil premium offer undervalues the company: Capital Brief

🚗 Gilbert + Tobin advised Five V Capital and HSF Kramer acted for EQT on the Swedish buyout firm's roughly $475m swoop on smart parking business Orikan, delivering investors at least a three-times return: Point Blank

💵 Firmus Technologies is set to bank US$2bn (A$2.9bn) in fresh equity, an internal raise that pushes its valuation to $15.5bn. Proceeds will fund Launceston projects and early South Australian works, all while its ASX float slides to the September quarter: AFR